Recap for December 6

  • Wheat complex futures pared gains Wednesday except for the Chicago March contract, which edged higher. Wheat futures initially popped higher after a third consecutive day where the USDA has confirmed private sales of US soft red winter wheat to China for a total volume over one million tonnes since Monday. Corn turned lower as market participants wrestled with a forecast of much-needed rain in South America easing anxiety about drought damage to yields. Soybean futures felt that pressure, too, declining despite word of fresh sales of 136,000 tonnes of US soybeans to China. December corn futures fell 3¾¢ to close at $4.64¾ per bu. Chicago December wheat fell 5¢ to close at $6.15¾ per bu; The March contract added 2¼¢ a bu, but all contracts beyond declined. Kansas City December wheat fell 6¾¢ to close at $6.50¾ per bu. Minneapolis December wheat fell 8¢ to close at $7.07 per bu. January soybeans fell 10¢ to close at $12.95½ per bu. December soybean meal was down $9.30 to close at $424.40 per ton. December soybean oil dropped 0.93¢ to close at 49.29¢ a lb.
  • Major US stock indexes flitted between narrow gains and losses Wednesday before settling near session lows. The yield on the benchmark 10-year Treasury note slid to 4.21% after an ADP National Employment Report indicated hiring among US private-sector employees unexpectedly slowed in November, with pay gains also moderating, a further signal for the Federal Reserve that the economy is cooling ahead of its meeting next week. The Dow Jones Industrial Average dropped 70.13 points, or 0.19%, to close at 36,054.43. The Standard & Poor’s 500 dropped 17.84 points, or 0.39%, to close at 4,549.34. The Nasdaq Composite shed