Recap for November 2

  • US soybean futures rose on Thursday with Chinese demand driving the market. China said its soybean imports are likely to stay high through the fourth quarter. Analysts and traders said that could take 2023 purchases to an all-time record. Wheat prices also rose, with support from short covering and a weaker dollar. Corn dropped on reports of higher US yields. December corn futures fell 5¢ to settle at $4.70 per bu. Chicago December wheat added 3¾¢ to close at $5.65½ per bu. Kansas City December wheat advanced 1½¢ to close at $6.41½ per bu. Minneapolis December wheat edged up 1¾¢ to close at $7.10¾ per bu; December 2024 and beyond were unchanged. November soybeans jumped 12¾¢ to close at $13.04 per bu. December soybean meal fell $4.10 to close at $426.30 per ton; later months were mixed in a narrow range. December soybean oil added 0.42¢ to close at 50.32¢ a lb.
  • US equity markets closed higher, spurred by Wednesday’s comments from Federal Reserve chairman Jerome Powell that the central bank’s extraordinary path of interest rate increases this year could remain on pause for now. The Dow Jones Industrial Average soared 564.5 points, or 1.7%, to close at 33,839.08. The Standard & Poor’s 500 advanced 79.92 points, or 1.89%, to close at 4,317.78. The Nasdaq Composite jumped 232.72 points, or 1.78%, to close at 13,294.19.
  • US crude oil prices flipped to the high side Thursday. The December West Texas Intermediate light, sweet crude future added $2.02 to close at $82.46. 
  • The US dollar index wrapped up a two-day rally with a weaker close Thursday. 
  • US gold futures ascended as the dollar eased. The December contract was up $6 to close at $1,993.50 per oz.