Recap for December 21

  • A weaker dollar lent support to grains on Thursday, helping Chicago soft red winter futures climb in a technical bounce. But Kansas City and Minneapolis futures were mostly lower, the latter to the lowest levels since Dec. 14, after French-based consultancy Strategie Grains said in its first projections for 2024-25 that global wheat production is expected to rebound. Also rising on a technical bounce was corn futures, which consolidated after striking contract lows in the previous session amid concerns over possible US export disruptions due to US-Mexico rail border crossings being closed by the US government due to migrant crossings. Rainy forecasts for dry Brazil pressured US soybean futures. March corn futures added 2¾¢ to close at $4.72½ per bu. Chicago March wheat was up 2½¢ to close at $6.12½ per bu. Kansas City March wheat added 1¾¢ to close at $6.26¾ per bu; the July contract and beyond were narrowly lower. Minneapolis March wheat was down 3¾¢ to close at $7.14¼ per bu. January soybeans dropped 11¢ to close at $12.97¼ per bu. January soybean meal was down $4.50 to close at $395.40 per ton. January soybean oil shed 1.52¢ to close at 49.04¢ a lb.
  • US equity indexes resumed their climb Thursday, the S& P 500 hopping back on track for an eighth weekly gain, after the US central bank’s preferred inflation indicator rose by 2% in the third quarter, less than previously estimated. It was the latest signal the US economy is cooling gradually, as policy makers have hoped. The Dow Jones Industrial Average added 322.35 points, or 0.87%, to close at 37,404.35. The Standard & Poor’s 500 was up 48.40 points, or 1.03%, to close at 4,746.75. The Nasdaq Composite