Record high close for DJIA on Fed easy-money expectations
Recap for November 6
Corn, wheat and soybean oil futures declined Wednesday while soybean and soybean meal futures gained. Corn fell on expectations that the U.S. Department of Agriculture will upwardly revise its 2013 production estimate to be released Friday. Wheat has softened on evidence that hard winter crops have gotten off to an exceptionally good start. The soy complex mostly advanced on expectations of continued strong export demand. Chicago December wheat fell 2¾c, closing at $6.53¼ a bu, Kansas City wheat fell 5¾c, closing at $7.16½ a bu, and Minneapolis wheat fell 1½c, closing at $7.12¼ a bu. December corn futures declined 3¾c, closing at $4.21¼ a bu. November soybeans gained 3¾c, closing at $12.63 a bu, December soybean meal rose $4, closing at $396.80 a ton. December soybean oil fell 0.01c, closing at 41.14c a lb.
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Major U.S. stock indexes were mostly higher Wednesday, with the Dow closing at a record high on expectations that the Federal Reserve will maintain its easy-money policies. The Dow Jones Industrial Average gained almost 129 points, closing at 15,746.88. The Standard & Poor’s 500 Index climbed close to 8 points, closing at 1,770.49. The Nasdaq Composite Index fell close to 8 points on declines in biotech stocks, closing at 3,931.95.
The value of the U.S. dollar fell against the euro Wednesday.
Crude oil rebounded Wednesday after recent losses in anticipation of larger inventories. The December contract gained $1.43, closing at $94.80 a barrel.
Gold futures gained ground Wednesday as a weaker U.S. dollar boosted demand. The December contract moved up $9.70, closing at $1,317.80 an oz.
Recap for November 5
Corn, wheat and soy complex futures fell Tuesday on harvest pressure from corn and soybeans and the extensive planting of new winter wheat crops under favorable conditions. Chicago December wheat fell 6¾c, closing at $6.56 a bu, Kansas City December wheat fell 7c, closing at $7.22¼ a bu, and Minneapolis declined 5½c, closing at $7.13¾ a bu. December corn futures lost 1¼c, closing at $4.25 a bu. November soybeans declined by 4¾c, closing at $12.59¼ a bu. December soybean meal fell $4.10, closing at $392.80 a ton. December soybean oil declined 0.10c, closing at 41.15c a lb.
Major U.S. stock indexes were mostly lower Tuesday although on a stronger-than-expected reading of the U.S. service sector pulled prices off the day’s lows. The Dow Jones Industrial Average declined almost 21 points, closing at 15,618.22. The Standard & Poor’s 500 Index fell almost 5 points, closing at 1,762.97. The Nasdaq Composite Index moved up about 3 points, closing at 3,939.86.
The value of the U.S. dollar against the euro was higher Tuesday.
Crude oil futures tumbled to a five-month low Tuesday on concerns about excessive inventory and potential Federal Reserve tapering. The December contract lost $1.25, closing at $93.37 a barrel.
Gold futures fell Tuesday to a three-week low on Fed policy uncertainty. The December contract fell $6.60, closing at $1,308.10 an oz.
Recap for November 4
Wheat futures declined, corn contracts were flat to lower and the soy complex closed mixed Monday. An expected record large corn crop and near-record or record large soybean crop continued to pressure futures prices. Wheat had mixed signals with support from a large optional-origin sale (that included some U.S. wheat) to Saudi Arabia but pressure from disappointing weekly export inspection numbers and continued good growing conditions for winter wheat. Chicago December wheat fell 5c, closing at $6.62¾ a bu, Kansas City December fell 4¼c, closing at $7.29¼ a bu, and Minneapolis December fell 6¼c, closing at $7.19¼ a bu. December corn fell 1c, closing at $4.26¼ a bu. November soybeans fell 2c, closing at $12.64 a bu, but all other contracts closed higher. December soybean meal rose $2, closing at $396.90 a ton. December soybean oil lost 0.34c, closing at 41.25c a lb.
Major U.S. stock indexes were modestly higher Monday as encouraging earnings reports offset weaker-than-expected factory orders for August and September. The Dow Jones Industrial Average gained about 24 points, closing at 15,639.12. The Standard & Poor’s 500 Index rose more than 6 points, closing at 1,767.93. The Nasdaq Composite Index gained more than 14 points, closing at 3,936.59.
The value of the U.S. dollar against the euro was lower Monday.
Crude oil futures posted slight gains Monday on uncertainty about the resumption of output from Libya and as the market took a “breather” after four consecutive lower sessions. The December contract edged up 1c, closing at $94.62 a barrel.
Gold futures rose slightly Monday on bargain buying after last week’s losses and on ideas the Federal Reserve would be slow in easing its bond buying program. The December contract rose $1.50, closing at $1,314.70 an oz.