Big stockpile decline boosts crude
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US equity indexes posted mixed closes Wednesday, the DJIA at a record, but the S&P 500 lower and the Nasdaq notching its biggest one-day decline since December 2022 after declines in shares of some of the biggest technology companies, including two of the so-called “Magnificent Seven” stocks, Nvidia and Meta Platforms. The Dow Jones Industrial Average advanced 243.60 points, or 0.59%, to close at 41,198.08, a second record high in as many days. The Standard & Poor’s 500 dropped 78.93 points, or 1.39%, to close at 5,588.27. The Nasdaq Composite plummeted 512.42 points, or 2.77%, to close at 17,996.92.
Wheat complex futures rose 1.5% Wednesday in bargain buying off of four-month lows posted a day earlier. Supporting wheat was a weaker US dollar and fresh export business from Asian countries, Algeria and Egypt. Soybean futures notched mixed closes, the nearby contracts higher on firm cash markets but most deferred months lower on large-harvest expectations. Corn futures advanced, consolidating above near-four-year lows set in recent weeks with support from a stronger dollar and an US Energy Information Administration report indicating weekly production of corn-based ethanol rose in the latest week to 1.106 million barrels per day, the most since December, while stockpiles fell to 23.160 million barrels. September corn added 2¼¢ to close at $3.98 a bu. Chicago September wheat advanced 8½¢ to close at $5.39¼ per bu. Kansas City September wheat added 10¾¢ to close at $5.61 a bu. Minneapolis September wheat jumped 16¢ to close at $5.91¾ per bu. August soybeans added 6¾¢ to close at $10.97¼ per bu; the November and later contracts were 2¼¢ to 5¢ lower. August soybean meal added $3.70 to close at $339.10 per ton. August soybean oil pulled lower by 0.49¢ and closed at 46.21¢ a lb.
The US dollar index weakened Wednesday after climbing for two days.
US gold prices also faltered. The August contract dropped $7.90 to close at $2,459.90 per oz.
Source Link : https://www.foodbusinessnews.net/articles/7-toasty-midwest-forecasts-push-corn-soybeans-higher
