Recap for October 5

  • Wheat futures continued to bounce off last week’s contract lows with the support of Black Sea news. A Turkish vessel headed for Ukraine ports to load grain struck a sea mine of Romania. No one was injured and the vessel continued toward its destination. Corn prices also rallied on the Black Sea news, climbing to their highest levels in more than a month. Soybean futures were higher, in bargain buying and with the support from the wheat and corn rallies, although gains were limited by lackluster export demand, falling energy prices and signs of an ample US crop now well into its harvest. December corn futures added 11½¢ to settle at $4.97½ per bu. Chicago December wheat added 18¼¢ to close at $5.78¼ per bu. Kansas City December wheat jumped 24¢ to close at $6.90½ per bu. Minneapolis December wheat advanced 19¾¢ to close at $7.31½ per bu. November soybeans rose 7¾¢ to close at $12.80¾ per bu. October soybean meal added $4.90 to close at $373.60 per ton. October soybean oil fell 0.57¢ to close at 57.86¢ a lb.
  • US equity markets spent most of the day lower, turned briefly higher, but were down again at closing bells as investors looked ahead to Friday’s report on US employment figures for September. The pre-report holding pattern was broken by a second straight decline in the yield on the benchmark 10-year US Treasury note, which ended Thursday at 4.715%, down from 4.735% on Wednesday. On Tuesday, it rose to 4.801%, its highest 3 p.m. yield since August 2007. The Dow Jones Industrial Average fell 9.98 points, or 0.03%, to close at 33,119.57. The Standard & Poor’s 500 fell 5.56 points, or 0.13%, to settle at