How Gold Rode to the Rescue amid the Global Fallout
On Thursday, February 11, gold futures for April delivery surged almost 4.5% to yield the highest single-day gain since 2009. Gold touched the day’s high of $1,263.90 per ounce and closed a little lower at $1,247.80 per ounce.
March wheat futures contracts fell on February 11, 2016. Wheat prices fell below the crucial support level of $4.60 per bushel after rising the previous day.
On February 11, 2016, wheat prices fell due to lower export demand from the U.S. Department of Agriculture’s bearish weekly export sales report.
March soybean futures prices on the Chicago Board of Trade increased sharply on February 11. Soybean prices traded near the support level of $8.75 per bushel.
Soybean futures prices rose due to stronger export demand from new Chinese export sales in the U.S. Department of Agriculture’s weekly export sales report.
The U.S. Department of Agriculture’s weaker-than-anticipated weekly export sales report dragged corn prices down on February 11, 2016.
Despite the U.S. Department of Agriculture’s weaker export sales report, corn prices didn’t fall on February 11, 2016. They stayed at the previous close.
Janet Yellen, the Federal Reserve Chair, submitted the semiannual economic report to the US Congress on February 10, 2016. Yellen testified that the global turbulence has significantly impacted the financial conditions in the US.
Gold futures for April expiry dropped lower after the five-day winning streak. Gold retreated 0.33% and closed at $1,194.6 per ounce on Wednesday, February 10, 2016.
Gold closed at $1,194.60 per ounce on Wednesday, February 10, 2016, after gaining about 10.2% on a 30-day trailing basis.
Wheat futures prices for March rose after four straight days of falling on February 10, 2016.
On February 10, 2016, wheat futures prices rose due to a reduction in the French wheat planting area, which suggested lower export competition.
Soybean futures contracts for March delivery were down on February 10, 2016, continuing the trend in the key grains. Prices continued to fall on the day.
On February 10, 2016, soybean futures prices fell due to speculation of stronger output projections from key South American soybean-producing regions.
Corn futures contracts for March delivery fell for the sixth consecutive trading day on February 10, 2016.
Corn futures prices on the Chicago Board of Trade (or CBOT) for March delivery fell by 0.21% and settled at $3.60 per bushel on February 10, 2016.
On February 9, wheat prices continued downward, losing the crucial support of 460 cents per bushel and continuing the fourth consecutive day of losses.
Wheat futures trading on the CBOT for March expiry dropped by 0.22%, closing at $4.57 per bushel on February 9, 2016.
After consecutive four days of decline, soybean prices rose on February 9, reaching the key support of 865 cents per bushel.
Soybean futures contracts on the CBOT for March expiry increased slightly by 0.09%, settling at $8.63 per bushel on February 9, 2016.