Wheat closes higher on strong Asian demand
Wheat prices rose on Monday, as the US dollar fell against most major currencies, in addition to strong Asian demand for Australian wheat.
The US Department of Agriculture will release its weekly report on the quality of crops and harvest later this week.
Weather agencies forecast that the Midwest states in the US will be prone to dry weather in the coming weeks.
Wheat, soybean and corn futures closed higher last week, after the USDA reported that stocks of these commodities fell more than expected during the third quarter.
The dollar index fell against a basket of currencies by 0.3% to 93.5 points as of 20:18 GMT, after it hit a high of 93.8 and a low of 93.3.
Wheat December futures rose 2% to close at $5.84 per bushel, after hitting a day high of $5.87 and a low of $5.73.
Dow Jones consolidates gains, closes above 28,000
US stock indices rose on Monday, lifted by upbeat economic data and positive news about President Donald Trump's health.
President Trump announced on Friday that he and his wife have tested positive for the coronavirus and were placed under quarantine, and afterwards he was transferred to Walter Reed Military Medical Center as a precaution.
Trump tweeted that he is feeling really good, all thanks to the tangible medical progress under his administration regarding the coronavirus treatment.
Trump also tweeted that he will be leaving the Walter Reed Medical Center later today, and said called the American people to not be afraid of Covid-19.
Data showed today that the US services PMI rose to 57.8 points in September vs. 56.9 points in August.
To the oil market, WTI October futures at Nymex surged 5.9% or $2.17, to close at $39.22 a barrel, after hitting a high of $39.7 and a low of $37.
Brent November futures at LME rose 5.1% or $2.02, to $41.29 a barrel, with a high of $41.7 and a low of $39.1.
As for stocks, Dow Jones rose 1.7% or 466 points to close at 28,148, after it hit a day high 28,162 and a low 27,825 .
Nasdaq rose 2.3% or 257 points to 11,332, with a high 11,335 and a low 11,162.
S&P 500 rose 1.8% or 60 points to 3,408, after hitting a high of 3,409 and a low of 3,367.
US crude gains more than 6%, Brent jumps above $41
Oil prices rose on Monday, as the US dollar fell broadly against most currencies, despite uncertainty about US President Donald Trump's health condition.
The White House announced on Friday that President Trump and his wife have tested positive for the coronavirus and were placed under quarantine, but sources expressed that his health has improved after he was transferred to Walter Reed Military Medical Center as a precaution.
However, there's still uncertainty about US President Donald Trump's health condition, especially after Secretary of State Mike Pompeo stated that the US is ready for all scenarios.
The dollar index fell against a basket of currencies by 0.4% to 93.4 points as of 17:48 GMT, after it hit a high of 93.8 and a low of 93.3.
As of 17:45 GMT, WTI October futures at Nymex 6.8% to $39.5 a barrel, after hitting a high of $39.7 and a low of $37.
Brent November futures rose 6% to $41.6 a barrel, with a high of $41.7 and a low of $39.1.
Silver closes more than 2% higher
Silver prices surged on Monday, as the US dollar fell broadly against most currencies, after positive news about US President Donald Trump's health condition.
US President Donald Trump tweeted that he will be leaving the Walter Reed Medical Center later today, adding that he is feeling really good.
Trump announced on Friday that he has tested positive for the coronavirus and was under quarantine, afterwards he was transferred to Walter Reed Military Medical Center as a precaution.
Data showed today that the US services PMI rose to 57.8 points in September vs. 56.9 points in August.
The dollar index fell against a basket of currencies by 0.3% to 93.5 points as of 20:56 GMT, after it hit a high of 93.8 and a low of 93.3.
December futures rose 2.2% or 53 cents, to close at $24.56 an ounce, with a day high of $24.675 and a low of $23.805.