Recap for June 14

  • U.S. corn futures hit their highest levels in five years on forecasts for more rain in the eastern Midwest that generated planting and production concerns. Weather woes also supported soybean futures. Wheat futures trading was choppy, but winter wheat closed higher on expectations that fewer corn supplies would result in more wheat fed to cattle. July soybeans added 8¾c to close at $8.96¾ a bu. July soybean meal advanced $1.80 to close at $323.50 a ton. July soybean oil was 0.41c lower to close at 27.61c a lb. July corn advanced 11c to close at $4.53 a bu. Chicago July wheat added 3c to close at $5.38½ a bu. Kansas City July added 8c to close at $4.76¼ a bu. Minneapolis July was down 3c to close at $5.63¼ a bu.
  • Rising Middle East tensions weighed on U.S. equity markets, which declined Friday. Further pressure came from weak economic data. U.S. retail sales increased less than expected in May. The Dow Jones Industrial Average eased 17.16 points to close at 26,089.61. The Standard & Poor’s 500 Index lost 4.66 points to close at 2,886.98. The Nasdaq Composite fell 40.47 points to close at 7,796.66.
  • Bearish demand outlook and rising geopolitical tension competed for control of U.S. crude oil futures Friday. The July contract added 23c to close at $52.51 per barrel.
  • The value of the U.S. dollar was higher Friday.
  • U.S. gold futures advanced despite the higher dollar Friday, the June contract was up 90c to $1,340.10 an oz.

Recap for June 13

  • Corn futures reached the highest levels since 2015 amid ongoing concerns about wet weather that has severely delayed planting and forecasts of sharply production in 2019 and lower supply in 2019-20. The soy complex advanced as well on forecasts for more rain that could push seeding back even further. Winter wheat futures posted gains for a fourth day in a row, and spring wheat futures also advanced. July soybeans added 10c to close at $8.88 a bu. July soybean meal advanced $2.20 to close at $321.70 a ton. July soybean oil was 0.46c higher to close at 28.02c a lb. July corn surged 12c to close at $5.35½ a bu. Chicago July wheat added 9¼c to close at $5.35½ a bu. Kansas City July added 5½c to close at $4.68¼ a bu. Minneapolis July was up 1½c to close at $5.66¼ a bu.
  • Rising shares of energy companies in the wake of an attack on two oil tankers that sent oil prices sharply higher Thursday helped major U.S. equity markets snap a two-day losing streak. The Dow Jones Industrial Average moved ahead 101.94 points, or 0.4%, to close at 26,106.77. The Standard & Poor’s 500 Index advanced 11.80 points, or 0.4%, to close at 2,891.64. The Nasdaq Composite added 44.41 points, or 0.6%, to close at 7,837.13. After sliding for several weeks, all three indexes are on track to record a second consecutive week of gains.
  • An attack on two oil tankers in the Gulf of Oman highlighted risks incumbent with delivery of oil from the Persian Gulf and sent U.S. crude oil futures higher Thursday. The July contract added $1.14 to close at $52.28 per barrel. The benchmark was up twice as much earlier in the session.
  • The value of the U.S. dollar was higher Thursday.
  • U.S. gold futures advanced despite the higher dollar, the June contract was up $7.30 to $1,339.20 an oz.

Recap for June 12

  • Rainy forecasts that threatened to further delay corn and soybean planting and compromise wheat quality were supportive to the soy complex, winter wheat and most corn futures Wednesday. July soybeans surged 18¾c to close at $8.78 a bu. July soybean meal added $5.10 to close at $319.50 a ton. July soybean oil advanced 0.34c to close at 27.56c a lb. July corn advanced 2¼c to close at $4.30 a bu. Chicago July wheat added 8¼c to close at $5.26¼ a bu. Kansas City July added 5¼c to close at $4.62¾ a bu. Minneapolis July was down 4¾c to close at $5.64¾ a bu.
  • After snapping a weeklong winning streak Tuesday, U.S. equity markets extended their slides Wednesday. Some analysts concluded markets may have overestimated the chance of a rate cut from the Federal Reserve after hints that it would do so supported markets last week. The Dow Jones Industrial Average dropped 43.68 points, or 0.2%, to close at 26,004.83. The Standard & Poor’s 500 Index was down 5.88 points, or 0.2%, to close at 2,879.84. The Nasdaq Composite fell 29.85 points, or 0.4%, to close at 7,792.72.
  • U.S. crude oil futures closed lower, the July contract was down $2.13 to close at $51.14 per barrel.
  • The value of the U.S. dollar was higher.
  • U.S. gold futures advanced, the June contract was up $5.50 to $1,331.90 an oz.

Recap for June 11

  • Corn futures hit a one-week high Tuesday after the U.S. Department of Agriculture made a larger-than-expected cut to its yield estimate for corn based on severe planting delays this spring. Friendly adjustments to the corn balance sheet offset any negativity surrounding minor bearish soybean adjustments, and soybean futures edged higher. After the June Crop Production and supply-and-demand reports featured some bearish and bullish news, wheat futures advanced, in part following corn futures. July corn surged 12c to close at $4.27¾ a bu. Chicago July wheat added 3c to close at $5.18 a bu. Kansas City July added 4½c to close at $4.57½ a bu. Minneapolis July was up 1c to close at $5.69½ a bu. July soybeans advanced ¾c to close at $8.59¼ a bu. July soybean meal added $1 to close at $314.40 a ton. July soybean oil dipped 0.16c to close at 27.22c a lb.
  • U.S. equity markets edged lower as investors weighed fears of rising trade tensions and hopes that policy makers will bolster markets with fresh stimulus measures. The Dow Jones Industrial Average fell 14.17 points, to close at 26,048.51. The Standard & Poor’s 500 Index was down 1.01 points to close at 2,885.72. The Nasdaq Composite fell 0.60 point to close at 7,822.57.
  • U.S. crude oil futures were higher Tuesday, the July contract was up 1c to close at $53.27 per barrel.
  • The value of the U.S. dollar was lower Tuesday.
  • U.S. gold futures closed higher, the June contract was up $1.70 to $1,346.40 an oz.

Recap for June 7

  • Wheat futures closed mixed Friday and for the week with support from dryness in Australia, Canada, Russia and Ukraine but pressure from ample supplies and profit taking after the recent runup from contract lows just a few weeks earlier. Poor export sales pressured corn futures a day after a surprise rebound, and the soybean complex was pulled lower by wheat and corn. July corn fell 4¾c to close at $4.15¾ a bu. Chicago July wheat fell 5½c to close at $5.04½ a bu. Kansas City July retreated 6¼c to close at $4.49 a bu. Minneapolis July was up 3¾c to close at $5.68¾ a bu, though later months were mixed. July soybeans declined 12½c to close at $8.56¼ a bu. July soybean meal shed $3.60 to close at $312.30 a ton. July soybean oil dipped 0.38c to close at 27.38c a lb.
  • U.S. equity markets closed higher Friday as recent optimism that the Federal Reserve will cut interest rates was amplified by a weaker-than-expected jobs report. The Dow Jones Industrial Average added 263.28 points, or 1%, to close at 25,983.94, helping the blue-chip index to a weekly advance for the first time in seven weeks. The Standard & Poor’s 500 Index advanced 29.85 points, or 1%, to close at 2,873.34. The Nasdaq Composite rose 126.55 points, or 1.7%, to close at 7,742.10.
  • U.S. crude oil futures advanced Friday. The July contract added $1.40 to close at $53.99 per barrel.
  • The value of the U.S. dollar was lower Friday after a Labor Department report indicated employers added 75,000 jobs in May, pulling back from two months of solid hiring. Economists had expected a gain of 180,000 new jobs.
  • U.S. gold futures were higher for an eighth consecutive session Friday, nearing their February 10-month peak after fewer jobs than expected were added in May, adding to fears of an economic slowdown. The June gold contract rose $3.60 to $1,341.20 an oz.