Recap for July 10

  • Corn futures posted losses of 10¢ to 12¢ a bu spot through July 2021 as favorable weather forecasts and a comment from President Donald Trump that the US-China relationship was severely damaged more than offset bullish US Department of Agriculture supply-and-demand data and the USDA’s announcement of the second-largest corn export sale ever to China. Soybean futures also declined on good weather and concerns about China. Wheat futures were mixed with Chicago soft red winter contracts rising as the USDA forecast a 6% reduction in the crop from June, while hard red winter futures declined on strong harvest progress and spring wheat futures posted narrow, mixed changes. July corn fell 10¾¢ to close at $3.40½ a bu. Chicago July wheat gained 9½¢ to close at $5.35¾ a bu. Kansas City July wheat was down 4¾¢ at $4.47¼ a bu. Minneapolis July wheat gained 2¼¢ to close at $5.17 a bu but later months were narrowly mixed and mostly lower. July soybeans fell 6¾¢ to close at $8.91½ a bu. July soybean meal was down $4.30 at $290.80 a ton. July soybean oil was 0.08¢ lower at 28.11¢ a lb.
  • US equity indexes ended the week on a higher note Friday as investors’ concerns about the economic impact of the rising number of coronavirus cases eased, in part as an antiviral drug from Gilead Sciences Inc. was shown to reduce the risk of death from the coronavirus. Gains in financial shares also supported equity indexes. The Dow Jones Industrial Average advanced 369.21 points, or 1.44%, to close at 26,075.30. The Standard & Poor’s 500 Index rose 32.99 points, or 1.05%, to close at 3,185.04. The Nasdaq Composite advanced 69.69 points, or 0.66%, to close at a record high 10,617.44, the sixth record high close in seven days.
  • US crude oil futures advanced on Friday after the International Energy Agency forecast higher energy demand in 2020 and the number operating US oil and natural gas rigs declined. The August contract rose 93¢ to settle at $40.55 per barrel.
  • The US dollar index declined on Friday.
  • US gold futures declined on Friday as traders preferred riskier equity markets rather than safe-haven gold. The August future was down $1.90 at $1,801.90 an oz.

Recap for July 9

  • Agricultural futures closed mostly higher on Thursday. Corn and soybean futures gained on concerns about the effects of hot, dry weather on yield potential as US crops are in their critical reproductive stages. Wheat was supported by continued indications of declining production in some key export competitors, although advancing winter wheat harvest and timely rainfall in spring wheat areas limited gains. Chicago wheat hit two-month highs. The market awaited US Department of Agriculture monthly Crop Production and supply-and-demand reports on Friday. July corn rose 3¢ to close at $3.51¼ a bu. Chicago July wheat gained 8¾¢ to close at $5.26¼ a bu. Kansas City July wheat was unchanged at $4.52 a bu and later months posted mixed, narrow changes. Minneapolis July wheat gained 2¾¢ to close at $5.14¾ a bu. July soybeans rose 3½¢ to close at $8.98¼ a bu. July soybean meal was up $3.50 at $295.10 a ton. July soybean oil was 0.27¢ lower at 28.19¢ a lb.
  • US equity indexes closed mixed on Thursday with tech stocks lifting the Nasdaq but other markets closing lower on increased concerns about the economic impact from the rising number of coronavirus cases and still-high unemployment claims in the latest week. The Dow Jones Industrial Average tumbled 361.19 points, or 1.39%, to close at 25,706.09. The Standard & Poor’s 500 Index fell 17.89 points, or 0.56%, to close at 3,152.05. The Nasdaq Composite advanced 55.25 points, or 0.53%, to close at a record high 10,547.75, the fifth record high close in July.
  • US crude oil futures declined on Thursday as concerns about energy demand erosion from the coronavirus increased. The August contract fell $1.28, or 3.1%, to close at $39.62 per barrel.
  • The US dollar index advanced on Thursday.
  • US gold futures declined on Thursday as the dollar advanced and on ideas gold may be overbought after its recent surge to a nine-year high above $1,800 an oz. The August future was down $16.80 to close at $1,803.80 an oz, hitting a high of $1,825.50 during the session.

Recap for July 8

  • Wheat futures surged on Wednesday with nearby Chicago contracts gaining more than 20¢ a bu to lead both Kansas City and Minneapolis. Support mainly came from lower 2020 production prospects for the United States (US Department of Agriculture report due Friday), Russia, France and Argentina. Corn futures posted small gains while soybean futures eased amid less concern about hot, dry US weather in coming days. July corn rose 3¼¢ to close at $3.48¼ a bu. Chicago July wheat jumped 25¼¢ to close at $5.17½ a bu. Kansas City July wheat surged 16¢ to close at $4.52 a bu. Minneapolis July wheat gained 10¾¢ to close at $5.12 a bu. July soybeans eased ½¢ to close at $8.94¾ a bu. July soybean meal was down $1.70 to close at $291.60 a ton. July soybean oil was 0.30¢ lower at 28.46¢ a lb.
  • US equity indexes turned higher Wednesday after Tuesday’s setback. Support came from strength in technology shares (especially Apple Inc. and Microsoft Corp.), indications of US economic recovery despite an increase in coronavirus cases, and continued upturn in Chinese economic activity. The Dow Jones Industrial Average rose 177.10 points, or 0.68%, to close at 26,067.28. The Standard & Poor’s 500 Index gained 24.62 points, or 0.79%, to close at 3,169.94. The Nasdaq Composite advanced 148.61 points, or 1.44%, to close at a record high 10,492.50, the fourth record high close in July.
  • US crude oil futures advanced Wednesday on indications of stronger gasoline demand, but gains were held in check by higher crude oil inventories and rising coronavirus cases, which may further limit travel. The August contract gained $0.28 to close at $40.90 per barrel.
  • The US dollar index declined on Wednesday.
  • US gold futures rose again Wednesday as traders sought safe-haven investments amid concerns about the rise in coronavirus cases and on weakness in the value of the US dollar. The August future was up $10.70 to close at $1,820.60 an oz, the highest since September 2011.

Recap for July 7

  • US gold futures rose again Tuesday on concerns that the rise in coronavirus cases would encourage safe-haven investing and accommodative monetary policy. The August future was up $16.40 to close at $1,809.90 an oz after rising to the highest level since September 2011 during the session.
  • Agricultural futures ended mixed on Tuesday with wheat futures posting modest gains but corn and soybean futures declining. Wheat was supported by corn/wheat spread trading and by lower wheat production forecasts for Russia and France, both major US export competitors. Corn and soybean futures eased on less-threatening weather forecasts after concerns about hot, dry weather during the corn pollination period sent prices higher on Monday. Profit taking and higher-than-expected crop condition ratings added further pressure. July corn fell 1½¢ to close at $3.45 a bu. Chicago July wheat was up 2¾¢ at $4.92¼ a bu. Kansas City July wheat advanced 3¼¢ to close at $4.36 a bu. Minneapolis July wheat gained 2¼¢ to close at $5.01¼ a bu. July soybeans fell 3¼¢ to close at $8.95¼ a bu. July soybean meal was down $2.10 to close at $293.30 a ton. July soybean oil was 0.34¢ higher at 28.76¢ a lb.
  • US equity indexes tumbled on Tuesday on growing concerns that the recent upturn had been too much, too fast as coronavirus cases continued to increase and some lockdowns returned, making the timing and strength of the economic recovery uncertain. The Dow Jones Industrial Average fell 396.85 points, or 1.51%, to close at 25,890.18. The Standard & Poor’s 500 Index lost 34.40 points, or 1.08%, to close at 3,145.32. The Nasdaq Composite declined 89.76 points, or 0.86%, to close at 10,343.89 after closing at a record high on Monday.
  • US crude oil futures edged lower Tuesday as concerns that the rise in coronavirus cases may dampen fuel demand, more than offsetting a lower crude oil production outlook. The August contract eased $0.01 to close at $40.62 per barrel.
  • The US dollar index edged higher on Tuesday

Recap for July 6

  • Focus turned from last week’s bullish US Department of Agriculture 2020 planting estimates, most of which were below expectations, to concerns about hot, dry weather across key growing areas the next two weeks as corn enters the critical pollination period that is critical to determining yields. As a result, corn and soybean futures moved higher on Monday. New export sales of corn and soybeans to China and corn to Mexico also bolstered the market. Wheat futures were mostly higher following corn and soybeans, but harvest pressure limited gains in winter wheat. July corn rose 4¢ to close at $3.46½ a bu. Chicago July wheat was down ½¢ at $4.89½ a bu, but later months were mostly higher. Kansas City July wheat advanced 5½¢ to close at $4.32¾ a bu. Minneapolis July wheat gained 3¼¢ to close at $4.99 a bu. July soybeans rose 6¢ to close at $8.98½ a bu. July soybean meal was up $1.90 to close at $295.40 a ton. July soybean oil was 0.46¢ higher at 28.42¢ a lb.
  • US equity indexes started the week with sharp upturns with gains across a broad range of stocks, in part following strong gains in Chinese markets, despite a continued sharp increase in reported cases of the coronavirus in the United States that threatens to slow the reopening of the economy. Strong gains in the US services industry in June helped fuel the rise. The Dow Jones Industrial Average surged 459.67 points, or 1.78%, to close at 26,287.03. The Standard & Poor’s 500 Index rose 49.71 points, or 1.59%, to close at 3,179.72. The Nasdaq Composite advanced 226.02 points, or 2.21%, to close at 10,433.65.
  • US crude oil futures were little changed on Monday on mixed signals as the increase in coronavirus cases continued to threaten energy demand, but positive economic data from the United States and China provided support. The August contract eased $0.02 to close at $40.63 per barrel.
  • The US dollar index was weaker on Monday
  • US gold futures rose Monday as the increasing number of coronavirus cases encouraged safe-haven investing, even as higher-risk equity markets also surged. The August future was up $5.50 to close at $1,795.50 an oz.