Recap for August 5

  • Wheat futures were mixed Wednesday. Hard red winter and front-month soft red winter contracts were higher on bargain buying and short-covering in the wake of recent declines. Later soft red futures and spring wheat futures closed lower. Corn futures closed higher, also in bargain buying and short-covering, but gains were limited by enduring ideas of burdensome supply.  Forecasts for timely rains during key phases of crop development pressured soybean futures to their lowest levels since July 14. September corn added 2¾¢ to close at $3.11 a bu. Chicago September wheat advanced 2½¢ to close at $5.10¾ a bu; later months were mixed in a narrow range. Kansas City September wheat was up 4¼¢ to close at $4.26½ a bu. Minneapolis September wheat slipped ¼¢ to settle at $5.01½ a bu. August soybeans were down 1¾¢ at $8.82 a bu; later months were mixed, mostly lower. August soybean meal was down $1.40 at $282.30 a ton. August soybean oil added 0.17¢ to 31.70¢ a lb.
  • US equity indexes advanced Wednesday after White House negotiators indicated a coronavirus relief package deal could be reached by week’s end. Sectors such as industrials, materials and financials led the S&P 500, a sign of optimism after a period where the tech sector was leading the pack. The Dow Jones Industrial Average gained 373.05 points, or 1.39%, to close at 27,201.52. The Standard & Poor’s 500 Index added 21.26 points, or 0.64%, to close at 3,327.77. The Nasdaq Composite advanced 57.23 points, or 0.52%, to close at 10,998.40.
  • US crude oil futures were higher Wednesday. The September contract was up 49¢ to settle at $42.19 per barrel.
  • The US dollar index continued its downward trend for a second day Wednesday.
  • US gold prices continued to advance Wednesday as the dollar eased, notching yet another all-time high. The August future was up $29.90 to close at $2,031.10 an oz

Recap for August 4

  • Wheat futures declined Tuesday (to new contract lows in Kansas City and Minneapolis futures) as traders expected US supplies would be passed over in a flurry of export tenders. Expectations of a massive corn crop sent corn futures 2.5% lower to new contract lows. Rainy forecasts for western areas of the US Midwest eased dry condition concerns for producers but took a toll on soybean futures. September corn fell 9¼¢ to close at $3.08¼ a bu. Chicago September wheat declined 12¾¢ to close at $5.08¼ a bu. Kansas City September wheat fell 8½¢ to close at $4.22¼ a bu. Minneapolis September wheat shed 4¾¢ to settle at $5.01¾ a bu. August soybeans were down 13¾¢ at $8.83¾ a bu. August soybean meal was down $3.40 at $283.70 a ton. August soybean oil dipped 0.14¢ to 31537¢ a lb.
  • US equity indexes closed higher Tuesday as investors extended cautious hope that Washington could pass an aid package to relieve a pandemic-weary economy. The Dow Jones Industrial Average gained 164.07 points, or 0.62%, to close at 26,828.47. The Standard & Poor’s 500 Index added 11.90 points, or 0.36%, to close at 3,306.51. The Nasdaq Composite advanced 157.52 points, or 0.57%, to close at 10,941.17, another record high.
  • US crude oil futures were higher Tuesday. The September contract was up 69¢ to settle at $41.70 per barrel.
  • The US dollar index declined Tuesday after rising for two sessions.
  • US gold prices advanced Tuesday as the dollar dipped. The August future was up $35.20 to close at a record high of $2,001.20 an oz.

Recap for August 3

  • US wheat futures declined sharply Monday as traders considered rising expectations for Russian and Australian crops on top of already-weak demand prospects for US export supplies. Corn futures bounced off last week’s one-month low on technical trading and spillover support from soybeans, but gains were limited by declines in wheat and good crop development weather in the Midwest. Excepting the steady close for August, soybeans firmed with support from a fresh export sale reported by the USDA. September corn was up 1½¢ to close at $3.17½ a bu. Chicago September wheat fell 10¼¢ to close at $5.21 a bu. Kansas City September wheat fell 11¾¢ to close at $4.30¾ a bu. Minneapolis September wheat fell 7½¢ to settle at $5.06½ a bu. August soybeans were steady at $8.97½ a bu, but later months were higher. August soybean meal was down $2.20 at $287.10 a ton. August soybean oil jumped 0.76¢ to 31.67¢ a lb.
  • A surge in big technology stocks such as Apple and Microsoft helped push US equity indexes higher Monday to open the week and month. Additional support came from the United States recording the lowest number of new COVID-19 cases in weeks, and data showing US manufacturing activity grew in July. The Dow Jones Industrial Average gained 236.08 points, or 0.89%, to close at 26,664.40. The Standard & Poor’s 500 Index added 23.49 points, or 0.72%, to close at 3,294.61. The Nasdaq Composite advanced 157.52 points, or 1.47%, to close at 10,902.80.
  • US crude oil futures were higher Monday. The September contract was up 74¢ to settle at $41.01 per barrel.
  • The US dollar index closed higher for a second straight session Monday.
  • US gold prices advanced Monday despite the strengthening dollar. The August future was up $3.20 to close at $1,966.00 an oz.

Recap for July 31

  • A 2% soybean oil futures advance on heightened demand from the US biodiesel sector lent support to soybean futures, which closed higher Friday. The November soybean future added 10¼¢ in July, its second straight monthly rise, with continued strong soybean sales to China also a factor. Month-end position-squaring and technical trading boosted wheat futures. A fractionally higher close for corn futures belied a near 7% decline for corn in July, a month in which mostly ideal crop weather raised expectations for a large harvest. September corn was up ¼¢ to close at $3.16 a bu. Chicago September wheat rose 1¾¢ to close at $5.31¼ a bu. Kansas City September wheat advanced 2½¢ to close at $4.42½ a bu. Minneapolis September wheat added 1¢ to settle at $5.14 a bu. August soybeans rose 5¾¢ to close at $8.97½ a bu. August soybean meal was down 50¢ at $289.30 a ton. August soybean oil jumped 0.93¢ to 30.91¢ a lb.
  • Rising shares of big technology firms such as Apple, Facebook and Amazon helped offset disappointing earnings reports from some industrial companies and weaker economic data. That pushed major US equity markets higher to close the week. The S&P500 closed July with a 5% gain, its fourth straight rally month, and its largest four-month percentage gain since December 1998. The Dow Jones Industrial Average gained 114.67 points, or 0.44%, to close at 26,428.32 and notch a fourth straight month of gains. The Standard & Poor’s 500 Index added 24.90 points, or 0.77%, to close at 3,271.12. The Nasdaq Composite advanced 157.46 points, or 1.49%, to close at 10,745.27.
  • US gold prices advanced Friday. The August future was up $20.50 to close at $1,962.80 an oz.
  • US crude oil futures were higher Friday. The September contract was up 35¢ to settle at $40.27 per barrel.
  • The US dollar index reversed course and closed higher Friday.

 

Recap for July 30

  • Corn futures edged higher Thursday as news of a record-high daily corn sale to China was mostly offset by continued ideas of a large US harvest. Spring wheat futures were mostly higher. Soybean futures were in a similar situation, edging higher on stronger-than-expected export sales despite good crop weather generating large-harvest expectations. Winter wheat futures followed Wednesday rallies with lower closes Thursday attributed to technical selling. September corn was up ¼¢ to close at $3.15¾ a bu. Chicago September wheat fell 3¼¢ to close at $5.29½ a bu. Kansas City September wheat declined 5¾¢ to close at $4.40 a bu. Minneapolis September wheat advanced 2¢ to settle at $5.13 a bu. August soybeans edged up ¼¢ to close at $8.91¾ a bu. August soybean meal was up $2.90 at $289.80 a ton. August soybean oil was 0.31¢ higher at 29.98¢ a lb.
  • US equity indexes opened sharply lower before paring losses later Thursday. Only the Nasdaq eked out a gain by the closing bell, led higher by shares of technology companies, which reported earnings after the close. Driving indexes lower were reports showing the biggest-ever quarterly plunge in US economic activity and unemployment filings ticking higher. The Dow Jones Industrial Average declined 225.92 points, or 0.85%, to close at 26,313.65. The Standard & Poor’s 500 Index fell 12.22 points, or 0.38%, to close at 3,246.22. The Nasdaq Composite advanced 44.87 points, or 0.43%, to close at 10,587.81.
  • US gold prices declined Thursday after a series of record-high closes. The August future deleted $11.10 to close at $1,942.30 an oz.
  • US crude oil futures were lower Thursday. The September contract was down $1.35 to settle at $39.92 per barrel.
  • The US dollar index weakened again Thursday.