Recap for August 12
- Short-covering and position squaring following the US Department of Agriculture’s confirmation of expectations for massive crops led to higher closes Wednesday for corn and soybean futures. Chicago soft red winter wheat futures declined, KC hard red winter futures were mixed in a narrow range, and Minneapolis spring wheat futures edged lower after the USDA raised its outlook for US wheat production in 2020 by 14 million bus. September corn was up 3¢ to close at $3.14½ a bu. Chicago September wheat fell 3¾¢ to close at $4.91¼ a bu. Kansas City September wheat was up 1¢ to close at $4.17¾ a bu; later months were mixed. Minneapolis September wheat fell ½¢ to settle at $4.92¼ a bu. August soybeans added 12½¢ to close at $8.90½ a bu. August soybean meal was up 20¢ at $282.20 a ton. August soybean oil advanced 0.94¢ to 32¢ a lb.
- Stock markets rallied Wednesday. The S&P 500 closed near its pre-coronavirus record high after topping the record briefly in afternoon trading. Declining coronavirus cases and economic support from the federal government and central banks were behind investor optimism that sent equity indexes higher. The Dow Jones Industrial Average added 289.93 points, or 1.05%, to close at 27,976.84. The Standard & Poor’s 500 Index added 46.66 points, or 1.40%, to close at 3,380.35. The Nasdaq Composite surged 229.42 points, or 2.13%, to close at 11,012.24 points.
- US crude oil futures were higher Wednesday. The September contract was up $1.06 to settle at $42.67 per barrel.
- The US dollar index closed lower for the first time in four sessions Wednesday after a report showed July consumer-price inflation topped expectations.
- As the dollar grew weaker, US gold futures were up Wednesday, a day after declining more than $90 an oz. The August future gained $2.30 to close at $1,934.90 an oz.
Recap for August 11
- Wheat futures were higher Tuesday in technical buying after a series of lower closes that sent many months to contract lows. Corn futures were mixed in a narrow range as traders weighed the potential for crop damage from a Midwestern storm versus the large harvest just a few weeks away. Soybean futures were mixed in a narrow range. September corn was up 1¢ to close at $3.11½ a bu. Chicago September wheat added 4¢ to close at $4.95 a bu. Kansas City September wheat was up 2¾¢ to close at $4.16¾ a bu. Minneapolis September wheat rose 2¢ to settle at $4.92¾ a bu. August soybeans added 1½¢ to close at $8.78 a bu; later months were mixed in a narrow range. August soybean meal was down 20¢ at $282 a ton. August soybean oil declined 0.13¢ to 31.06¢ a lb.
- US equity indexes declined Tuesday, erasing wide gains earlier in the session in some markets, as the prospects for a broad coronavirus relief package weighed on investors’ minds. The Dow Jones Industrial Average declined 104.53 points, or 0.38%, to close at 27,686.91. The Standard & Poor’s 500 Index deleted 26.78 points, or 0.8%, to close at 3,333.69. The Nasdaq Composite shed 185.53 points, or 1.69%, to close at 10,782.82 points.
- US crude oil futures were lower Tuesday. The September contract was down 33¢ to settle at $41.61 per barrel.
- The US dollar index strengthened Tuesday for the third straight session.
- As the dollar grew stronger, US gold futures were sharply lower Tuesday. The August future was down $91.80 to close at $1,932.60 an oz.
Recap for August 10
- A bevy of new-crop soybean export sales partly eased concerns over an expected large harvest and sent soybean futures higher Monday. Corn futures opened the week higher after weekend rains largely skirted drought-stricken western areas of top producer Iowa and dryness was observed in other major corn-producing states. Wheat futures were lower on ideas of a potential global glut indicated by improved Australian conditions and large-crop forecasts from Canada and Russia. September corn was up 2¾¢ to close at $3.10½ a bu. Chicago September wheat declined 4½¢ to close at $4.91 a bu. Kansas City September wheat was down 1½¢ to close at $4.14 a bu. Minneapolis September wheat fell 3¾¢ to settle at $4.90¾ a bu. August soybeans added 6¼¢ to $8.76½ a bu. August soybean meal was up $2.20 at $282.20 a ton. August soybean oil declined 0.16¢ to 31.19¢ a lb, though later months were mostly unchanged.
- US equity indexes were mixed again Monday, with only the Nasdaq ending the day lower on a broad decline in shares of technology companies after recent large gains. The DJIA and S&P 500 both advanced as investors weighed the chances for more pandemic stimulus spending amid a decline in coronavirus cases. The Dow Jones Industrial Average soared 357.96 points, or 1.3%, to close at 27,791.44. The Standard & Poor’s 500 Index added 9.19 points, or 0.27%, to close at 3,360.47. The Nasdaq Composite declined 42.63 points, or 0.39%, to close at 10,968.36 points.
- US crude oil futures were higher Monday. The September contract was up 72¢ to settle at $41.94 per barrel.
- The US dollar index strengthened Monday, building on Friday’s gains.
- Despite the dollar’s higher close, US gold futures resumed their historic upswing Monday after retreating on Friday. The August future was up $14.30 to close at $2,024.40 an oz.
Recap for August 7
- Expectations that rising supplies of US soybeans would exceed demand bolstered by recent Chinese purchases weighed on soybean futures, which declined for a fourth straight day Friday to the lowest levels since June 30. Wheat futures also declined, the front-month soft red winter wheat contract down 6.6% for the week. Pressure on wheat came from expectations of a record Canadian crop, increased Russian wheat crop forecasts, improved conditions in Australia and positive signs from early cuts of the US spring crop. Corn futures declined on good conditions and crop weather as traders established positions in advance of updated supply-demand figures and initial production estimates Aug. 12 from the USDA. September corn fell 3½¢ to close at $3.07¾ a bu. Chicago September wheat declined 5¾¢ to close at $4.95½ a bu. Kansas City September wheat was down 1¾¢ to close at $4.15½ a bu. Minneapolis September wheat fell 1½¢ to settle at $4.94½ a bu. August soybeans fell 10½¢ to $8.70¼ a bu. August soybean meal was down 70¢ at $280 a ton. August soybean oil declined 0.17¢ to 31.35¢ a lb.
- US equity indexes were mixed Friday. The DJIA and S&P500 closed higher after government data indicated US employers added 1.8 million new jobs in July and the unemployment rate fell to 10.2%. Gains were limited by uncertainty surrounding prospects for fresh government stimulus to counteract the effects of the coronavirus pandemic on the economy. The tech-heavy Nasdaq retreated slightly after notching several record-high closes for the week. The Dow Jones Industrial Average added 46.50 points, or 0.17%, to close at 27,433.48. The Standard & Poor’s 500 Index edged up 2.12 points, or 0.06%, to close at 3,351.28. The Nasdaq Composite declined 97.09 points, or 0.87%, to close at 11,010.98 points.
- US crude oil futures were lower Friday. The September contract was down 73¢ to settle at $41.22 per barrel.
- The US dollar index bounced off a two-year low, strengthening Friday for the first time in four sessions.
- US gold prices declined to end a week that saw several record-high closes. The August future was down $41.40 to close at $2,010.10 an oz.
Recap for August 6
- Wheat futures declined to fresh contract lows in Minneapolis and Kansas City Thursday on expectations of rising global supplies amplified by reports of large yields from the initial cuts of North Dakota spring wheat. Large production forecasts pushed soybean futures lower for a third straight day. Corn futures were relatively steady after striking contract lows Tuesday. September corn edged up ¼¢ to close at $3.11¼ a bu; later months were mixed. Chicago September wheat declined 9½¢ to close at $5.01¼ a bu. Kansas City September wheat was down 9¼¢ to close at $4.17¼ a bu. Minneapolis September wheat fell 5½¢ to settle at $4.96 a bu. August soybeans were down 1¼¢ at $8.80¾ a bu. August soybean meal was down $1.60 at $280.70 a ton. August soybean oil declined 0.18¢ to 31.52¢ a lb; later months were higher.
- US equity indexes advanced Thursday on improved unemployment numbers. The tech-heavy Nasdaq reached a fourth consecutive record close. About 1.2 million Americans filed new claims for unemployment benefits for the week ended Aug. 1, fewer than the 1.4 million analysts expected, but still at historically high levels. The Dow Jones Industrial Average added 185.46 points, or 0.68%, to close at 27,386.98. The Standard & Poor’s 500 Index added 21.39 points, or 0.64%, to close at 3,349.16. The Nasdaq Composite advanced 109.67 points, or 1%, to close at 11,108.07 points.
- US crude oil futures were lower Thursday. The September contract was down 24¢ to settle at $41.95 per barrel.
- The US dollar index continued its downward trend for a third day Thursday, falling to a two-year low.
- US gold prices continued to climb Thursday as the dollar eased, again setting a fresh all-time high. The August future was up $20.40 to close at $2,051.50 an oz.