Recap for July 16
- Forecast rain poised to benefit Midwest crops sent grain and soybean futures lower Tuesday with added pressure from technical selling and better-than-expected U.S. Department of Agriculture crop condition ratings. Kansas City and Minneapolis wheat futures vied to the lead way lower while Chicago wheat saw only slim declines. Weather was mostly favorable for combining in areas of Southwest where hard red winter wheat harvest was still underway. A band of rain extending north from the Delta states to Michigan slowed wheat harvest, but the moisture was much welcomed for corn and soybeans. Soybean futures posted wide declines today, and corn futures also weakened. September corn future lost 5¾c to close at $4.35¼ a bu. August soybean future declined 14c to close at $8.87¾ a bu. August soybean meal dropped $3.20 to close at $308.40 a ton. August soybean oil dipped 0.29c to close at 27.99c a lb. Chicago September wheat eased ¼c to close at $5.07½ a bu. Kansas City September wheat fell 2¾c to close at $4.46¼ bu. Minneapolis September dropped 2¼c to close at $5.30¼ a bu.
- U.S. equity markets hovered around a flat line Tuesday before beginning a midday retreat. Oil prices declined, and energy company shares subsequently dragged U.S. stock indexes away from record highs reached Friday and Monday. The Dow Jones Industrial Average lost 23.53 points, or 0.1%, to close at 27,335.63. The Standard & Poor’s 500 Index fell 10.26 points, or 0.3%, to close at 3,004.04. The Nasdaq Composite dipped 35.39 points, 0.4%, to close at 8,222.80.
- U.S. crude oil futures dipped again Tuesday, the August contract settling $1.96 lower at $57.62 per barrel.
- The value of the U.S. dollar strengthened Tuesday for a second day this week.
- U.S. gold futures declined as the dollar rose. The August contract fell $2.30 to close at $1,411.20 an oz.
Recap for July 15
- Corn, wheat complex and soy complex futures closed lower Monday after advancing at the opening bell. Tropical Storm Barry did not seriously disrupt grain processing and export facilities along Louisiana Gulf coast. Corn touched a five-year high on ideas that unprecedented planting delays and recent warm, dry weather may combine to damage the crop during its crucial pollination stage. But corn futures subsequently fell on predictions rain in wake of Tropical Storm Barry may benefit Midwest growing areas. Soybeans reached a one-year peak before turning lower as investors weighed weather risks and the long-running trade conflict with China. September corn future fell 13¼c to close at $4.41 a bu. August soybean future declined 11½c to close at $9.01¾ a bu. August soybean meal fell $3.20 to close at $311.60 a ton. August soybean oil fell 0.03c to close at 28.28c a lb. Chicago September wheat retreated 15¼c to close at $5.07¾ a bu. Kansas City September wheat fell 18¼c to close at $4.49 bu. Minneapolis September dropped 10¼c to close at $5.32¼ a bu.
- U.S. stock indexes wavered between gains and losses before edging higher Monday, modestly extending Friday’s records. The Dow Jones Industrial Average added 27.13 points to close at 27,359.16. The Standard & Poor’s 500 Index gained 0.53 points to close at 3,014.30. The Nasdaq Composite added 14.04 points to close at a record 8,258.19.
- U.S. crude oil futures dipped Monday. The August contract settled 63c lower at $59.58 per barrel, bringing its rise this year to 31%.
- The value of the U.S. dollar strengthened Monday.
- U.S. gold futures also closed higher Monday. The August contract gained $1.30 to close at $1,413.50 an oz.
Recap for July 12
- Concerns that hot, dry weather during the key pollination phase for corn, which is occurring later this year due to spring planting delays, that may reduce yield prospects boosted corn futures to three-week highs on Friday. Soy complex futures also advanced on weather concerns. Wheat futures posted modest gains, mainly following corn futures. September corn futures jumped 10c to close at $4.54¼ a bu. August soybean futures rose 14¼c to close at $9.13¼ a bu. August soybean meal gained $2.40 to close at $314.80 a ton. August soybean oil advanced 0.13c to close at 28.31c a lb. Chicago September wheat added 1½c to close at $5.23 a bu. Kansas City September wheat rose 5¾c to close at $4.67¼ bu. Minneapolis September rose 1½c to close at $5.42¾ a bu.
- U.S. stock indexes closed at record highs Friday amid optimism of an economy-stimulating interest rate cut signaled by the Federal Reserve this week, with added support Friday from gains in automobile shares. The Dow Jones Industrial Average surged 243.95 points to close at a record 27,332.03. The Standard & Poor’s 500 Index gained 13.86 points to close at a record 3,013.77. The Nasdaq Composite gained 48.10 points to close at a record 8,244.14.
- U.S. crude oil futures eked out gains Friday but posted 5% gains for the week on concerns about production interruptions caused by tropical storm Barry in the Gulf, lower U.S. crude oil inventories and geopolitical tensions. The August contract settled 1c higher at $60.21 per barrel.
- The value of the U.S. dollar declined on Friday.
- U.S. gold futures advanced Friday and were near six-year highs. The August contract gained $5.50 to close at $1,412.20 an oz.
Recap for July 11
- Winter wheat futures surged about 20c to 24c a bu nearby while spring wheat futures were up about 12c a bu Thursday as the U.S.D.A., in its World Agricultural Supply and Demand Estimates Report, sharply reduced its forecast of world wheat production, exports and ending stocks, paving the way for a boost in U.S. export projections for 2019-20. U.S. wheat production forecast for 2019 was raised but near trade expectations. Corn and soybean futures also advanced, in part following wheat, but also discounting supply-and-demand forecasts based on data from U.S.D.A. June 28 Acreage report, which trade highly doubted. Corn supply-and-demand data otherwise would have been bearish. September corn futures rose 9¼c to close at $4.44¼ a bu. August soybean futures rose 4½c to close at $8.99 a bu. August soybean meal gained $1.70 to close at $312.40 a ton. August soybean oil advanced 0.09c to close at 28.18c a lb. Chicago September wheat added 16¾c to close at $5.21½ a bu. Kansas City September wheat rose 20c to close at $4.61½ bu. Minneapolis September rose 12½c to close at $5.41¼ a bu.
- U.S. stock indexes closed mixed Thursday, but the DJIA ended above 27,000 for the first time ever with help from a rally in health care stocks. The Dow Jones Industrial Average advanced 227.88 points to close at 27,088.08. The Standard & Poor’s 500 Index gained 6.84 points to close at 2,999.91. The Nasdaq Composite closed 6.49 points lower at 8,196.04.
- U.S. crude oil futures eased Thursday but held above the psychological $60-per-barrel level on continued concern about global supply. The August contract settled 23c lower at $60.20 per barrel.
- The U.S. dollar edged lower on Thursday.
- U.S. gold futures declined Thursday despite the weaker dollar. The August contract was down $5.80 at $1,406.70 an oz.
Recap for July 10
- U.S. stock indexes closed at or near record highs Wednesday after Federal Reserve Chairman Jerome Powell indicated an interest rate cut to support the lackluster economy was likely. The Dow Jones Industrial Average advanced 76.71 points to close at 26,860.20. The Standard & Poor’s 500 Index gained 13.44 points to close at 2,993.07 after pushing above 3,000 for the first time during the trading session. The Nasdaq Composite closed 60.80 points higher at a record high 8,202.53.
- Soybean futures posted solid gains while soybean meal and oil futures edged higher Wednesday on position squaring ahead of Thursday’s U.S. Department of Agriculture supply-and-demand report, which traders expect will show lower soybean production and carryover from June forecasts. Corn futures advanced on position squaring as well. Wheat futures mostly posted small gains on short covering and position squaring ahead of Thursday’s supply-and-demand and Crop Production reports, with the latter offering the first wheat-by-class production estimates for the 2019-20 season. September corn futures rose 2½c to close at $4.35 a bu. August soybean futures rose 8½c to close at $8.94½ a bu. August soybean meal gained $1.50 to close at $310.70 a ton. August soybean oil edged up 0.08c to 28.09c a lb. Chicago September wheat added 2c to close at $5.04¾ a bu. Kansas City September wheat rose 2¼c to close at $4.41½ bu. Minneapolis September rose 2¼c to close at $5.28¾ a bu.
- U.S. crude oil futures surged to seven-week highs Wednesday on reports of declining inventories and global supply concerns. The August contract settled $2.60 higher at $60.43 per barrel.
- The U.S. dollar closed lower on Wednesday.
- U.S. gold futures advanced Wednesday as the dollar weakened. The August contract was up $12 at $1,412.50 an oz.