Recap for July 27
- Unexpectedly lower crop condition ratings boosted soybean futures Tuesday. Corn futures were on an upward trajectory Tuesday morning before profit-taking sent them lower by the closing bell. Soft winter wheat futures also were higher early in the day before a round of profit-taking sent them lower. Winter wheat futures were higher after a Russian agriculture consultancy cut its forecast for the country’s 2021-22 wheat exports. Spring wheat futures notched gains a day after USDA condition ratings showed the crop was in worse shape than analysts thought. September corn fell 1¢ to close at $5.48¾ a bu. Chicago September wheat fell 2½¢ to close at $6.74½ a bu. Kansas City September wheat added 2½¢, closing at $6.41½ a bu. Minneapolis September wheat declined ½¢ to close at $8.78¼ a bu, though all later contracts advanced. August soybeans were up 5½¢ to close at $14.18¼ a bu; March 2022 and beyond were lower. August soybean meal added $5.20 to close at $358.80 a ton. August soybean oil declined 0.17¢ to settle at 66.26¢ a lb.
- Losses in big tech stocks such as Amazon and Alphabet, along with airlines and cruise companies, pulled US equity markets lower, snapping their five-session win streak, even though several major tech companies reported sharply higher quarterly earnings. The Dow Jones Industrial Average declined 85.79 points, or 0.24%, closing at 35,058.52. The Standard & Poor’s 500 Index fell 20.84 points, or 0.47%, to close at 4,401.46. The Nasdaq Composite fell 180.14 points, or 1.21%, to close at 14,660.58, its largest one-day decline since May.
- US crude oil futures were lower again Tuesday. The September contract eased 26¢ to $71.65 a barrel.
- The US dollar index declined for a second day Tuesday after mostly closing higher the previous week.
- US gold futures edged higher as the dollar continued to decline. The August contract was up 60¢ at $1,799.80 per oz.
Recap for July 26
- Corn futures advanced to start the week Monday as trader concerns over political tension between the US and China were somewhat assuaged when export inspections showed the latter country continued to import US supplies. Soybean futures also advanced Monday as recent two-week lows had traders worrying the market was oversold and with support from a palm oil rally. Wheat futures were lower as export inspections generated concern about overseas demand for US wheat. September corn added 2½¢ to close at $5.49¾ a bu. Chicago September wheat fell 7¢ to close at $6.77 a bu. Kansas City September wheat also dropped 7¢, closing at $6.39 a bu. Minneapolis September wheat declined 4¾¢ to close at $8.78¾ a bu. August soybeans were up 11¾¢ to close at $14.12¾ a bu. August soybean meal was steady at $353.60 a ton; later months were mixed but mostly lower. August soybean oil advanced 0.77¢ to settle at 66.43¢ a lb.
- US equity markets advanced Monday even as rising concerns about economic growth amid the COVID-19 Delta variant outbreak posed a challenge to the pace at which stocks have been rising. All three major indexes notched record-high closes for a second-straight session. The Dow Jones Industrial Average added 82.76 points, or 0.24%, closing at 35,144.31. The Standard & Poor’s 500 Index added 10.51 points, or 0.24%, to close at 4,422.30. The Nasdaq Composite edged up 3.72 points, or 0.03%, to close at 14,840.71.
- US crude oil futures were mixed Monday, the two front months easing while November and December contracts were higher. The September contract eased 16¢ to $71.91 a barrel.
- The US dollar index declined Monday following more than a week of mostly higher closes.
- US gold futures continued to ease Monday despite the dollar’s lower turn. The August contract was down $2.60 at $1,799.20 per oz.
Recap for July 23
- Forecast for cooler crop weather and better chances for beneficial rains weighed on corn and soybean futures Friday. Those declines pulled wheat lower, offsetting ongoing wheat crop issues in the northern Plains, Canadian Prairies and key Black Sea region competitors. September corn was down 17¼¢ at $5.47¼ a bu. Chicago September wheat fell 8¼¢ to close at $6.84 a bu. Kansas City September wheat fell 7¾¢ to close at $6.46 a bu. Minneapolis September wheat declined 20½¢ to close at $8.83½ a bu. August soybeans fell 15¼¢ to close at $14.01 a bu. August soybean meal declined $9.60, closing at $353.60 a ton. August soybean oil advanced 0.66¢ to settle at 65.66¢ a lb.
- US equity markets pulled off a remarkable rebound from Monday’s selloff, with all three major indexes closing the week at all-time highs Friday. The Dow Jones Industrial Average added 238.20 points, or 0.68%, closing at 35,061.55, a 1.1% weekly gain and the fastest rise to a milestone, taking just 165 days to climb from 30,000. The Standard & Poor’s 500 Index added 44.31 points, or 1.01%, to close at 4,411.79, a 2% weekly gain and its 40th record close of the year. The Nasdaq Composite added 152.39 points, or 1.04%, to close at 14,836.99.
- US crude oil futures climbed again Friday, the September contract was up 16¢ to $72.07 a barrel.
- The US dollar index climbed Friday for the sixth time in seven sessions.
- US gold futures slid Friday as the dollar continued its upward trajectory. The August contract was down $3.60 at $1,801.80 per oz.
Recap for July 22
- Profit-taking cut short a six-session win streak for winter wheat Thursday. Spring wheat futures were mixed, but mostly higher in a round of bargain buying after declining a day earlier. Forecasts for much-needed rain during a critical stage of crop development in the US Midwest sent soybean futures lower. Corn futures were lower after net export sales were the smallest since July 12, which caused some analysts to say prices had gotten too high to entice foreign buyers. September corn was down 7¼¢ at $5.64½ a bu. Chicago September wheat fell 18½¢ to close at $6.92¼ a bu. Kansas City September wheat fell 15¢ to close at $6.53¾ a bu. Minneapolis September wheat added 6¼¢ to close at $9.04 a bu; May 2022 and later months were mixed. August soybeans fell 23¢ to close at $14.16¼ a bu. August soybean meal declined $6.60, closing at $363.20 a ton. August soybean oil declined 0.46¢ to settle at 65¢ a lb.
- Major US equity indexes were higher Thursday, continuing to stabilize after Monday’s steep declines on potential threats to the economic recovery due to the Delta variant of COVID-19. All three indexes were within 1% of their record highs. The Dow Jones Industrial Average added 25.35 points, or 0.07%, closing at 34,823.35. The Standard & Poor’s 500 Index added 8.79 points, or 0.20%, to close at 4,367.48. The Nasdaq Composite added 52.64 points, or 0.36%, to close at 14,684.60.
- US crude oil futures climbed Thursday, the September contract was up $1.61, to $71.91 a barrel.
- The US dollar index climbed Thursday for the fifth time in six trading days.
- US gold futures advanced Thursday even as the dollar reverted to its upside trend. The August contract was up $2 at $1,805.40 per oz.
Recap for July 21
- Spring wheat futures closed lower Wednesday as traders sought more information about the depth of crop issues in the northern Plains. Winter wheat futures advanced on potential crop shortfalls in overseas competitors. Concerns linked to dry Midwest weather conditions sent most corn futures higher. Weather concerns also supported new-crop soybean futures, but nearby contracts weakened under pressure from soybean oil’s sharp decline. September corn was unchanged at $5.71¾ a bu; later contracts were mixed, mostly higher. Chicago September wheat added 10¼¢ to close at $7.10¾ a bu. Kansas City September wheat added 8½¢ to close at $6.68¾ a bu. Minneapolis September wheat dropped 18¼¢ to close at $8.97¾ a bu; December 2022 was higher. August soybeans fell 4¼¢ to close at $14.39¼ a bu; November 2021 and beyond were mostly higher. August soybean meal added $4.30, closing at $369.80 a ton. August soybean oil declined 1.56¢ to settle at 65.46¢ a lb.
- US equity markets were higher Wednesday. Investors remained wary of the global economic outlook, but drew comfort from positive earnings statements from, among others, Chipotle Mexican Grill, Coca-Cola and Johnson & Johnson. The Dow Jones Industrial Average added 286.01 points, or 0.83%, closing at 34,798.00. The Standard & Poor’s 500 Index added 35.63 points, or 0.82%, to close at 4,358.69. The Nasdaq Composite added 133.08 points, or 0.92%, to close at 14,631.95.
- US crude oil futures advanced Wednesday, the September contract was up $3.10 to $70.30 a barrel.
- The US dollar index turned lower Wednesday after climbing for four straight sessions.
- US gold futures declined Wednesday even as the dollar did the same. The August contract was down $8 at $1,803.40 per oz.