Recap for June 18

  • U.S. equity indexes jumped about 1% or more Tuesday on indications that U.S.-China trade talks may be back on track, based on a tweet from President Donald Trump, who plans an extended meeting with Chinese President Xi Jinping at the G-20 summit next week. The Dow Jones Industrial Average jumped 353.01 points to close at 26,465.54. The Standard & Poor’s 500 Index rose 28.08 points to close at 2,917.75. The Nasdaq Composite advanced 108.86 points to close at 7,953.88.
  • U.S. corn and wheat futures retreated Tuesday on a mixture of profit taking, technical selling and, in the case of winter wheat, better-than-expected crop condition ratings released Monday afternoon by the U.S. Department of Agriculture, although wheat crop development and winter wheat harvest continued to lag the average pace. Corn planting was in line with trade expectations, even if emergence was well behind average, and corn condition ratings were unchanged from a week earlier. Soy complex futures were narrowly mixed. July soybeans gained ¾c to close at $9.13½ a bu. July soybean meal declined $2.30c to close at $322 a ton. July soybean oil was 0.19c higher to close at 28.33c a lb. July corn declined 5c to close at $4.49¾ a bu. Chicago July wheat dropped 8c to close at $5.31½ a bu. Kansas City July fell 10¼c to close at $4.65¼ a bu. Minneapolis July was down 8c to close at $5.52¼ a bu.
  • U.S. crude oil futures on Tuesday posted their largest gains since January on hopes for renewed trade talks between the United States and China, geo-political tensions between the United States and Iran and ideas of lower U.S. crude oil stockpiles. The July contract gained $1.97 to close at $53.90 per barrel.
  • The value of the U.S. dollar was higher on Tuesday.
  • U.S. gold futures advanced Tuesday. June gold was up $7.90 at $1,346.60 an oz.

Recap for June 17

  • U.S. corn futures again hit five-year highs on Monday as more wet weather over the weekend further delayed planting, with planting delays a growing concern for soybeans as well, which were at two-month highs. More rain was in the forecast for this week. Late planting of corn also will trim yields, further reducing production prospects from already-reduced planted area. Wheat futures saw narrow, mixed changes. July soybeans jumped 16c to close at $9.12¾ a bu. July soybean meal advanced 80c to close at $324.30 a ton. July soybean oil was 0.53c higher to close at 28.14c a lb. July corn advanced 1¾c to close at $4.54¾ a bu. Chicago July wheat added 1c to close at $5.39½ a bu. Kansas City July eased ¾c to close at $4.75½ a bu. Minneapolis July was down 3c to close at $5.60¼ a bu.
  • U.S. equity indexes posted small gains Monday as the market awaited direction on interest rates from Tuesday’s Federal Reserve meeting and from the late-June G-20 summit for indications of progress in U.S.-China trade relations. The Dow Jones Industrial Average gained 22.92 points to close at 26,112.53. The Standard & Poor’s 500 Index rose 2.69 points to close at 2,889.67. The Nasdaq Composite advanced 48.37 points to close at 7,845.02.
  • Ample oil supplies, including expectations of record output from U.S. shale oil regions, continued to keep U.S. crude oil futures trading in a bear market. Concerns about global demand also weighed on Monday, more than offsetting geopolitical tensions. The July contract fell 58c to close at $51.93 per barrel.
  • The value of the U.S. dollar was lower on Monday.
  • U.S. gold futures advanced as the dollar weakened on Monday. June gold was down $1.40 at $1,338.70 an oz.

Recap for June 14

  • U.S. corn futures hit their highest levels in five years on forecasts for more rain in the eastern Midwest that generated planting and production concerns. Weather woes also supported soybean futures. Wheat futures trading was choppy, but winter wheat closed higher on expectations that fewer corn supplies would result in more wheat fed to cattle. July soybeans added 8¾c to close at $8.96¾ a bu. July soybean meal advanced $1.80 to close at $323.50 a ton. July soybean oil was 0.41c lower to close at 27.61c a lb. July corn advanced 11c to close at $4.53 a bu. Chicago July wheat added 3c to close at $5.38½ a bu. Kansas City July added 8c to close at $4.76¼ a bu. Minneapolis July was down 3c to close at $5.63¼ a bu.
  • Rising Middle East tensions weighed on U.S. equity markets, which declined Friday. Further pressure came from weak economic data. U.S. retail sales increased less than expected in May. The Dow Jones Industrial Average eased 17.16 points to close at 26,089.61. The Standard & Poor’s 500 Index lost 4.66 points to close at 2,886.98. The Nasdaq Composite fell 40.47 points to close at 7,796.66.
  • Bearish demand outlook and rising geopolitical tension competed for control of U.S. crude oil futures Friday. The July contract added 23c to close at $52.51 per barrel.
  • The value of the U.S. dollar was higher Friday.
  • U.S. gold futures advanced despite the higher dollar Friday, the June contract was up 90c to $1,340.10 an oz.

Recap for June 13

  • Corn futures reached the highest levels since 2015 amid ongoing concerns about wet weather that has severely delayed planting and forecasts of sharply production in 2019 and lower supply in 2019-20. The soy complex advanced as well on forecasts for more rain that could push seeding back even further. Winter wheat futures posted gains for a fourth day in a row, and spring wheat futures also advanced. July soybeans added 10c to close at $8.88 a bu. July soybean meal advanced $2.20 to close at $321.70 a ton. July soybean oil was 0.46c higher to close at 28.02c a lb. July corn surged 12c to close at $5.35½ a bu. Chicago July wheat added 9¼c to close at $5.35½ a bu. Kansas City July added 5½c to close at $4.68¼ a bu. Minneapolis July was up 1½c to close at $5.66¼ a bu.
  • Rising shares of energy companies in the wake of an attack on two oil tankers that sent oil prices sharply higher Thursday helped major U.S. equity markets snap a two-day losing streak. The Dow Jones Industrial Average moved ahead 101.94 points, or 0.4%, to close at 26,106.77. The Standard & Poor’s 500 Index advanced 11.80 points, or 0.4%, to close at 2,891.64. The Nasdaq Composite added 44.41 points, or 0.6%, to close at 7,837.13. After sliding for several weeks, all three indexes are on track to record a second consecutive week of gains.
  • An attack on two oil tankers in the Gulf of Oman highlighted risks incumbent with delivery of oil from the Persian Gulf and sent U.S. crude oil futures higher Thursday. The July contract added $1.14 to close at $52.28 per barrel. The benchmark was up twice as much earlier in the session.
  • The value of the U.S. dollar was higher Thursday.
  • U.S. gold futures advanced despite the higher dollar, the June contract was up $7.30 to $1,339.20 an oz.

Recap for June 12

  • Rainy forecasts that threatened to further delay corn and soybean planting and compromise wheat quality were supportive to the soy complex, winter wheat and most corn futures Wednesday. July soybeans surged 18¾c to close at $8.78 a bu. July soybean meal added $5.10 to close at $319.50 a ton. July soybean oil advanced 0.34c to close at 27.56c a lb. July corn advanced 2¼c to close at $4.30 a bu. Chicago July wheat added 8¼c to close at $5.26¼ a bu. Kansas City July added 5¼c to close at $4.62¾ a bu. Minneapolis July was down 4¾c to close at $5.64¾ a bu.
  • After snapping a weeklong winning streak Tuesday, U.S. equity markets extended their slides Wednesday. Some analysts concluded markets may have overestimated the chance of a rate cut from the Federal Reserve after hints that it would do so supported markets last week. The Dow Jones Industrial Average dropped 43.68 points, or 0.2%, to close at 26,004.83. The Standard & Poor’s 500 Index was down 5.88 points, or 0.2%, to close at 2,879.84. The Nasdaq Composite fell 29.85 points, or 0.4%, to close at 7,792.72.
  • U.S. crude oil futures closed lower, the July contract was down $2.13 to close at $51.14 per barrel.
  • The value of the U.S. dollar was higher.
  • U.S. gold futures advanced, the June contract was up $5.50 to $1,331.90 an oz.