Recap for April 8

  • US equity markets built on weekly gains with significant advances Wednesday on signs of stabilization in the spread of the coronavirus pandemic. The Dow Jones Industrial Average jumped 779.71 points, or 3.44%, to close at 23,433.57. The Standard & Poor’s 500 Index added 90.57 points, or 3.41%, to close at 2,749.98, up 11% for the week but down 15% for the year. The Nasdaq Composite gained 203.64 points, or 2.58%, to close at 8,090.90.
  • US crude oil prices advanced Wednesday on signals that the Organization of the Petroleum Exporting Countries will consider large production cuts when it meets Thursday with Russia. The May future was up $1.46 to close at $25.09 a barrel.
  • Wheat futures were mixed but mostly higher Wednesday as traders said a strong US crop was mostly priced into the market before the USDA released better-than-expected condition ratings for the winter wheat crop Monday afternoon. Corn futures declined after a government report indicated a near-decade low weekly production number for US ethanol. Soybean futures were mostly higher, although the nearby contract was lower after China released 500,000 tonnes of soybeans from its own reserves due to rain-delayed shipments from Brazil and in spite of a phase one trade deal with the United States. May corn fell 1½¢ to close at $3.30 a bu. Chicago May wheat fell 1¢ to close at $5.48¼ a bu, though later months advanced. Kansas City May wheat added 4¾¢ to close at $4.78 a bu. Minneapolis May wheat added 5½¢ to close at $5.30 a bu. May soybeans eased ¼¢ to close at $8.54½ a bu, though later months were higher. May soybean meal fell $1 to close at $292.80 a ton, though later months were unchanged to higher. May soybean oil fell 0.30¢ to close at 27.18¢ a lb.
  • US gold futures advanced Wednesday; the April future was up 60¢ to close at $1,665.40 an oz.
  • The US dollar closed higher Wednesday.

Recap for April 7

  • Dramatic early-session gains on signs of coronavirus pandemic improvement were erased during volatile afternoon trading that sent US equity markets lower by closing bells as investors attempted to parse mixed signals on Tuesday. The Dow Jones Industrial Average eased 26.13 points, or 0.12%, to close at 22,653.86, after rising more than 930 points earlier in the session. The Standard & Poor’s 500 Index slipped 4.27 points, or 0.16% to close at 2,659.41. However, energy and materials sectors led afternoon gains and travel/leisure stocks also improved. The Nasdaq Composite fell 25.98 points, or 0.33%, to close at 7,887.26 points.
  • US crude oil prices declined Tuesday after opening the session higher. The May future was down $2.45 to close at $23.63 a barrel.
  • Corn futures saw early-session advances of nearly 2% concurrent with the rally in crude oil prices but cut gains by half as crude oil closed lower for the day. Still, corn recorded its first day of positive movement after seven days of losses that saw prices sink to 3½-year lows. A lagging soymeal market offset ideas of dry weather effects on Argentinian yields and soybean futures were nearly flat as a result. Wheat futures declined as USDA condition ratings came in better than expected. May corn rose 3¾¢ to close at $3.31½ a bu. Chicago May wheat fell 6½¢ to close at $5.49¼ a bu. Kansas City May wheat fell 2½¢ to close at $4.73¼ a bu. Minneapolis May wheat lost 2¼¢ to close at $5.24½ a bu. May soybeans fell ¾¢ to close at $8.54¾ a bu, though later months were mixed. May soybean meal fell $3.20 to close at $293.80 a ton. May soybean oil rose 0.65¢ to close at 27.48¢ a lb.
  • US gold futures declined Tuesday. The April future was down $12.20 to close at $1,664.80 an oz.
  • The US dollar closed lower Tuesday as part of a continued wavering amid renewed appetites for risk.

Recap for April 6

  • US equity markets rallied to open the week on early signals that the coronavirus pandemic has slowed thanks to lockdowns in the United States and Europe. The major US indexes opened higher, steadily gained throughout the session, and soared in the final 10 minutes of trading Monday. Technology stocks helped drive the rally with higher closes from Visa, Microsoft and Apple. The Dow Jones Industrial Average advanced 1,627.46 points, or 7.73%, to close at 22,679.99, with advances from each of the 30 stocks comprising the index. Monday marked 12 straight days of a 1% or more gain or loss, the longest such streak since March 2009. The Standard & Poor’s 500 Index added 175.03 points, or 7.03%, to close at 2,663.68 with all 11 sectors rising. The Nasdaq Composite rose 540.15 points, or 7.33%, to close at 7,913.24 points.
  • US crude oil prices declined Monday ahead of a planned Thursday meeting of major oil-producing nations to discuss how to address the global glut in supply. The May future was down $2.26 to close at $26.08 a barrel.
  • In volatile trading, corn futures closed lower while soybean and wheat futures rose. Wheat futures advanced on weather concerns, including colder Great Plains temperatures in the United States and dryness in Black-Sea-region competitors. Large prospects for US planting and a renewed weakness in crude oil prices pressured corn to its lowest level since 2016. Soybeans edged higher on South American drought conditions that could cut Brazil’s bumper harvest short after first sliding to a two-week low around midday.  May corn fell 3¢ to close at $3.27¾ a bu. Chicago May wheat added 6½¢ to close at $5.55¾ a bu. Kansas City May wheat added 3¾¢ to close at $4.75¾ a bu. Minneapolis May wheat added 2¼¢ to close at $5.26¾ a bu. May soybeans advanced 1¼¢ to close at $8.55½ a bu. May soybean meal fell $6.20 to close at $297 a ton. May soybean oil rose 0.40¢ to close at 26.83¢ a lb.
  • US gold futures advanced Monday. The April future was up $43.30 to close at $1,677 an oz.
  • The US dollar settled higher Monday.

Recap for April 3

  • US crude oil prices closed higher again Friday, a day after recording the largest one-day percentage gain on record after President Donald Trump said he expected a Russia-Saudi Arabia production-cut agreement. Moscow denied talking to the Saudis, who said they would consider substantial output cuts if other nations joined the effort. The May future was up $3.02 to close at $28.34 a barrel.
  • Wheat futures closed a week of slides with a bounce. The main support feature was supply tension in competing export countries. Corn kept sliding Friday to the lowest level for a nearby contract since September 2016, despite a large purchase by China announced early in the day. Soybeans declined Friday on enduring pressure from a bumper South American harvest and lackluster export demand despite China’s promises of purchases. May corn fell 2¾¢ to close at $3.30¾ a bu; most later months advanced. Chicago May wheat added 7½¢ to close at $5.49¼ a bu. Kansas City May wheat added 8¢ to close at $4.72 a bu. Minneapolis May wheat added 5½¢ to close at $5.24½ a bu. May soybeans declined 4½¢ to close at $8.54¼ a bu. May soybean meal fell $5.90 to close at $303.20 a ton. May soybean oil rose 0.19¢ to close at 26.43¢ a lb.
  • US equity markets closed lower Friday after the monthly jobs report indicated employers downsized to the tune of 701,000 employees in March, the opening chapter in a labor-market slowdown connected directly to the coronavirus pandemic. It was the first time since 2010 employers offboarded more workers than they hired. The Dow Jones Industrial Average fell 360.91 points, or 1.69%, to close at 21,052.53. The Standard & Poor’s 500 Index fell 38.25 points, or 1.51%, to close at 2,488.65. The Nasdaq Composite fell 114.23 points, or 1.53%, to close at 7,373.08 points. The major indexes notched modest declines in a week that closed the door on their worst quarter since the financial crisis of 2008.
  • US gold futures closed higher for a second day Friday after falling heavily to open the week. The April future was up $8 to close at $1,633.70 an oz.
  • The US dollar settled higher again Friday.

Recap for April 2

  • US crude oil prices surged on Thursday after President Donald Trump suggested talks between oil-producing rivals Russia and Saudi Arabia could lead to a cut in production. The May future was up $5.01 to close at $25.32 a barrel.
  • Corn futures declined nearby Thursday, but mostly firmed with a nudge from crude oil prices that could eventually renew interest in ethanol production. Soybean futures closed lower, but positive export data kept a floor under both corn and soybeans. The wheat complex closed lower, extending the previous day’s losses under pressure from weak export sales data, including weekly exports sales at a marketing-year low, and a firming US dollar. May corn fell 1¼¢ to close at $3.33½ a bu; most later months advanced. Chicago May wheat fell 8½¢ to close at $5.41¾ a bu. Kansas City May wheat declined 11¢ to close at $4.64 a bu. Minneapolis May wheat declined 5½¢ to close at $5.19 a bu. May soybeans declined 4¢ to close at $8.58¾ a bu; 2021 contracts closed higher. May soybean meal fell $5.80 to close at $309.10 a ton. May soybean oil rose 0.19¢ to close at 26.24¢ a lb.
  • US equity markets earned back about half of the previous day’s losses Thursday on gains in crude oil prices, which bolstered shares in the energy sector and the broader market. The Dow Jones Industrial Average added 469.93 points, or 2.24%, to close at 21,413.44. The Standard & Poor’s 500 Index added 56.40 points, or 2.28%, to close at 2,526.90. The Nasdaq Composite added 126.73 points, or 1.72%, to close at 7,487.31 points.
  • US gold futures reverted to a gain after closing lower for four straight sessions. The April future was up $47.50 to close at $1,625.70 an oz.
  • The US dollar settled higher again Thursday, with continued support from the US central bank’s moves to ease coronavirus economic pressure earlier in the week.