Recap for June 13

  • Corn and soybean futures advanced Thursday as forecasts for hot temperatures in the US Midwest prompted some traders to add risk premium to the markets. Wheat futures mostly declined, although 2024 Chicago wheat futures followed corn and soybeans higher. Kansas City wheat futures were under pressure from the expanding winter wheat harvest, which by June 9 was 12% complete nationally, ahead of the five-year average of 6%. July corn added 4¼¢ to close at $4.58½ a bu. Chicago July wheat added 3¢ to close at $6.20 per bu; all 2025 and 2026 contracts were lower. Kansas City July wheat eased ½¢ to close at $6.36¾ a bu. Minneapolis July wheat fell 1¼¢ to close at $6.67¼ per bu. July soybeans added 12¼¢ to close at $11.89½ per bu. July soybean meal advanced $8.10 and closed at $368.30 per ton. July soybean oil rose 0.07¢ and closed at 43.86¢ a lb.
  • US equity markets were mixed Thursday, with the DJIA dipping while Tesla and technology companies focused on artificial intelligence helped the S&P 500 and Nasdaq indices reach fresh record highs. The Dow Jones Industrial Average declined 64.11 points, or 0.17%, to close at 38,647.1. The Standard & Poor’s 500 added 12.71 points, or 0.23%, to close at 5,433.74. The Nasdaq Composite rose 59.12 points, or 0.34%, to close at 17,667.56.
  • US crude oil prices ultimately climbed Thursday after a volatile session. Support came from OPEC’s forecast for demand growth and US Labor Department data indicating an easing labor market and slowing inflation, both of which increased hope the Federal Reserve will cut interest rates. The July West Texas Intermediate light, sweet crude future added 12¢ to close at $78.62 per barrel.   
  • US dollar index advanced on Thursday. 
  • US gold prices were lower Thursday. The June contract dropped $35.80 to close at $2,300.20 per oz.

Recap for June 12

  • Wheat futures reverted back to their downward slides Wednesday after the US Department of Agriculture indicated ample supplies of US wheat from this year’s harvest may override global export concerns amid shrinking wheat production in Russia. In its World Agricultural Supply and Demand Estimates report, the USDA raised its forecast for 2024-25 US wheat to a five-year high at 1.875 billion bus, up from the May outlook of 1.858 billion bus. The USDA also raised its 2023-24 global wheat forecast to 259.56 million tonnes, which was near the high side of pre-report trade expectations. Soybean futures also fell following the USDA reports, which indicated higher ending stocks for both old and new crops. Despite the decline in wheat and soybeans, corn futures firmed on strong cash markets. July corn added 4¾¢ to close at $4.54¼ a bu. Chicago July wheat dropped 9½¢ to close at $6.17 per bu. Kansas City July wheat tumbled 17¾¢ to close at $6.37¼ a bu. Minneapolis July wheat fell 10½¢ to close at $6.68¼ per bu. July soybeans dipped ¾¢ to close at $11.77¼ per bu. July soybean meal ticked up 90¢ and closed at $360.20 per ton, but all later months eased lower. July soybean oil rose 0.12¢ and closed at 43.79¢ a lb.
  • US equity markets were mixed again Wednesday, with the S&P 500 and Nasdaq notching fresh record highs after data released Wednesday morning showed inflation had cooled in May, dropping to 3.3% from 3.4% in April. Ideas were the Federal Reserve may issue at least one interest rate cut later this year. The Dow Jones Industrial Average slid 35.21 points, or 0.09%, to close at 38,712.21. The Standard & Poor’s 500 rose 45.71 points, or 0.85%, to close at 5,421.03. The Nasdaq Composite jumped 264.89 points, or 1.53%, to close at 17,608.44.
  • US crude oil prices climbed Wednesday. The July West Texas Intermediate light, sweet crude future added 60¢ to close at $78.50 per barrel.  
  • US dollar index declined on Wednesday. 
  • US gold prices were sharply higher Wednesday. The June contract soared $28.50 to close at $2,336.00 per oz.

Recap for June 11

  • Snapping a nine-session slide, wheat futures advanced more than 3% on Tuesday in bargain-buying moves and renewed Russian supply concerns after the head of Russia’s grain union said frosts in Russia have affected between 15% and 30% of winter grains, far more than the country’s agriculture ministry has suggested. Soybeans declined in positioning prior to Wednesday’s fresh supply-demand and crop production figures a day after the USDA indicated 72% of the US soybean crop was in good-to-excellent condition, in line with trade expectations and the highest for the date since 2020. Soybean spillover weakness and position squaring helped corn futures ease. July corn fell 2¼¢ to close at $4.49½ a bu. Chicago July wheat soared 19¢ higher to close at $6.26½ per bu. Kansas City July wheat advanced 11¼¢ to close at $6.55 a bu. Minneapolis July wheat was up 3½¢ to close at $6.78¾ per bu. July soybeans pared 10¼¢ to close at $11.78 per bu. July soybean meal declined $8.70 and closed at $359.30 per ton. July soybean oil rose 0.01¢ and closed at 43.67¢ a lb, though most later months were lower for a second day.
  • US crude oil prices climbed Tuesday after the Energy Information Administration raised its 2024 world oil demand growth forecast to 1.10 million barrels a day from a rise of 900,000 bpd previously estimated. Also Tuesday, the Organization of the Petroleum Exporting Countries maintained its 2024 forecast for relatively strong growth in global oil demand, citing expectations for travel and tourism in the July-December period. The July West Texas Intermediate light, sweet crude future added 16¢ to close at $77.90 per barrel.  
  • US equity markets were mixed Tuesday with all eyes on key inflation data and the Federal Reserve’s interest-rate decision coming Wednesday. The Dow Jones Industrial Average fell 120.62 points, or 0.31%, to close at 38,747.42. The Standard & Poor’s 500 rose 14.53 points, or 0.27%, to close at 5,375.32. The Nasdaq Composite added 151.02 points, or 0.88%, to close at 17,343.55.
  • US dollar index hit a four-week high on Tuesday, ahead of a highly anticipated inflation report thought to influence the timing of the first rate cut by the Federal Reserve. Meanwhile, the euro was pressured by political uncertainty in the European Union.
  • US gold prices eased Tuesday. The June contract was $0.20 lower, closing at $2,307.50 per oz.

Recap for June 10

  • US harvest pressure and declining Russian wheat prices weighed on the wheat complex Monday. Corn futures rose, consolidating after the July contract last week dropped to a seven-week low. Soybeans consolidated from last week’s one-month lows and closed higher. July corn added 3¢ to close at $4.51¾ a bu. Chicago July wheat dropped 20¢ to close at $6.07½ per bu. Kansas City July wheat plummeted 22¢ to close at $6.43¾ a bu. Minneapolis July wheat was down 19¼¢ to close at $6.75¼ per bu. July soybeans jumped 9¢ to close at $11.88¼ per bu. July soybean meal rose $7.30 and closed at $368 per ton. July soybean oil rose 0.03¢ and closed at 43.66¢ a lb, though most later months were lower.
  • US crude oil prices climbed Monday. The July West Texas Intermediate light, sweet crude future added $2.21 to close at $77.74 per barrel.  
  • US equity markets advanced in quiet trading, the S&P 500 and Nasdaq closing at fresh record highs as investors awaited inflation data and a Fed decision, both coming Wednesday. The Dow Jones Industrial Average added 69.05 points, or 0.18%, to close at 38,868.04. The Standard & Poor’s 500 rose 13.80 points, or 0.26%, to close at 5,360.79. The Nasdaq Composite added 59.40 points, or 0.35%, to close at 17,192.53.
  • US dollar index maintained its course of strengthening to open the week.
  • US gold prices rose Monday. The June contract was up $2.50 and closed at $2,307.70 per oz.

Recap for June 7

  • Wheat futures declined Friday, some contracts for an eighth-straight session, on prospects for a strong US winter wheat crop, easing concerns over Russian crop damage and Turkey’s announcement it will halt wheat imports from June 21 to Oct. 15 to protect domestic producers. The absence of Turkish demand could enhance competition in other export markets, traders said. In range-bound trade, soybean futures declined on generally favorable US crop weather and uncertainty about export demand. Corn futures followed wheat and soybeans lower with a firmer dollar and non-threatening weather in the US Corn Belt piling on bearish sentiment. July corn fell 3¼¢ to close at $4.48¾ a bu. Chicago July wheat declined 12¢ to close at $6.27½ per bu. Kansas City July wheat dropped 12¼¢ to close at $6.65¾ a bu. Minneapolis July wheat was down 12¼¢ to close at $6.94½ per bu. July soybeans slumped 20¾¢ to close at $11.79¼ per bu. July soybean meal fell $2.10 and closed at $360.70 per ton. July soybean oil dropped 0.72¢ and closed at 43.63¢ a lb.
  • US crude oil prices were mostly lower on Friday, and posted a third straight weekly loss as investors weighed reassurances from the Organization for the Petroleum Exporting Countries cartel against the latest US jobs data that lowered expectations the Federal Reserve will cut interest rates soon. The July West Texas Intermediate light, sweet crude future eased 2¢ to close at $75.53 per barrel.  
  • US equity markets faltered Friday but managed weekly gains, a dichotomy reflecting the mixed signals from a Labor Department report indicating US employers added 272,000 jobs in May — far more than economists expected, an indication the economy has remained strong despite elevated interest rates — but the unemployment rate also edged up to 4%. The Dow Jones Industrial Average shed 87.18 points, or 0.22%, to close at 38,798.99. The Standard & Poor’s 500 eased 5.97 points, or 0.11%, to close at 5,346.99. The Nasdaq Composite dropped 39.99 points, or 0.23%, to close at 17,133.13.
  • US dollar index advanced on Friday after the Labor Department’s report showing expanded nonfarm payrolls in May and despite revisions indicating 15,000 fewer jobs were created in March and April combined than previously reported.
  • US gold prices plummeted Friday. Bearish sentiment was linked to the Labor Department report and data showing top consumer China held off gold purchases in May after 18 consecutive months of buying. The June contract was down $65.10 and closed at $2,305.20 per oz.