Recap for May 13
- Corn futures plummeted more than 5% Thursday on profit-taking after recent multi-year highs and selling in the wake of a US Department of Agriculture report that forecast higher-than-expected domestic stocks. Profit-taking in the wake of multi-year highs also weighed on wheat futures, as did spillover weakness from corn a day after a USDA report eased global wheat supply concerns. Soybean futures were sharply lower on profit-taking, spillover weakness and pressure from a cracked bridge over the lower Mississippi River that halted barge traffic. July corn fell 40¢, its daily limit, to close at $6.74¾ a bu. Chicago July wheat declined 28¼¢ to close at $7.01½ a bu. Kansas City July wheat fell 33¢, closing at $6.57¾ a bu. Minneapolis July dropped 24¼¢ to close at $7.41¼ a bu. July soybeans plummeted 58½¢ to close at $15.84 a bu. July soybean meal was down $27.40, closing at $421.40 a ton. July soybean oil fell 0.62¢ to close at 65.78¢ a lb, though furthest deferred contracts edged higher.
- Thanks to increases in shares of a wide range of companies from manufacturing to technology, US equity markets began to mount a comeback Thursday after the worst three-day decline since October. The Dow Jones Industrial Average added 433.79 points, or 1.29%, closing at 34,021.45. The Standard & Poor’s 500 Index added 49.46 points, or 1.22%, to close at 4,112.50. The Nasdaq Composite added 93.31 points, or 0.72%, to close at 13,124.99.
- US crude oil futures declined Thursday following three days of increases. The June contract was down $2.26 at $63.84 per barrel.
- The US dollar index strengthened again Thursday after opening the week with several down sessions.
- US gold futures edged higher despite continued dollar strengthening. The June gold contract was up $1.20 at $1,824 per oz.
Recap for May 12
- The sharp rise in consumer prices continued to heighten inflation fears and weigh on US equity markets, which fell sharply Wednesday. The DJIA and S&P 500 each posted their steepest three-day declines in nearly seven months. The Dow Jones Industrial Average dropped 681.50 points, or 1.99%, closing at 33,587.66. The Standard & Poor’s 500 Index fell 89.06 points, or 2.14%, to close at 4,063.04. The Nasdaq Composite dropped 357.75 points, or 2.67%, to close at 13,031.68.
- After the US Department of Agriculture projected US soybean ending stocks at 140 million bus for 2021-22, up only slightly from the 120 million expected at the end of the current marketing year, soybean futures soared to their highest levels since September 2012. Corn ending stocks came in higher than most trade expectations, and futures declined. Wheat futures eased on spillover weakness from corn and after the USDA raised its forecast for 2020-21 ending stocks by 20 million bus from the April projection. July corn fell 7½¢ to close at $7.14¾ a bu. Chicago July wheat declined 12¢ to close at $7.29¾ a bu. Kansas City July wheat fell 19¾¢, closing at $6.90¾ a bu. Minneapolis July dropped 5¢ to close at $7.65½ a bu. July soybeans jumped 27¾¢ to close at $16.42½ a bu. July soybean meal was up $1.80, closing at $448.80 a ton. July soybean oil added 1.60¢ to close at 66.40¢ a lb.
- US crude oil futures advanced for the third time this week. The June contract was up 80¢ at $66.08 per barrel.
- The US dollar index strengthened Wednesday after several sessions of declines.
- US gold futures eased as the US dollar perked up. The June gold contract was down $13.30 at 1,822.80 per oz.
Recap for May 11
- A soybean market underpinned by concerns about limited global supplies sent futures above $16 per bu for the first time since September 2012 with a boost from technical trading. Dry Brazilian weather generated ideas more export demand could be channeled to tight US old-crop corn supplies and sent corn futures higher, hovering just below last week’s contract highs. Wheat futures followed corn and soybeans higher, helped out by a weaker US dollar and dry weather in spring wheat country. July corn jumped 10½¢ to close at $7.22¼ a bu. Chicago July wheat was up 11¼¢ at $7.41¾ a bu. Kansas City July wheat added 7¢, closing at $7.10½ a bu. Minneapolis July gained 17¼¢ to close at $7.70½ a bu. July soybeans jumped 27¼¢ to close at $16.14¾ a bu. July soybean meal was up $4.70, closing at $447 a ton. July soybean oil added 0.96¢ to close at 64.80¢ a lb.
- Inflation concern that have weighed over markets this year reared up again Tuesday, causing a selloff in growth stocks, especially in the technology sector, that spread to financial, industrial and energy stocks and dragged US equity markets lower for the week. The Dow Jones Industrial Average dropped 473.66 points, or 1.36%, closing at 34,269.16. The Standard & Poor’s 500 Index fell 36.33 points, or 0.87%, to close at 4,152.10. The Nasdaq Composite eased 12.43 points, or 0.09%, to close at 13,389.43.
- US crude oil futures gained for a second day this week after the Organization of the Petroleum Exporting Countries lowered the amount of expected production increases for non-cartel counterparts from 900,000 barrels per day to 700,000 barrels. Canada, Norway, Brazil and China are expected to drive that overall increase. The June contract was up 36¢ at $65.28 per barrel.
- The US dollar index declined Tuesday.
- US gold futures eased Tuesday despite the continued weakening of the US dollar. The June gold contract was down $1.50 at 1,836.10 per oz.
Recap for May 10
- Corn futures pressed pause Monday after rallying to eight-year highs last week. Traders’ focus was on Wednesday’s government supply-demand report. Beneficial rains across the United States sent wheat futures sharply lower, and soybeans were lower despite continued concern over tight supplies. July corn declined 20½¢ to close at $7.11¾ a bu. Chicago July wheat was down 31¼¢ at $7.30½ a bu. Kansas City July wheat fell 33¼¢, closing at $7.03½ a bu. Minneapolis July was down 44¼¢ to close at $7.53¼ a bu. July soybeans eased 2¼¢ to close at $15.87½ a bu. July soybean meal was up 50¢, closing at $442.30 a ton, though later months were lower. July soybean oil fell 0.64¢ to close at 63.84¢ a lb.
- Equity markets declined Monday after two of them set record highs to close last week. Growth stocks, including technology companies such as Align Technology, Lam Research, Qorvo and Qualcomm, were among the day’s biggest losers, and drove indexes to end at session lows. The Dow Jones Industrial Average fell 34.94 points, or 0.10%, closing at 34,742.82. The Standard & Poor’s 500 Index fell 44.17 points, or 1.04%, to close at 4,188.43. The Nasdaq Composite plunged 350.38 points, or 2.55%, to close at 13,401.86.
- US crude oil futures were slightly higher Monday. The June contract was up 2¢ at $64.92 per barrel.
- The US dollar index continued its downward trend Monday.
- US gold futures climbed as the dollar faltered. The June contract was up $6.30 at 1,837.60 per oz.
Recap for May 7
- Worries over global supplies continued to push futures higher Friday. Corn reached its highest levels since March 2013 after China bought 1.36 million tonnes for delivery in 2021-22. Soybean futures hit the highest levels since October 2012 in a pre-weekend market surge as analysts expected the upcoming US Department of Agriculture supply-and-demand report to show soybean stocks will remain tight at 138 million bus. Both tugged wheat futures higher, with additional support from dryness in US soils. July corn added 13½¢ to close at $7.32¼ a bu. Chicago July wheat was up 8½¢ at $7.61¾ a bu. Kansas City July wheat added 10¢, closing at $7.36¾ a bu. Minneapolis July added 7¢ to close at $7.94½ a bu. July soybeans jumped 20¼¢ to close at $15.89½ a bu. July soybean meal was up $14.50, closing at $441.80 a ton. July soybean oil rose 0.13¢ to close at 64.48¢ a lb.
- Despite a lackluster jobs report that showed employers added 266,000 jobs in April and the unemployment rose to 6.1%, both missing analysts’ expectations, the S&P 500 and DJIA notched their 26th and 24th record closes, respectively, of 2021. The Dow Jones Industrial Average added 229.23 points, or 0.66%, closing at 34,777.76. The Standard & Poor’s 500 Index added 30.98 points, or 0.74%, to close at 4,232.60. The Nasdaq Composite added 119.39 points, or 0.88%, to close at 13,752.24.
- US crude oil futures advanced Friday on expectations demand could surge higher around the world this summer. Such ideas were boosted by a report showing US air travel hit another 14-month high Friday with 1.6 million passengers screened by TSA. The June contract was up 19¢ at $64.90 per barrel.
- The US dollar index continued to weaken Friday as bullish economic forecasts were interrupted by the disappointing jobs report.
- US gold futures advanced as the dollar weakened for a second day. The June contract was up $15.60 at 1,831.30 per oz.