Recap for June 21

  • U.S. corn, wheat and soy complex futures declined on Friday, with wheat futures sustaining large losses for the week, while corn was down slightly and soybean futures advanced. Pressure on corn and soybean futures on Friday stemmed from ideas that drier weather forecast for the week ahead may allow farmers to complete planting of fall row crops, although it’s already well established that corn planted area will fall millions of acres short of the forecast in the U.S.D.A.’s March Prospective Plantings report. The U.S.D.A. will release its survey-based Acreage report on June 28. July soybeans fell 12¾c to close at $9.02¾ a bu. July soybean meal declined $7.40 to close at $315.60 a ton. July soybean oil was 0.15c lower at 28.44c a lb. July corn dropped 7¾c to close at $4.42¼c a bu. Chicago July wheat eased ½c to close at $5.26 a bu. Kansas City July fell 8c to close at $4.52½ a bu. Minneapolis July was down 2¼c to close at $5.36 a bu.
  • U.S. crude oil futures advanced Friday on rising tension between the United States and Iran, and on lost capacity due to a fire at a Philadelphia refinery. Oil futures rose about 9% for the week, posting the largest weekly percentage gain since early December. The August contract gained 36c to close at $57.43 per barrel.
  • U.S. equity indexes eased on Friday but posted strong gains for the week (with the S&P500 closing at a record high on Thursday) on expectations of a Federal Reserve interest rate come in coming months. Stocks were on track for the best June showing in more than 50 years with one week remaining in the month. The Dow Jones Industrial Average lost 34.04 points to close at 26,719.13. The Standard & Poor’s 500 Index eased 3.72 points to close at record high 2,950.46. The Nasdaq Composite declined 19.63 points to close at 8,031.71.
  • The value of the U.S. dollar continued to decline on Friday.
  • U.S. gold futures again advanced, nearing six-year highs on Friday as the dollar weakened further. Gold was up about 4% for the week on the dollar’s weakness and ideas the Federal Reserve will trim interest rates in the months ahead. August gold was up $3.20 at $1,400.10 an oz.

Recap for June 20

  • U.S. crude oil futures surged to three-week highs Thursday amid rising geopolitical tensions after Iran shot down a U.S. drone over international waters. The August contract jumped $3.10, or 6%, to close at $57.07 per barrel.
  • U.S. corn and soy complex futures advanced on concerns that more rainfall in coming days may limit or prohibit already delayed planting, especially in the case of corn. Wheat futures were mixed with rainy weather also supporting winter wheat due to harvest delays and disease concerns. But spring wheat eased as much needed rain fell in the Upper Midwest and Canadian spring wheat region. Ample global supplies and weak exports limited gains in wheat futures. July soybeans rose 12¼c to close at $9.15½ a bu. July soybean meal advanced $6.10c to close at $323 a ton. July soybean oil was 0.22c higher at 28.59c a lb. July corn gained 9c to close at $4.50 a bu. Chicago July wheat rose 4¼c to close at $5.26½ a bu. Kansas City July gained 3c to close at $4.60½ a bu. Minneapolis July was down 3¼c to close at $5.38¼ a bu.
  • U.S. equity indexes closed higher to sharply higher Thursday, with the S&P500 ending at a record high, as prospects of an interest rate cut in coming months overshadowed rising geopolitical tensions between the United States and Iran. The Dow Jones Industrial Average gained 249.17 points to close at 26,753.17. The Standard & Poor’s 500 Index rose 27.72 points to close at a record high 2,954.18. The Nasdaq Composite advanced 64.02 points to close at 8,051.34.
  • The value of the U.S. dollar continued to decline on Thursday.
  • U.S. gold futures posted the largest one-day gains in three years on Thursday on prospects of an interest rate cut and on weakness in the U.S. dollar. August gold was up $48.10 at $1,396.90 an oz.

Recap for June 19

  • U.S. wheat, corn and soybean futures fell Wednesday as a lack of fresh bullish news prompted profit taking after a price run-up over the past couple of weeks that saw nearby corn futures hit five-year highs on June 17. Adding pressure were forecasts for drier weather in coming days that may allow final corn and more soybean planting. Also, Egypt’s purchase of Russian and Romanian wheat in an overnight tender confirmed ideas that recent gains had made U.S. wheat uncompetitive in export markets. July soybeans fell 10¼c to close at $9.03¼ a bu. July soybean meal declined $5.10c to close at $316.90 a ton. July soybean oil was 0.04c higher to close at 28.37c a lb. July corn declined 8¾c to close at $4.41 a bu. Chicago July wheat dropped 9¼c to close at $5.22¼ a bu. Kansas City July fell 7¾c to close at $4.57½ a bu. Minneapolis July was down 10¾c to close at $5.41½ a bu.
  • U.S. equity indexes posted modest gains and moved closer to record highs after the Federal Reserve said it was leaving interest rates unchanged but suggested a cut was possible in the coming months. The Dow Jones Industrial Average gained 38.46 points to close at 26,504.00. The Standard & Poor’s 500 Index rose 8.71 points to close at 2,926.46. The Nasdaq Composite advanced 33.44 points to close at 7,987.32.
  • U.S. crude oil futures eased on Wednesday as concerns about global demand overshadowed lower U.S. production and stockpiles. The August contract lost 14c to close at $53.97 per barrel.
  • The value of the U.S. dollar was lower on Wednesday.
  • U.S. gold futures declined Wednesday. June gold was down $2 at $1,344.60 an oz.

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.