Recap for August 11

  • Wheat futures ended higher Thursday, continuing to find support from a weakening US dollar. Corn and soybean futures were also higher as persistent forecasts of hot and dry weather during final developmental phases stirred up yield concerns. The trade awaited Friday’s USDA Crop Production and supply-and-demand reports. September corn added 8¢ to close at 6.29¼ a bu. Chicago September wheat advanced 11¢ to close at $8.10¾ a bu. Kansas City September wheat rose 16½¢ to close at $8.89¼ a bu. Minneapolis September wheat gained 15½¢ and closed at $9.21¾ a bu. August soybeans jumped 20¾¢, closing at $17.09½ a bu. August soybean meal added $4.60 to close at $520.20 per ton. August soybean oil advanced 1.41¢ to settle at 71.97¢ a lb.
  • US equity markets, still buzzing from Wednesday’s relief rally, jumped early in Thursday’s trading session before flatlining and ending mixed at the closing bell. Investors continued to process recent inflation data along with corporate earnings’ reports. Entertainment giant Disney announced earnings that soared above expectations, but the company lowered projected subscription numbers to its streaming service and also said it plans to increase subscription rates. The National Association of Realtors said home prices increased again in the second quarter for nearly all metro areas. Recent data showed that rising interest rates had cooled buyer demand in the red-hot real estate market, but the short supply of houses continued to support climbing values. The Dow Jones Industrial Average ticked up 27.16 points, or 0.08%, to close at 33,336.67. The Standard & Poor’s 500 slipped 2.97 points, or 0.09%, to close at 4,207.27. The Nasdaq Composite dropped 74.89 points, or 0.58%, to close at 12,779.91. 
  • US crude oil advanced again on Thursday. The September future added $2.41 to close at $94.34 per barrel. 
  • The US dollar index continued to weaken on Thursday.
  • US gold futures declined on Thursday. The August contract subtracted $5.90 to settle at $1,789.70 an oz. 

Recap for August 10

  • US equity markets bounced sharply higher in a relief rally on Wednesday after the Labor Department released data showing US inflation finally eased after rising for 25 consecutive months. The collective sigh of relief pushed the Nasdaq Composite up more than 20% from its mid-June low and into a new bull market. At 8.5%, inflation was still registering at a 40-year-high, but the pullback gave investors hope that the Federal Reserve will relax its intensity on forthcoming monetary policy to reach the Fed’s ultimate inflation rate goal of 2%. The Dow Jones Industrial Average jumped 535.10 points, or 1.63%, to close at 33,309.51. The Standard & Poor’s 500 advanced 87.77 points, or 2.13%, to close at 4,210.24. The Nasdaq Composite soared 360.88 points, or 2.89%, to close at 12,854.80. 
  • A round of profit-taking on Wednesday snapped soybean futures’ rally this week as the nearby month reached a life-of-contract high earlier in the session. Later months were mixed on strong export demand. Weather concerns continued to support rising corn futures. Wheat futures climbed on a weakening dollar and easing inflation. September corn gained 5¾¢ to close at 6.21¼ a bu. Chicago September wheat advanced 18¼¢ to close at $7.99¾ a bu. Kansas City September wheat jumped 21¢ to close at $8.72¾ a bu. Minneapolis September wheat added 13½¢ and closed at $9.06¼ a bu. August soybeans eased 4½¢, closing at $16.88¾ a bu, but later months were mixed. August soybean meal advanced $2 to close at $515.60 per ton; later months were mixed, but mostly lower. August soybean oil added 0.87¢ to settle at 70.56¢ a lb.
  • US crude oil advanced on Wednesday. The September future added $1.43 to close at $91.93 per barrel. 
  • The US dollar index weakened again on Wednesday.
  • US gold edged higher on Wednesday. The August contract advanced $1.60 to settle at $1,795.60 an oz. 

Recap for August 9

  • Soybean futures were sharply higher Tuesday after the US Department of Agriculture’s weekly Crop Progress update reported declining crop conditions. A string of days with above-average temperatures continued to stress many crop-growing areas, which, in turn, threatened yield potentials. Weather woes also gave support to corn futures. Wheat futures were mixed as traders positioned themselves ahead of Friday’s Crop Production and World Agricultural Supply and Demand Estimates reports from the USDA. September corn rose 7¢ to close at 6.15½ a bu. Chicago September wheat ticked up 1¾¢ to close at $7.81½ a bu; later months were mostly lower. Kansas City September wheat added 4¢ to close at $8.51¾ a bu; later months were mixed but mostly higher. Minneapolis September wheat advanced 12¢ and closed at $8.92¾ a bu. August soybeans soared 73¾¢, closing at $16.93¼ a bu. August soybean meal jumped $14.90 to close at $513.60 per ton. August soybean oil added 0.49¢ to settle at 69.69¢ a lb.
  • US equity markets ended lower Tuesday as investors continued to process corporate earnings’ reports and braced for Wednesday’s inflation numbers. The Dow Jones Industrial Average eased 58.13 points, or 0.18%, to close at 32,774.41. The Standard & Poor’s 500 lost 17.59 points, or 0.42%, to close at 4,122.47. The Nasdaq Composite fell 150.53 points, or 1.19%, to close at 12,493.93. 
  • US crude oil declined on Tuesday. The September future ticked down $0.26 to close at $90.50 per barrel. 
  • The US dollar index weakened Tuesday.
  • US gold advanced on Tuesday. The August contract added $7.20 to settle at $1,794.00 an oz. 

Recap for August 8

  • US wheat futures were mixed to open the week as traders began to position for Friday’s Crop Production and World Agricultural Supply and Demand Estimates reports from the US Department of Agriculture. Corn futures edged higher and soybean futures were mixed, the two nearest contracts higher, as markets remained cautious after the restart of Ukraine grain exports and ahead of the updated supply-demand figures. September corn eased 1¾¢ to close at 6.08½ a bu. Chicago September wheat added 4¢ to close at $7.79¾ a bu. Kansas City September wheat fell back ½¢ to close at $8.47¾ a bu; September 2023 and beyond edged higher. Minneapolis September wheat lost 5¾¢ and closed at $8.80¾ a bu; September and December 2023 edged higher. August soybeans were up 4¾¢, closing at $16.19½ a bu; November and beyond were lower. August soybean meal fell 40¢ to close at $498.70 per ton. August soybean oil added 0.61¢ to settle at 69.20¢ a lb.
  • US equity markets posted mixed closes Monday as analysts pored over earnings reports, reviewed Friday’s better-than-expected jobs report and considered the possibility the Federal Reserve may continue to aggressively raise interest rates. The Dow Jones Industrial Average added 29.07 points, or 0.09%, to close at 32,832.54. The Standard & Poor’s 500 eased 5.13 points, or 0.12%, to close at 4,140.06. After vacillating between gains and losses most of the afternoon and flirting with exiting its bear market, the Nasdaq Composite declined 13.10 points, or 0.10%, to close at 12,644.46.  
  • US crude oil edged higher for a second straight session Monday. The September future ticked up $1.75 to close at $90.76 per barrel. 
  • The US dollar index weakened Monday while the euro, yen, real and peso strengthened.
  • US gold prices were higher Monday. The August contract was up $13.90 to close at $1,786.80 an oz. 

Recap for August 5

  • Wheat futures were lower Friday, pressured by Ukraine’s plans to export wheat after its first successful export launch earlier this week since the Russian invasion in late February. Forecasts of weekend rains weighed on soybean futures. Corn futures rose on technical selling. September corn gained 8¢ to close at 6.10¼ a bu. Chicago September wheat declined 6¾¢ to close at $7.75¾ a bu. Kansas City September wheat dropped 12¢ to close at $8.48¼ a bu. Minneapolis September wheat lost 7¾¢ and closed at $8.86½ a bu. August soybeans slipped ¼¢, closing at $16.14¾ a bu; later months were mixed but mostly lower. August soybean meal fell $14.60 to close at $499.10 per ton. August soybean oil jumped 2.55¢ to settle at 68.59¢ a lb.
  • US equity markets ended mixed on Friday after a surprisingly strong jobs sent mixed messages to investors hoping the Federal Reserve would be able to pull back on future aggressive monetary policies to tamp down surging inflation. The report from the Labor Department showed 528,000 jobs had been added last month despite a slowing economy. The Dow Jones Industrial Average added 76.65 points, or 0.23%, to close at 32,803.47. The Standard & Poor’s 500 lost 6.75 points, or 0.16%, to close at 4,145.19. The Nasdaq Composite fell 63.03 points, or 0.50%, to close at 12,657.55.   
  • US crude oil edged higher Friday. The September future ticked up $0.47 to close at $89.01 per barrel. 
  • The US dollar index strengthened on Friday.
  • US gold declined on Friday. The August contract fell $15.60 to settle at $1,772.90 an oz. 

Recap for August 4

  • Soybean futures surged Thursday on forecasts of scorching weather during the crop’s critical yield-determining pod-setting phase. Hot weather also gave support to corn futures. Wheat futures followed corn and soy complex futures higher and received an extra boost from an uptick in global demand. September corn rose 10¾¢ to close at 6.02¼ a bu. Chicago September wheat advanced 18¾¢ to close at $7.82½ a bu. Kansas City September wheat jumped 24¾¢ to close at $8.60¼ a bu. Minneapolis September wheat gained 19¢ and closed at $8.94¼ a bu. August soybeans surged 57¢, closing at $16.15 a bu. August soybean meal soared $32 to close at $513.70 per ton. August soybean oil added 0.96¢ to settle at 66.04¢ a lb.
  • US equity markets ended mixed on Thursday as analysts weighed another round of corporate earnings’ reports amidst fresh data showing an increase in first-time fillings for unemployment insurance. Investors braced for July’s jobs report scheduled to be released on Friday. The Dow Jones Industrial Average fell 85.68 points, or 0.26%, to close at 32,726.82. The Standard & Poor’s 500 declined 3.23 points, or 0.08%, to close at 4,151.94. The Nasdaq Composite gained 52.42 points, or 0.41%, to close at 12,720.58.   
  • US crude oil declined on Thursday. The September future dropped $2.12 to close at $88.54 per barrel. 
  • The US dollar index weakened on Thursday.
  • US gold was sharply higher Thursday. The August contract jumped $30.50 to settle at $1,788.50 an oz.