Recap for May 20

  • For a sixth consecutive session, corn futures closed higher Friday after touching their highest level in nearly a year as prospects for reduced plantings and lower yields continued to dominate conversations. Meanwhile, wheat futures were higher as the market focused on delayed spring wheat planting in the northern Plains and potentially crop-damaging precipitation and flooding in the southern Plains. Short covering following Friday’s declines lent support to soybean futures, which rose in tandem with corn and wheat. Chicago July wheat added 13¼c to close at $4.78¼ a bu. Kansas City July gained 14¼c to close at $4.34½ a bu. Minneapolis July added 15¾c to close at $5.43½ a bu .July soybeans were up 10c to close at $8.31¾ a bu. July soybean meal gained $3 to close at $297.30 a ton. July soybean oil was down 0.28c to close at 27.50c a lb. July corn advanced 5¾c to close at $3.89 a bu.  
  • Tech company chares were a drag on U.S. equity markets, which closed lower Monday. The Dow Jones Industrial Average declined 84.10 points to close at 25,679.90. The Standard & Poor’s 500 Index eased 19.30 points to close at 2,840.23. The Nasdaq Composite dropped 113.91 points to close at 7,702.38.
  • The value of the U.S. dollar eased Monday.
  • As the dollar turned lower, U.S. gold futures were higher, the June contract was up $1.60 to close at $1,277.30 an oz.
  • U.S. crude oil futures closed higher Monday on signals that the Organization of the Petroleum Exporting Countries would extend crude-production cuts until the end of the year to limit supplies. The June contract was up 34c at $63.10 per barrel.

Recap for May 17

  • Soy complex futures tumbled Friday on the enduring idea delayed corn planting will push more acres to soybeans. U.S. corn futures extended their rally, jumping to a four-month high as forecasts of heavy rain sweeping a wide path across the Midwest next week fueled concerns about worsening planting delays. Rising corn prices helped hard winter and hard spring wheat futures extend gains with further support from continued concerns of delayed spring wheat planting and disease problems in winter wheat. July corn advanced 4¼c to close at $3.83¼ a bu. July soybeans dropped 18c to close at $8.21¾ a bu. July soybean meal subtracted $7.60 to close at $294.30 a ton. July soybean oil was down 0.50c to close at 27.22c a lb. Chicago July wheat fell 2c to close at $4.65 a bu. Kansas City July gained 3½c to close at $4.20¼ a bu, though deferred futures were lower. Minneapolis July added 1c to close at $5.27¾ a bu.
  • U.S. equity markets eradicated early gains in the final hour of trading Friday as general concern over Washington-Beijing trade negotiations couldn’t be fully contained by an announcement of a delay on an expected U.S. decision on whether to impose new tariffs on autos and auto parts. The Dow Jones Industrial Average declined 98.68 points to close at 25,764.00. The Standard & Poor’s 500 Index eased 16.79 points to close at 2,859.53. The Nasdaq Composite dropped 81.76 points to close at 7,816.28.
  • The value of the U.S. dollar strengthened Friday.
  • As the dollar surged, U.S. gold futures dropped for the second consecutive session. The June contract was down $10.50 to close at $1,275.70 an oz.
  • U.S. crude oil futures’ three-day win streak was halted Friday as the Organization of the Petroleum Exporting Countries and its allies were set to discuss a potential increase in crude oil output in Saudi Arabia over the weekend. The June contract was 11c lower at $62.76 per barrel.

Recap for May 16

  • Wheat, corn and soy complex futures notched gains Thursday on continued wet conditions and a forecast for rain into June in the Midwest. Concerns included disease in winter wheat and planting delays for spring wheat. A wave of short covering also supported futures. July corn advanced 9½c to close at $3.79 a bu. July soybeans gained 4¼c to close at $8.39¾ a bu. July soybean meal added $2.10 to close at $301.90 a ton. July soybean oil was up 0.48c to close at 27.72c a lb. Chicago July wheat jumped 18¼c to close at $4.67 a bu, Kansas City July gained 14¾c to $4.16¾ a bu and Minneapolis July added 11½c to close at $5.26¾ a bu.
  • U.S. equity markets closed higher Thursday, boosted by better-than-expected earnings from Cisco Systems and Walmart. The three major indexes remained lower on the week after sharp declines Monday. The Dow Jones Industrial Average moved up 214.66 points to close at 25,862.68. The Standard & Poor’s 500 Index added 25.36 points to close at 2,876.32. The Nasdaq Composite advanced 75.90 points to close at 7,898.05.
  • The value of the U.S. dollar strengthened Thursday. Better-than-expected U.S. economic data — including a 5.7% rise in housing starts in April from the prior month to a seasonally adjusted annual rate of 1.235 million — boosted investors' risk appetite.
  • U.S. gold futures dipped as the dollar firmed, the June contract was down $11.60 to close at $1,286.20 an oz.
  • U.S. crude oil futures closed higher. The June contract was 85c higher and closed at $62.87 per barrel.

Recap for May 15

  • More rainy weather forecast for the Midwest generated ideas of additional planting delays and sent U.S. corn futures to a six-week high Wednesday. Soybeans followed corn, extending Tuesday’s rally spurred by easing concerns about the ongoing U.S.-China trade spat. However, gains were capped both by concerns that corn seeding delays could bump up soybean acreage and by bearish monthly data from the National Oilseed Processors Association, which estimated April soybean crush at 159.99 million bus, down from 170 million in March and below average expectations for 161.6 million. Wheat futures were mostly lower despite spillover support from corn. July corn edged up ¾c to close at $3.69½ a bu. July soybeans gained 4c to close at $8.35½ a bu. July soybean meal added $1.80 to close at $299.80 a ton. July soybean oil advanced 0.24c to close at 27.24c a lb. Chicago July wheat edged up ¼c to close at $4.48¾ a bu; later months were mixed in a small range. Kansas City July dropped back 6¾c to $4.02 a bu and Minneapolis July was down 8c to close at $5.23¼ a bu.
  • Ideas of an improved outlook for a trade deal with China supported U.S. equity markets Wednesday. The Dow Jones Industrial Average moved up 115.97 points to close at 25,648.02. The Standard & Poor’s 500 Index added 16.55 points to close at 2,850.96. The Nasdaq Composite advanced 87.65 points to close at 7,822.15.
  • The value of the U.S. dollar was little changed Wednesday after news from Washington that auto import tariffs would be delayed.
  • U.S. gold futures advanced, the June contract was up $1.50 to close at $1,297.80 an oz.
  • Higher stock prices and geopolitical tension boosted U.S. crude oil futures despite bearish data from a weekly Energy Information Administration report showing U.S. inventories of crude oil rose by 5.4 million barrels to 472 million barrels, the highest since September 2017. The June contract was up 24c to close at $62.02 per barrel.

Recap for May 14

  • A round of short-covering helped U.S. soybean futures rebound from a decade low Tuesday. Midwestern planting delays supported corn to close more than 3% higher. Wheat futures followed the trend higher. Optimistic comments that tamped down concerns about further escalation in the trade war with China offered additional support. July corn added 12¼c to close at $3.56½ a bu. July soybeans shot up 29c to close at $8.31½ a bu. July soybean meal added $10.70 to close at $298 a ton. July soybean oil advanced 0.39c to close at 27c a lb. Chicago July wheat added 11½c to close at $4.48½ a bu, Kansas City July gained 11¾c to $4.08¾ a bu and Minneapolis July was up 5¼c to close at $5.23¼ a bu.
  • Signals from President Trump that the United States and China could strike a trade deal relieved some of the pressure that battered U.S. equity markets in recent sessions, and the markets closed higher in response. The Dow Jones Industrial Average moved up 207.06 points to close at 25,532.05. The Standard & Poor’s 500 Index added 22.54 points to close at 2,834.41. The Nasdaq Composite advanced 87.47 points to close at 7,734.49.
  • The value of the U.S. dollar strengthened Tuesday.
  • U.S. gold futures eased as the dollar advanced Tuesday, the June contract was down $5.50 to close at $1,296.30 an oz.
  • U.S. crude oil futures turned higher Tuesday. The June contract was up 74c to close at $61.78 per barrel.