Recap for July 22
- Profit-taking cut short a six-session win streak for winter wheat Thursday. Spring wheat futures were mixed, but mostly higher in a round of bargain buying after declining a day earlier. Forecasts for much-needed rain during a critical stage of crop development in the US Midwest sent soybean futures lower. Corn futures were lower after net export sales were the smallest since July 12, which caused some analysts to say prices had gotten too high to entice foreign buyers. September corn was down 7¼¢ at $5.64½ a bu. Chicago September wheat fell 18½¢ to close at $6.92¼ a bu. Kansas City September wheat fell 15¢ to close at $6.53¾ a bu. Minneapolis September wheat added 6¼¢ to close at $9.04 a bu; May 2022 and later months were mixed. August soybeans fell 23¢ to close at $14.16¼ a bu. August soybean meal declined $6.60, closing at $363.20 a ton. August soybean oil declined 0.46¢ to settle at 65¢ a lb.
- Major US equity indexes were higher Thursday, continuing to stabilize after Monday’s steep declines on potential threats to the economic recovery due to the Delta variant of COVID-19. All three indexes were within 1% of their record highs. The Dow Jones Industrial Average added 25.35 points, or 0.07%, closing at 34,823.35. The Standard & Poor’s 500 Index added 8.79 points, or 0.20%, to close at 4,367.48. The Nasdaq Composite added 52.64 points, or 0.36%, to close at 14,684.60.
- US crude oil futures climbed Thursday, the September contract was up $1.61, to $71.91 a barrel.
- The US dollar index climbed Thursday for the fifth time in six trading days.
- US gold futures advanced Thursday even as the dollar reverted to its upside trend. The August contract was up $2 at $1,805.40 per oz.
Recap for July 21
- Spring wheat futures closed lower Wednesday as traders sought more information about the depth of crop issues in the northern Plains. Winter wheat futures advanced on potential crop shortfalls in overseas competitors. Concerns linked to dry Midwest weather conditions sent most corn futures higher. Weather concerns also supported new-crop soybean futures, but nearby contracts weakened under pressure from soybean oil’s sharp decline. September corn was unchanged at $5.71¾ a bu; later contracts were mixed, mostly higher. Chicago September wheat added 10¼¢ to close at $7.10¾ a bu. Kansas City September wheat added 8½¢ to close at $6.68¾ a bu. Minneapolis September wheat dropped 18¼¢ to close at $8.97¾ a bu; December 2022 was higher. August soybeans fell 4¼¢ to close at $14.39¼ a bu; November 2021 and beyond were mostly higher. August soybean meal added $4.30, closing at $369.80 a ton. August soybean oil declined 1.56¢ to settle at 65.46¢ a lb.
- US equity markets were higher Wednesday. Investors remained wary of the global economic outlook, but drew comfort from positive earnings statements from, among others, Chipotle Mexican Grill, Coca-Cola and Johnson & Johnson. The Dow Jones Industrial Average added 286.01 points, or 0.83%, closing at 34,798.00. The Standard & Poor’s 500 Index added 35.63 points, or 0.82%, to close at 4,358.69. The Nasdaq Composite added 133.08 points, or 0.92%, to close at 14,631.95.
- US crude oil futures advanced Wednesday, the September contract was up $3.10 to $70.30 a barrel.
- The US dollar index turned lower Wednesday after climbing for four straight sessions.
- US gold futures declined Wednesday even as the dollar did the same. The August contract was down $8 at $1,803.40 per oz.
Recap for July 20
- Perhaps seeing few attractive alternatives to the stock market, investors Tuesday poured money back into shares beat down in a dramatic selloff a day earlier, sending US equity markets higher. The S&P 500 notched its best day since March 26. The three major indexes were within 2% of their July 12 record-high closes. The Dow Jones Industrial Average jumped 549.95 points, or 1.62%, closing at 34,511.99. The Standard & Poor’s 500 Index added 64.57 points, or 1.52%, to close at 4,323.06. The Nasdaq Composite added 223.89 points, or 1.57%, to close at 14,498.88.
- Weaker crop condition ratings in line with analysts’ expectations supported soy complex futures Tuesday. Corn condition ratings a percentage point below expectations sent most corn futures contracts higher. Wheat futures were mixed, with most winter wheat futures higher as continued dryness in the northern Plains kept up concerns about domestic supply. However, spring wheat futures were lower nearby on profit-taking after rising for the previous eight sessions. September corn added 15¾¢ to close at $5.71¾ a bu. Chicago September wheat added 2¾¢ to close at $7.00½ a bu; July 2022 and beyond were lower. Kansas City September wheat jumped 8¢ to close at $6.60¼ a bu. Minneapolis September wheat fell 7¾¢ to close at $9.16 a bu; September 2022 and beyond were higher. August soybeans added 15½¢ to close at $14.43½ a bu. August soybean meal added $5.70, closing at $365.50 a ton. August soybean oil added 0.33¢ to settle at 67.02¢ a lb.
- US crude oil futures jumped higher Tuesday, a day after falling 7% in its worst daily percentage performance since March. The August contract nearing expiration was up $1 to settle at $67.42 per barrel, and the September contract was up 85¢ to close at $67.20 a barrel.
- The US dollar index was higher for a fourth consecutive session on Tuesday.
- US gold futures advanced Tuesday even as the dollar continued to climb higher. The August contract was up $2.20 at $1,811.40 per oz.
Recap for July 19
- US equity indexes notched sharp declines as the spread of the Delta coronavirus variant and its potential impact on the global economy generated anxiety among investors. The DJIA recorded its worst session since October. The Dow Jones Industrial Average plummeted 725.81 points, or 2.09%, closing at 33,962.04. The Standard & Poor’s 500 Index fell 68.67 points, or 1.59%, to close at 4,258.49. The Nasdaq Composite subtracted 152.25 points, or 1.06%, to close at 14,274.98.
- Corn futures mostly edged higher just before the USDA pegged the US crop at 65% good to excellent, near expectations. Soybeans were sharply lower as beneficial rains improved crop prospects despite an underlying dryness issue, and under pressure from outside markets on fears of a COVID resurgence. Wheat futures mostly shook off that outside pressure as drought conditions in the northern Plains generated ideas farmers may harvest the smallest US spring wheat crop in 33 years. September corn was unchanged at $5.56 a bu; later contracts were higher through September 2022, slightly lower beyond. Chicago September wheat added 5¼¢ to close at $6.97¾ a bu. Kansas City September wheat edged up ¾¢ to close at $6.52¼ a bu. Minneapolis September wheat added 6½¢ to close at $9.23¾ a bu; Dec. 2022 contact was lower. August soybeans fell 26¾¢ to close at $14.28 a bu. August soybean meal fell $3.40, closing at $359.80 a ton; furthest deferred contracts advanced. August soybean oil fell 1.62¢ to settle at 66.69¢ a lb.
- US crude oil futures opened the week lower after the Organization of Petroleum Exporting Countries and Russia agreed to raise production, with added pressure from rising COVID-19 cases, which may again restrict travel and energy use. The August contract nearing expiration was down $5.39 to settle at $66.42 per barrel, and the September contract was down $5.21 to close at $66.35 a barrel.
- The US dollar index was higher for a third consecutive session on Monday.
- US gold futures declined as the dollar strengthened. The August contract was down $5.80 at $1,809.20 per oz.
Recap for July 16
- Wheat futures jumped higher Friday as weather in Europe, Russia, the US northern Plains and the Canadian Prairie added to concerns about global supply. Minneapolis spring wheat futures posted their largest weekly gain in six years. Profit-taking and beneficial rains sent corn futures lower on Friday, but contracts still were higher for the week. Hot, dry Midwest weather forecasts extending into August and the crucial pod-setting phase sent soybean futures higher Friday, although gains were pared in spillover pressure as corn slumped to session lows. As with corn and wheat, soy complex futures still posted large gains for the week. September corn fell 8¼¢ to close at $5.56 a bu; December 2022 and beyond were higher. Chicago September wheat jumped 20½¢ to close at $6.92½ a bu. Kansas City September wheat added 11¼¢ to close at $6.51½ a bu. Minneapolis September wheat soared 23¼¢ to close at $9.17¼ a bu. August soybeans were up 7¼¢ to close at $14.54¾ a bu. August soybean meal added 50¢, closing at $363.20 a ton. August soybean oil added 1¢ to settle at 68.31¢ a lb.
- US equity indexes declined to close the week and notched weekly losses, busting a three-week win streak. Higher-than-expected inflation data and comments from Federal Reserve chairman Jerome Powell influenced choppy trading earlier in the week, followed by mixed economic data released Friday showing a decline in US consumer sentiment, with consumers’ complaints about rising prices on homes, vehicles and household durables reaching an all-time record. The Dow Jones Industrial Average dropped 299.17 points, or 0.86%, closing at 34,687.85. The Standard & Poor’s 500 Index fell 32.87 points, or 0.75%, to close at 4,327.16. The Nasdaq Composite subtracted 115.90 points, or 0.80%, to close at 14,427.24.
- US crude oil futures edged higher to close the week. The August contract was up 16¢ to settle at $71.81 per barrel.
- The US dollar index climbed for a second day Friday.
- US gold futures declined as the dollar strengthened. The August contract was down $14 at $1,815 per oz.