Recap for July 11

  • Wheat complex futures rallied on Thursday in bargain-buying and short-covering moves ahead of Friday’s US wheat 2024-25 ending stocks and production projections from the USDA. Soybean futures posted minor gains in pre-report short covering after futures this week slipped to four-year lows on lackluster export demand and predictions of a large US crop. Short-covering also boosted corn futures from near four-year lows a day earlier that were precipitated by expectations of large global supplies and forecasts for dryness in the US Midwest could be beneficial for the corn crop during its pollination phase later this summer. September corn added 4½¢ to close at $4.00¼ a bu. Chicago September wheat advanced 9¾¢ to close at $5.71¼ per bu. Kansas City September wheat jumped 18¼¢ to close at $5.83¾ a bu. Minneapolis September wheat added 7¾¢ to close at $6.18¾ per bu. August soybeans added 3¾¢ to close at $11.17 per bu. August soybean meal gained $3.20 and closed at $342.40 per ton; later months were mostly lower. August soybean oil advanced 0.78¢ and closed at 47.12¢ a lb.
  • US equity indexes posted mixed closes Thursday after Labor Department data showed US consumer prices fell in June, stoking hopes the Federal Reserve will cut rates soon. Traders hoped the data bolstered US central bank officials’ confidence that inflation is cooling after surging in the first quarter. Traders Thursday priced an 89% probability of a rate cut in September, up from 73% on Wednesday. The Dow Jones Industrial Average added 32.39 points, or 0.08%, to close at 39,753.75. The Standard & Poor’s 500 dropped 49.37 points, or 0.88%, to close at 5,584.54. The Nasdaq Composite sank 364.04 points, or 1.95%, to close at 18,283.41.
  • US crude oil futures advanced Thursday for a second straight session on hopes for an interest rate cut in the wake of Labor’s report showing an unexpected slowdown in inflation. The August West Texas Intermediate light, sweet crude future was up 52¢ to close at $82.62 per barrel.
  • The US dollar index weakened Thursday after Labor’s report showing headline consumer prices unexpectedly fell in June, while a sharp gain in the Japanese yen sparked speculation of a possible intervention in the currency. 
  • US gold prices surged more than 2% Thursday on the Labor report showing inflation had cooled on ideas the Fed could soon cut interest rates. Fed Chair Jerome Powell, over his two days of commentary before the Senate and House committees that oversee the central bank, indicated the Fed was edging closer to a rate cut decision. The August contract added $42.20 to close at $2,421.90 per oz.

Recap for July 10

  • US equity markets posted solid advances Wednesday as Fed chairman Jerome Powell had a second day of testimony before Congress. All eyes are on a Labor Department report coming Thursday. The Nasdaq and S&P 500 posted fresh record highs, the latter for a sixth-straight day, the longest such streak for the broad index since 2021. The Dow Jones Industrial Average soared 429.39 points, or 1.09%, to close at 39,721.36. The Standard & Poor’s 500 added 56.93 points, or 1.02%, to close at 5,633.91. The Nasdaq Composite surged 218.16 points, or 1.18%, to close at 18,647.45.
  • Soybean futures dropped to the lowest levels since 2020, and corn futures hovered near four-year lows as traders assessed limited threats to crops this summer amid favorable crop conditions and corn supply pressure. Wheat futures declined Wednesday on improving crop prospects in Russia, expectations of strong US ending stocks, and the advancing US winter wheat harvest. September corn added 1¾¢ to close at $3.94¾ a bu. Chicago September wheat fell 10½¢ to close at $5.61½ per bu. Kansas City September wheat dropped 12¼¢ to close at $5.65½ a bu. Minneapolis September wheat declined 6½¢ to close at $6.11 per bu. August soybeans deleted 18¢ to close at $11.13¼ per bu. August soybean meal slid $6.10 and closed at $339.20 per ton. August soybean oil dropped 0.61¢ and closed at 46.34¢ a lb.
  • US crude oil futures advanced Wednesday. The August West Texas Intermediate light, sweet crude future was up 69¢ to close at $82.10 per barrel.
  • The US dollar index weakened Wednesday after several sessions closing stronger. 
  • US gold prices advanced again Wednesday. The August contract added $11.80 to close at $2,379.70 per oz.

Recap for July 9

  • After sharp declines a day earlier, wheat and corn futures ticked higher on Tuesday. Wheat advanced on strong export sales, lingering concerns over European wheat crop yields and worries that rains from Hurricane Beryl may slow the wheat harvest in the US Plains. Corn advanced despite downward pressure from good crop condition ratings. Soybean futures closed at their lowest point in nearly four years as expectations of ample supplies from Northern Hemisphere harvests hung over the market. September corn added ¾¢ to close at $3.94 a bu. Chicago September wheat added 1½¢ to close at $5.72 per bu. Kansas City September wheat added ½¢ to close at $5.77¾ a bu. Minneapolis September wheat was steady at $6.17½ per bu; later months were narrowly mixed. August soybeans deleted 17¾¢ to close at $11.31¼ per bu. August soybean meal slid $4.70 and closed at $345.30 per ton. August soybean oil plunged 2.14¢ and closed at 46.95¢ a lb.
  • US equity markets posted mixed closes again Tuesday. Shares of financial firms helped the S&P 500 post a fresh record high, its 36th of 2024, and the Nasdaq also was higher. The DJIA was down after Jerome Powell told the Senate Banking Committee that the labor market has “cooled considerably.” The next Labor Department reports are coming Thursday. The Dow Jones Industrial Average dropped 52.82 points, or 0.13%, to close at 39,291.97. The Standard & Poor’s 500 added 4.13 points, or 0.07%, to close at 5,576.98. The Nasdaq Composite added 25.55 points, or 0.14%, to close at 18,429.29.
  • US crude oil futures declined again Tuesday. The August West Texas Intermediate light, sweet crude future fell 92¢ to close at $81.41 per barrel.
  • The US dollar index strengthened again Tuesday. 
  • US gold prices advanced Tuesday. The August contract added $4.40 to close at $2,367.90 per oz.

Recap for July 8

  • Expectations for a positive crop progress update from the US Department of Agriculture pulled corn and soybean futures to four-year lows Monday. The wheat complex futures also dropped sharply on forecasts for favorable harvest weather in the United States, better crop weather in Russia and Canada, ample corn supplies and a stronger US dollar. September corn fell 17¼¢ to close at $3.93¼ a bu. Chicago September wheat plummeted 20¢ to close at $5.70½ per bu. Kansas City September wheat sank 21¾¢ to close at $5.77¼ a bu. Minneapolis September wheat fell 15¾¢ to close at $6.17½ per bu. August soybeans deleted 17¼¢ to close at $11.49 per bu. August soybean meal slid $7.20 and closed at $350 per ton. August soybean oil pulled back by 0.46¢ and closed at 49.09¢ a lb.
  • Ahead of a busy week that could spark excitement, US equity indexes were mixed in relatively narrow ranges Monday. Federal Reserve chairman Jerome Powell is set to testify before Congress Thursday, and JPMorgan Chase, Citigroup and Wells Fargo all plan to report second-quarter results, kicking off earnings season in earnest. The Dow Jones Industrial Average shed 31.08 points, or 0.08%, to close at 39,344.79. The Standard & Poor’s 500 added 5.66 points, or 0.1%, to close at 5,572.85. The Nasdaq Composite added 50.98 points, or 0.28%, to close at 18,403.74.
  • US crude oil futures declined Monday. The August West Texas Intermediate light, sweet crude future fell 83¢ to close at $82.33 per barrel.
  • The US dollar index strengthened on Monday. 
  • US gold prices declined Monday. The August contract fell $34.20 to close at $2,363.50 per oz.

Recap for July 5

  • Wheat futures climbed Friday on signs of demand from export sales, a weaker US dollar and a report from crop institute Arvalis and grain industry group Intercereales noting soft wheat harvest in France is expected to show a yield at an eight-year low and 11% below the 10-year average because of particularly wet weather. Soybean futures strengthened as concerns rose over forecasts of hot weather across the US Midwest and technical trading during a low-volume day. Though trade slowed between the holiday and the weekend, corn futures prices ticked higher amid concerns about hot weather. September corn added 5¢ to close at $4.10½ a bu. Chicago September wheat jumped 16½¢ to close at $5.90½ per bu. Kansas City September wheat added 15½¢ to close at $5.99 a bu. Minneapolis September wheat added 10½¢ to close at $6.33¼ per bu. August soybeans added 8½¢ to close at $11.66¼ per bu. August soybean meal was up $7.10 and closed at $357.20 per ton. August soybean oil advanced 0.91¢ and closed at 49.55¢ a lb.
  • US equity market indexes climbed Friday, the Nasdaq and S&P 500 to record highs, after a Labor Department report indicated the US added 206,000 jobs last month, continuing a remarkably strong stretch of hiring. However, the unemployment rate ticked up to 4.1%, adding to recent signs that the job market is gradually cooling. The Dow Jones Industrial Average added 67.87 points, or 0.17%, to close at 39,375.87. The Standard & Poor’s 500 added 30.17 points, or 0.54%, to close at 5,567.19. The Nasdaq Composite added 164.46 points, or 0.9%, to close at 18,352.76.
  • US crude oil futures declined Friday. The August West Texas Intermediate light, sweet crude future fell 72¢ to close at $83.16 per barrel.
  • The US dollar index weakened Friday. 
  • US gold prices advanced Friday. The August contract rose $28.30 to close at $2,397.70 per oz.
  • Gains in shares of six of the so-called “Magnificent Seven” technology companies (only Nvidia declined) helped propel US equity markets higher Tuesday and the Nasdaq index to its 22nd record high of 2024. The Dow Jones Industrial Average added 162.33 points, or 0.41%, to close at 39,331.85. The Standard & Poor’s 500 added 33.92 points, or 0.62%, to close at 5,509.01. The Nasdaq Composite added 149.46 points, or 0.84%, to close at 18,028.76.
  • Corn futures were mixed Tuesday, climbing in the nearby months in short covering and amid questions about the condition of the US crop, which slid lower in the USDA’s weekly appraisal. Soybean futures prices were mixed, higher nearby in technical trading and as some central areas saw unfavorable weather. Wheat futures mostly declined in a round of profit taking following Monday’s rallies. September corn rose 1¢ to close at $4.08 a bu; later months were mixed in a narrow range. Chicago September wheat fell 9¼¢ to close at $5.81 per bu. Kansas City September wheat fell 7¼¢ to close at $5.92¼ a bu. Minneapolis September wheat fell 1¼¢ to close at $6.31 per bu; later months were mixed. August soybeans added 4¼¢ to close at $11.50¼ per bu; later months were mixed. August soybean meal was up $1.30 and closed at $350.30 per ton; later months were lower. August soybean oil advanced 1.01¢ and closed at 47.04¢ a lb.
  • US crude oil futures declined Tuesday. The August West Texas Intermediate light, sweet crude future lost 57¢ to close at $82.81 per barrel.
  • The US dollar index weakened Tuesday. 
  • US gold prices eased Tuesday. The August contract deleted $5.50 to close at $2,333.40 per oz.