Recap for July 19

  • Wheat futures climbed to close the trading week Friday in short-covering moves prompted by increased global export business, concerns over weather in US and global wheat production areas and a sharp drop to an eight-year low in condition ratings for France’s crop. Chicago and deferred KC futures posted weekly losses, but Minneapolis futures were higher for the week with support from the US Department of Agriculture’s indication that 12% of the US spring wheat crop was in areas of drought as of July 16, up from 7% the prior week. Soybean futures ended lower Friday and posted a second consecutive weekly decline on benign weather beneficial to crop development in the Midwest and oversupply in China following record-high purchases. Corn futures were mixed Friday and hovering near four-year lows, with near-ideal Midwest weather during the crop’s key reproductive phase. September corn eased ¾¢ to close at $3.90½ a bu; May 2025 and beyond were unchanged to higher. Chicago September wheat added 7½¢ to close at $5.42¾ per bu. Kansas City September wheat advanced 7¼¢ to close at $5.70 a bu. Minneapolis September wheat rose 9¼¢ to close at $6.09¾ per bu. August soybeans pulled back 1¼¢ to close at $10.97¼ per bu. August soybean meal eased 40¢ to close at $336.80 per ton. August soybean oil rose 0.11¢ and closed at 46.56¢ a lb, but all later months declined.
  • US crude oil futures settled more than $2 lower to their lowest level since mid-June on Friday after US Secretary of State Antony Blinken said a long-sought ceasefire between Israel and the Palestinian terrorist group Hamas was within sight. The war in Gaza and Middle East tension overall threatens global oil supplies, so investors had priced in a risk premium. The August West Texas Intermediate light, sweet crude future was down $2.69 to close at $80.13 per barrel.
  • US equity indexes declined Friday amid a global technology outage caused by an update from malware and virus protection provider CrowdStrike. That company’s shares plummeted 10%, while rivals SentinelOne and Palo Alto Networks shot higher by 8.3% and 1.4%, respectively. Despite the cyber outage, trading functioned normally across US exchanges. The Dow Jones Industrial Average dropped 377.49 points, or 0.93%, to close at 40,287.53. The Standard & Poor’s 500 fell 39.59 points, or 0.71%, to close at 5,505. The Nasdaq Composite fell 144.28 points, or 0.81%, to close at 17,726.94.
  • The US dollar index advanced for a second day Friday and posted its first weekly gain in three weeks in a bounce-back attributed to recent economic data and concerns about the massive CrowdStrike cyber outage. 
  • US gold prices declined more than 2% Friday as the dollar strengthened and from profit taking after bullion posted an all-time high earlier this week. The August contract lost $57.30 to close at $2,399.10 per oz.

Recap for July 18

  • US equity indexes declined Thursday in a broad selloff that saw 10 of 11 S&P 500 sectors close lower and only three of the DJIA’s 30 stocks finish higher. The Dow Jones Industrial Average dropped 533.06 points, or 1.29%, to close at 40,665.02, snapping a six-session win streak. The Standard & Poor’s 500 fell 43.68 points, or 0.78%, to close at 5,544.59. The Nasdaq Composite fell 125.7 points, or 0.7%, to close at 17,871.22.
  • Soybean futures advanced Thursday in bargain buying and renewed export demand signaled by the US Department of Agriculture’s confirmation of private sales of 510,000 tonnes of US new-crop soybeans to undisclosed destinations, the largest daily flash sale since November. Wheat complex futures posted mixed closes. Chicago and deferred KC futures were lower on ample world supplies and the International Grains Council’s 8-million-tonne increase, to 801 million tonnes, to its 2024-25 world wheat production forecast. Corn futures declined on a boost to US crop production ideas amid favorable rains. September corn dropped 6¾¢ to close at $3.91¼ a bu. Chicago September wheat fell 4¢ to close at $5.35¼ per bu. Kansas City September wheat added 1¾¢ to close at $5.50¼ a bu; July 2025 and beyond eased. Minneapolis September wheat rose 8¾¢ to close at $6.00½ per bu. August soybeans added 1¼¢ to close at $10.98½ per bu. August soybean meal dipped $1.90 to close at $337.20 per ton. August soybean oil rose 0.24¢ and closed at 46.45¢ a lb.
  • US crude oil futures edged lower Thursday. The August West Texas Intermediate light, sweet crude future was down 3¢ to close at $82.82 per barrel.
  • The US dollar index advanced Thursday. 
  • US gold prices posted a decline Thursday. The August contract lost $3.50 to close at $2,456.40 per oz.

Recap for July 17

  • US crude oil futures jumped about 2% higher Wednesday as US crude stockpiles dropped more than expected and the US dollar weakened, both offsetting signs of lower economic growth in China. A US Energy Information Administration report said energy firms pulled 4.9 million barrels of crude from storage during the week ended July 12. Analysts surveyed by Reuters expected a 30,000-barrel decline and a report from the American Petroleum Institute trade suggested a drop of 4.4 million barrels was possible. The August West Texas Intermediate light, sweet crude future was up $2.09 to close at $82.85 per barrel.
  • US equity indexes posted mixed closes Wednesday, the DJIA at a record, but the S&P 500 lower and the Nasdaq notching its biggest one-day decline since December 2022 after declines in shares of some of the biggest technology companies, including two of the so-called “Magnificent Seven” stocks, Nvidia and Meta Platforms. The Dow Jones Industrial Average advanced 243.60 points, or 0.59%, to close at 41,198.08, a second record high in as many days. The Standard & Poor’s 500 dropped 78.93 points, or 1.39%, to close at 5,588.27. The Nasdaq Composite plummeted 512.42 points, or 2.77%, to close at 17,996.92.
  • Wheat complex futures rose 1.5% Wednesday in bargain buying off of four-month lows posted a day earlier. Supporting wheat was a weaker US dollar and fresh export business from Asian countries, Algeria and Egypt. Soybean futures notched mixed closes, the nearby contracts higher on firm cash markets but most deferred months lower on large-harvest expectations. Corn futures advanced, consolidating above near-four-year lows set in recent weeks with support from a stronger dollar and an US Energy Information Administration report indicating weekly production of corn-based ethanol rose in the latest week to 1.106 million barrels per day, the most since December, while stockpiles fell to 23.160 million barrels. September corn added 2¼¢ to close at $3.98 a bu. Chicago September wheat advanced 8½¢ to close at $5.39¼ per bu. Kansas City September wheat added 10¾¢ to close at $5.61 a bu. Minneapolis September wheat jumped 16¢ to close at $5.91¾ per bu. August soybeans added 6¾¢ to close at $10.97¼ per bu; the November and later contracts were 2¼¢ to 5¢ lower. August soybean meal added $3.70 to close at $339.10 per ton. August soybean oil pulled lower by 0.49¢ and closed at 46.21¢ a lb.
  • The US dollar index weakened Wednesday after climbing for two days. 
  • US gold prices also faltered. The August contract dropped $7.90 to close at $2,459.90 per oz.

Recap for July 16

  • US equity indexes climbed Tuesday after a Commerce Department report indicated retail sales were unchanged in June from the prior month, whereas economists expected a 0.4% decline. Spending in May was also revised higher. The Dow Jones Industrial Average soared 742.76 points, or 1.85%, to close at 40,954.48, a record high after the biggest one-day percentage gain since June 2023. The Standard & Poor’s 500 added 35.98 points, or 0.64%, to close at 5,667.2, the index’s 38th record-high close of 2024. The Nasdaq Composite added 36.77 points, or 0.2%, to close at 18,509.34.
  • After the US Department of Agriculture did not show the improvements expected by the trade for the corn and soy crop, soybean and corn futures firmed on Tuesday after striking multi-year lows in a round of bargain buying. After threatening a recovery early in the day, wheat futures declined, some to life-of-contract lows, on the steady pace of the US harvest and cheap Russian wheat. September corn added 5¼¢ to close at $3.95¾ a bu. Chicago September wheat eased 1¾¢ to close at $5.30¾ per bu. Kansas City September wheat declined 5¼¢ to close at $5.50¼ a bu. Minneapolis September wheat was down 5¢ to close at $5.75¾ per bu. August soybeans jumped 12½¢ to close at $10.90½ per bu. August soybean meal added $1.60 to close at $335.40 per ton. August soybean oil added 0.28¢ and closed at 46.70¢ a lb.
  • US crude oil futures pulled back for a third session Tuesday. The August West Texas Intermediate light, sweet crude future was down $1.15 to close at $80.76 per barrel.
  • The US dollar index continued higher for a second day on Tuesday. 
  • US gold prices also maintained an upside trajectory. The August contract rose $38.90 to close at $2,467.80 per oz.

Recap for July 15

  • Soybean futures fell sharply, nearly to four-year lows Monday on strong crop prospects and a decline in demand for the oilseed signaled by a decline beyond expectations in the June crush numbers from the National Oilseed Processors Association. Demand worries and weekend rains that favored US production prospects also weighed on corn futures. Wheat futures declined again on Monday amid seasonal harvest pressure in the United States and ideas of a large domestic crop plus a larger-than-anticipated crop in Russia after IKAR agricultural consultancy raised its forecast for that country's wheat crop to 83.2 million tonnes, from 82 million tonnes previously. September corn declined 11½¢ to close at $3.90½ a bu. Chicago September wheat dropped 18¼¢ to close at $5.32½ per bu. Kansas City September wheat pulled back 12¼¢ to close at $5.55½ a bu. Minneapolis September wheat deleted 16¾¢ to close at $5.80¾ per bu. August soybeans tumbled 27¢ to close at $10.78 per bu. August soybean meal was down $5 and closed at $333.80 per ton. August soybean oil dropped 0.23¢ and closed at 46.42¢ a lb.
  • US equity indexes advanced Monday as investors mulled the likelihood of a second Trump presidency, Fed chairman Jerome Powell keeping steady expectations that the central bank would hold interest rates steady at its meeting in two weeks and earnings reports from such companies as BlackRock and Goldman Sachs. The Dow Jones Industrial Average added 210.82 points, or 0.53%, to close at 40,211.72. The Standard & Poor’s 500 added 15.87 points, or 0.28%, to close at 5,631.22. The Nasdaq Composite added 74.12 points, or 0.40%, to close at 18,472.57.
  • US crude oil futures eased again Monday for a second session. The August West Texas Intermediate light, sweet crude future was down 30¢ to close at $81.91 per barrel.
  • The US dollar index strengthened on Monday. 
  • US gold prices advanced Monday. The August contract rose $8.20 to close at $2,428.90 per oz.