Recap for June 24

  • Soybean futures advanced Monday amid flooding in the Upper Midwest after heavy rains late last week and over the weekend. Corn, also affected by the flooding, closed mixed, lower in nearby months, on ideas Friday’s USDA Acreage report will show a jump in planted area. Wheat futures mostly were pressured by expectations of a strong weekly advancement in the winter wheat harvest, which was certified in the Department’s Crop Progress report released after the markets closed. July corn slipped 1½¢ to close at $4.33½ a bu; July 2025 was steady but later months were higher. Chicago July wheat declined 9¢ to close at $5.52½ per bu. Kansas City July wheat ticked up ¼¢ to close at $5.81½ a bu; December and later months ticked lower. Minneapolis July wheat subtracted 6¼¢ to close at $6.05¼ per bu. July soybeans jumped 14¾¢ to close at $11.75¼ per bu. July soybean meal advanced $11 and closed at $372.80 per ton. July soybean oil fell 0.45¢ and closed at 43.49¢ a lb.
  • US equity markets were mixed again Monday in part on more pressure from Nvidia after an impressive rally early last week. The market awaited inflation data from the Federal Reserve on Friday, which also marked month-end and quarter-end trading ahead of a holiday week. The Dow Jones Industrial Average jumped 260.88 points, or 0.67%, to close at 39,411.21. The Standard & Poor’s 500 fell 16.75 points, or 0.31%, to close at 5,447.87. The Nasdaq Composite tumbled 192.54 points, or 1.09%, to close at 17,496.82.
  • US crude oil futures were higher Monday. The August West Texas Intermediate light, sweet crude future added 90¢ to close at $81.63 per barrel.
  • The US dollar index declined Monday. 
  • US gold prices advanced Monday. The June contract gained $13.60 to close at $2,330.00 per oz.

Recap for June 21

  • Soybean futures strengthened Friday on the Chicago Board of Trade after some weather models indicated a risk of flooding from heavy rainfall in the northern part of the Mississippi River. Soybean futures closed lower for the week. In the eastern Midwest, producers of corn and soybeans are finding that their crop at this stage is responding well to the combination of moisture and heat despite earlier fears that the heat wave gripping the United States could stress crops. Corn futures declined on Friday and for the week. Wheat also fell as the market reacted to the unusually quick pace of the US winter wheat and revised crop estimates from both Russia and Argentina and despite USDA export data Thursday showing net wheat export sales in the week ended June 13 above trade estimates. July corn fell 4¾¢ to close at $4.35 a bu. Chicago July wheat declined 11¼¢ to close at $5.61½ per bu. Kansas City July wheat dropped 10¾¢ to close at $5.81¼ a bu. Minneapolis July wheat subtracted 7¼¢ to close at $6.11½ per bu. July soybeans rose 5¼¢ to close at $11.60½ per bu. July soybean meal fell $4.20 and closed at $361.80 per ton; the furthest deferred months were mixed. July soybean oil fell 0.03¢ and closed at 43.94¢ a lb; later months were mixed.
  • US equity markets were mixed again Friday with the S&P 500 continuing lower under the weight of Nvidia’s decline. The broad index still managed a third straight weekly gain. The S&P 500 has climbed 15% in 2024, partly on a rush of investments in companies at the vanguard of artificial intelligence development. The Dow Jones Industrial Average added 15.57 points, or 0.04%, to close at 39,150.33. The Standard & Poor’s 500 fell 8.55 points, or 0.16%, to close at 5,464.62. The Nasdaq Composite fell 32.23 points, or 0.18%, to close at 17,689.36.
  • US crude oil prices declined Friday. The August West Texas Intermediate light, sweet crude future dropped 56¢ to close at $80.73 per barrel.
  • The US dollar index strengthened again Friday. 
  • US gold prices were lower Friday. The June contract fell $37.40 to close at $2,316.40 per oz.

Recap for June 20

  • Soybeans closed at their lowest level in two months Thursday as forecasts for heavy rains alleviated concerns about a heat wave in the central United States stressing crops. Corn slid lower under similar pressure as rains were expected in the 6- to 15-day forecast, Commodity Weather Group said, with the heaviest rains in the northwest Midwest in the next two weeks and showers to the south and east in the 11- to 15-day period. Wheat complex futures were lower, Chicago July at a two-month low, after forecasts for rains in Russia and crop estimates revised upwards pressured prices. Consultancy IKAR said it had raised its forecasts for Russia’s wheat crop to 82 million tonnes from 81.5 million tonnes. July corn dropped 10¼¢ to close at $4.39¾ a bu. Chicago July wheat fell 9¼¢ to close at $5.72¾ per bu. Kansas City July wheat dropped 8¾¢ to close at $5.92 a bu. Minneapolis July wheat subtracted 14¢ to close at $6.18¾ per bu. July soybeans deleted 18¾¢ to close at $11.55¼ per bu. July soybean meal shed $7 and closed at $364.60 per ton; later months were mixed. July soybean oil fell 0.33¢ and closed at 43.97¢ a lb.
  • US equity markets were mixed Thursday as shares of Wall Street superstar Nvidia declined and dragged the S&P500 and Nasdaq from all-time highs. The Dow Jones Industrial Average added 299.9 points, or 0.77%, to close at 39,174.76. The Standard & Poor’s 500 fell 13.86 points, or 0.25%, to close at 5,473.17, after having surpassed 5,500 in intraday trading for the first time. The Nasdaq Composite fell 140.64 points, or 0.29%, to close at 17,721.59 and snapping a seven-session record close streak.
  • US crude oil prices advanced Thursday. The expiring July West Texas Intermediate light, sweet crude future rose 60¢ to close at $82.17 per barrel.  The August future added 58¢ and closed at $81.29 per barrel.
  • The US dollar index strengthened on Thursday. 
  • US gold prices were higher Tuesday. The June contract rose $23.40 to close at $2,353.80 per oz.
  • Fund pressure rolling into a trading week split by a mid-week holiday sent wheat and soybean futures sharply lower Monday. Wheat neared two-month lows. Corn also declined as investors looked at weather forecasts calling for beneficial rain during a key development phase for corn. July corn added 6¼¢ to close at $4.43¾ a bu. Chicago July wheat fell 21¼¢ to close at $5.91½ per bu. Kansas City July wheat dropped 22¢ to close at $6.05½ a bu. Minneapolis July wheat fell 17¢ to close at $6.38½ per bu. July soybeans lost 22¢ to close at $11.57¾ per bu. July soybean meal shed $8.10 and closed at $360.30 per ton. July soybean oil rose 0.05¢ and closed at 43.73¢ a lb; later months were mixed.
  • US equity markets were propelled to the high side Monday by such technology company stocks as Broadcom, Super Micro Computer and Micron Technology as investors await decision from central banks around the globe and retail sales data. The Dow Jones Industrial Average added 188.94 points, or 0.49%, to close at 38,778.1. The Standard & Poor’s 500 added 41.63 points, or 0.77%, to close at 5,473.23. The Nasdaq Composite added 168.14 points, or 0.95%, to close at 17,857.02.
  • US crude oil prices advanced Monday. The July West Texas Intermediate light, sweet crude future added $1.88 to close at $80.33 per barrel.  
  • The US dollar index was mixed Monday, the expiring June contract strengthening and the September contract lower. 
  • US gold prices were lower Monday. The June contract fell $19 to close at $2,312.40 per oz.

Recap for June 14

  • US wheat futures closed lower Friday, posting losses of about 24¢ to 46¢ a bu for the week. Pressure came from the advancing winter wheat harvest, mostly high crop condition ratings for wheat yet to be combined and for newly planted spring wheat, indications Russia will fulfill its export commitments despite recent crop losses from frost, and strength in the value of the US dollar that makes US commodities more expensive to export. Corn and soybean futures also were lower Friday on good US crop prospects, with corn slightly higher for the week and soybeans mostly lower. Condition ratings are high for both crops, but hot weather in late June is a concern. July corn dropped 8½¢ to close at $4.50 a bu. Chicago July wheat fell 7¼¢ to close at $6.12¾ per bu. Kansas City July wheat dropped 9¼c to close at $6.27½ a bu. Minneapolis July wheat fell 11½¢ to close at $6.55½ per bu. July soybeans lost 9¾¢ to close at $11.79¾ per bu. July soybean meal advanced $0.10 and closed at $368.40 per ton, but all later months were lower. July soybean oil fell 0.18¢ and closed at 43.68¢ a lb.
  • US equity markets were mixed again Friday and for the week. The benchmark 10-year Treasury note settled at 4.212% Friday, dropping for the 10th time in 12 trading days. The Dow Jones Industrial Average declined 57.94 points, or 0.15%, to close at 38,589.16, dropping 0.5% for the week. The Standard & Poor’s 500 fell 2.14 points, or 0.04%, to close at 5,431.6 for a weekly gain of 1.6%. The Nasdaq Composite gained 21.32 points, or 0.12%, to close at 17,688.88 and a weekly gain of 3.2%.
  • US crude oil prices eased Friday as an Energy Information Administration report raised its oil demand growth estimate for 2024 slightly, and the Organization of the Petroleum Exporting Countries stuck to a forecast for relatively strong growth of 2.2 million barrels a day. The July West Texas Intermediate light, sweet crude future shed 17¢ to close at $78.45 per barrel.
  • US dollar index strengthened Friday for a second day.
  • US gold prices were higher Friday. The June contract added $31.20 to close at $2,331.40 per oz.

Recap for June 13

  • Corn and soybean futures advanced Thursday as forecasts for hot temperatures in the US Midwest prompted some traders to add risk premium to the markets. Wheat futures mostly declined, although 2024 Chicago wheat futures followed corn and soybeans higher. Kansas City wheat futures were under pressure from the expanding winter wheat harvest, which by June 9 was 12% complete nationally, ahead of the five-year average of 6%. July corn added 4¼¢ to close at $4.58½ a bu. Chicago July wheat added 3¢ to close at $6.20 per bu; all 2025 and 2026 contracts were lower. Kansas City July wheat eased ½¢ to close at $6.36¾ a bu. Minneapolis July wheat fell 1¼¢ to close at $6.67¼ per bu. July soybeans added 12¼¢ to close at $11.89½ per bu. July soybean meal advanced $8.10 and closed at $368.30 per ton. July soybean oil rose 0.07¢ and closed at 43.86¢ a lb.
  • US equity markets were mixed Thursday, with the DJIA dipping while Tesla and technology companies focused on artificial intelligence helped the S&P 500 and Nasdaq indices reach fresh record highs. The Dow Jones Industrial Average declined 64.11 points, or 0.17%, to close at 38,647.1. The Standard & Poor’s 500 added 12.71 points, or 0.23%, to close at 5,433.74. The Nasdaq Composite rose 59.12 points, or 0.34%, to close at 17,667.56.
  • US crude oil prices ultimately climbed Thursday after a volatile session. Support came from OPEC’s forecast for demand growth and US Labor Department data indicating an easing labor market and slowing inflation, both of which increased hope the Federal Reserve will cut interest rates. The July West Texas Intermediate light, sweet crude future added 12¢ to close at $78.62 per barrel.   
  • US dollar index advanced on Thursday. 
  • US gold prices were lower Thursday. The June contract dropped $35.80 to close at $2,300.20 per oz.