Recap for July 23

  • Wheat futures closed lower Tuesday on pressure from ample global supplies and export competition from Russia as production forecasts for that country have risen after being lowered a few weeks back because of adverse weather. Spring wheat crop condition ratings from the US Department of Agriculture on Monday were above expectations, and the trade awaited results from the Wheat Quality Council’s spring wheat and durum tour later this week. Corn and most soybean futures closed higher on short covering and concerns about weather as the USDA’s corn condition rating on Monday slipped slightly from a week earlier and the soybean rating was unchanged; both remained well above year-ago levels. September corn gained 2¼¢ to close at $4.02½ a bu. Chicago September wheat dropped 5¼¢ to close at $5.42¾ per bu. Kansas City September wheat declined 5¢ to close at $5.66¾ a bu. Minneapolis September wheat fell 7¼¢ to close at $6.15½ per bu. August soybeans eased ¼¢ to close at $11.17½ per bu, but all later months were higher. August soybean meal eased 90¢ to close at $342.70 per ton; later months were unchanged to lower. August soybean oil lost 0.34¢ and closed at 46.66¢ a lb; later months were mostly higher.
  • US equity markets gave back some of the prior day’s gain with all three indexes closing lower Tuesday as investors processed corporate earnings reports. The Dow Jones Industrial Average dropped 57.35 points, or 0.14%, to close at 40,358.09. The Standard & Poor’s 500 slipped 8.67 points, or 0.16%, to close at 5,555.74. The Nasdaq Composite eased 10.22 points, or 0.06%, to close at 17,997.35.
  • US crude oil futures continued their downward slide Tuesday, falling to their lowest level since June 7. The September West Texas Intermediate light, sweet crude future dropped $1.44 to close at $76.96 per barrel.
  • The US dollar index strengthened again Tuesday. 
  • US gold prices rose Tuesday despite the stronger dollar. The August contract added $12.60 to close at $2,407.30 per oz.

Recap for July 22

  • Corn, wheat and soy complex futures closed higher Monday. Soybeans rebounded from four-year lows a week earlier, leading the markets higher in part on short covering. Also supportive was the potential change in the Democrat presidential front-runner to Kamala Harris, which eased concerns of potential tariffs that could slow soybean exports to China in what previously appeared to be a sure November win by Donald Trump. Corn futures mostly followed soybeans higher. Wheat futures also were supported by short covering and weather concerns in the US northern Plains and Canadian Prairies, along with fading prospects for wheat crops in parts of Europe, mainly France. September corn gained 9¾¢ to close at $4.00¼ a bu. Chicago September wheat added 5¼¢ to close at $5.48 per bu. Kansas City September wheat advanced 1¾¢ to close at $5.71¾ a bu. Minneapolis September wheat rose 13¢ to close at $6.22¾ per bu. August soybeans jumped 20½¢ to close at $11.17¾ per bu. August soybean meal rose $6.80 to close at $343.60 per ton. August soybean oil advanced 0.44¢ and closed at 47¢ a lb.
  • US equity indexes turned higher Monday after posting the worst week since April last week. Technical stocks, which had led the way lower, led the market higher. The Dow Jones Industrial Average gained 127.91 points, or 0.32%, to close at 40,415.44. The Standard & Poor’s 500 rose 59.41 points, or 1.08%, to close at 5,564.41. The Nasdaq Composite jumped 280.63 points, or 1.58%, to close at 18,007.57.
  • US crude oil futures eased to one-month lows Monday on weak fundamentals, including growing stockpiles and softening demand. The September West Texas Intermediate light, sweet crude future was down 24¢ to close at $78.40 per barrel.
  • The US dollar index firmed Monday after posting its first weekly gain in three weeks last week. 
  • US gold prices declined Monday as the value of the US dollar firmed. The August contract lost $4.40 to close at $2,394.70 per oz.

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.