Recap for June 17

  • 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.

Recap for June 12

  • Wheat futures reverted back to their downward slides Wednesday after the US Department of Agriculture indicated ample supplies of US wheat from this year’s harvest may override global export concerns amid shrinking wheat production in Russia. In its World Agricultural Supply and Demand Estimates report, the USDA raised its forecast for 2024-25 US wheat to a five-year high at 1.875 billion bus, up from the May outlook of 1.858 billion bus. The USDA also raised its 2023-24 global wheat forecast to 259.56 million tonnes, which was near the high side of pre-report trade expectations. Soybean futures also fell following the USDA reports, which indicated higher ending stocks for both old and new crops. Despite the decline in wheat and soybeans, corn futures firmed on strong cash markets. July corn added 4¾¢ to close at $4.54¼ a bu. Chicago July wheat dropped 9½¢ to close at $6.17 per bu. Kansas City July wheat tumbled 17¾¢ to close at $6.37¼ a bu. Minneapolis July wheat fell 10½¢ to close at $6.68¼ per bu. July soybeans dipped ¾¢ to close at $11.77¼ per bu. July soybean meal ticked up 90¢ and closed at $360.20 per ton, but all later months eased lower. July soybean oil rose 0.12¢ and closed at 43.79¢ a lb.
  • US equity markets were mixed again Wednesday, with the S&P 500 and Nasdaq notching fresh record highs after data released Wednesday morning showed inflation had cooled in May, dropping to 3.3% from 3.4% in April. Ideas were the Federal Reserve may issue at least one interest rate cut later this year. The Dow Jones Industrial Average slid 35.21 points, or 0.09%, to close at 38,712.21. The Standard & Poor’s 500 rose 45.71 points, or 0.85%, to close at 5,421.03. The Nasdaq Composite jumped 264.89 points, or 1.53%, to close at 17,608.44.
  • US crude oil prices climbed Wednesday. The July West Texas Intermediate light, sweet crude future added 60¢ to close at $78.50 per barrel.  
  • US dollar index declined on Wednesday. 
  • US gold prices were sharply higher Wednesday. The June contract soared $28.50 to close at $2,336.00 per oz.

Recap for June 11

  • Snapping a nine-session slide, wheat futures advanced more than 3% on Tuesday in bargain-buying moves and renewed Russian supply concerns after the head of Russia’s grain union said frosts in Russia have affected between 15% and 30% of winter grains, far more than the country’s agriculture ministry has suggested. Soybeans declined in positioning prior to Wednesday’s fresh supply-demand and crop production figures a day after the USDA indicated 72% of the US soybean crop was in good-to-excellent condition, in line with trade expectations and the highest for the date since 2020. Soybean spillover weakness and position squaring helped corn futures ease. July corn fell 2¼¢ to close at $4.49½ a bu. Chicago July wheat soared 19¢ higher to close at $6.26½ per bu. Kansas City July wheat advanced 11¼¢ to close at $6.55 a bu. Minneapolis July wheat was up 3½¢ to close at $6.78¾ per bu. July soybeans pared 10¼¢ to close at $11.78 per bu. July soybean meal declined $8.70 and closed at $359.30 per ton. July soybean oil rose 0.01¢ and closed at 43.67¢ a lb, though most later months were lower for a second day.
  • US crude oil prices climbed Tuesday after the Energy Information Administration raised its 2024 world oil demand growth forecast to 1.10 million barrels a day from a rise of 900,000 bpd previously estimated. Also Tuesday, the Organization of the Petroleum Exporting Countries maintained its 2024 forecast for relatively strong growth in global oil demand, citing expectations for travel and tourism in the July-December period. The July West Texas Intermediate light, sweet crude future added 16¢ to close at $77.90 per barrel.  
  • US equity markets were mixed Tuesday with all eyes on key inflation data and the Federal Reserve’s interest-rate decision coming Wednesday. The Dow Jones Industrial Average fell 120.62 points, or 0.31%, to close at 38,747.42. The Standard & Poor’s 500 rose 14.53 points, or 0.27%, to close at 5,375.32. The Nasdaq Composite added 151.02 points, or 0.88%, to close at 17,343.55.
  • US dollar index hit a four-week high on Tuesday, ahead of a highly anticipated inflation report thought to influence the timing of the first rate cut by the Federal Reserve. Meanwhile, the euro was pressured by political uncertainty in the European Union.
  • US gold prices eased Tuesday. The June contract was $0.20 lower, closing at $2,307.50 per oz.