Recap for May 2

  • Soybean futures leapt higher as floods hit Brazil's Rio Grande Do Sul state, putting the soybean crop at risk there. Wheat futures climbed on weather risks in the US Plains and Eastern Europe’s Black Sea region, but gains were limited as the Russian crop showed favorable early development. Brazil’s floods also supported corn futures, which received a boost from Ukraine’s deputy agriculture minister projecting a 25% decline in exports for 2024-25.  July corn added 9¢ to close at $4.59¾ per bu. Chicago July wheat added 5¢ to close at $6.04¼ per bu. Kansas City July wheat added 11½¢ and closed at $6.36½ per bu. Minneapolis July wheat rose 7¢ and closed at $7.09¼ per bu. July soybeans soared 28¾¢ to close at $11.99 per bu. July soybean meal was up $15.90 to close at $364.90 per ton. July soybean oil eased 0.02¢ to close at 43.24¢ a lb; January 2025 and beyond were steady to slightly higher.
  • US crude oil prices were mixed Wednesday. The June West Texas Intermediate light, sweet crude future was down 5¢ to close at $78.95 per barrel while all forward contracts were 4¢ to 15¢ higher. 
  • Ahead of a key Labor Department report that will give a fresh measure of the US economy, rising shares of large US technology firms helped the three major stock indexes post gains Thursday. The Dow Jones Industrial Average advanced 322.37 points, or 0.85%, to close at 38,225.66. The Standard & Poor’s 500 added 45.81 points, or 0.91%, to close at 5,064.20. The Nasdaq Composite jumped 235.48 points, or 1.51%, to close at 15,840.96.
  • The US dollar index weakened Thursday.
  • US gold futures also declined. The June contract gave back $1.40 to close at $2,309.60 per oz.

Recap for May 1

  • Soybean futures climbed Wednesday in intra-market spread trading following the conclusion of an Argentinian oilseed worker strike. Soybean oil futures rebounded in technical moves after several futures established contract lows a day earlier when heavy deliveries against May were offset by commercial stops. Wheat futures were mixed, mostly continuing lower outside of prompt months and 2025 spring and soft wheat futures, under pressure from rain over dry Russian and US Great Plains wheat fields. However, rain supported corn futures Wednesday on concerns about planting delays. July corn added 4¢ to close at $4.50¾ per bu. Chicago July wheat dropped 4¢ to close at $5.99¼ per bu; July 2025 and beyond were higher. Kansas City July wheat declined 10¼¢ and closed at $6.25 per bu. Minneapolis July wheat ticked down 2¢ and closed at $7.02¼ per bu; May 2025 and beyond were higher. July soybeans added 7¼¢ to close at $11.70¼ per bu. July soybean meal was down $2.90 to close at $349 per ton. July soybean oil added 0.25¢ to close at 43.26¢ a lb.
  • US crude oil prices declined about 3% Wednesday to a seven-week low. Pressuring prices was a US Energy Information Administration report indicating energy firms added a surprise 7.3 million barrels of crude into stockpiles during the week ended April 26 versus analysts’ expected 1.1-million-barrel decline. Also pressuring the market were the prospect of a Middle East ceasefire agreement and fading hopes for near-term US interest rate cuts that could boost oil demand. The June West Texas Intermediate light, sweet crude future was down $2.93 to close at $79 per barrel. 
  • The Federal Reserve bank’s decision to keep interest rates steady at the highest rates in more than 20 years had mixed effects on US stocks Wednesday. The DJIA was the only major index to post a decline. Fed chairman Jerome Powell scuttled speculation that the central bank might need to raise rates again to fully control inflation but said it would likely take longer than expected for the Fed to be confident inflation is moving toward its 2% target. The Dow Jones Industrial Average advanced 87.37 points, or 0.23%, to close at 37,903.29. The Standard & Poor’s 500 dropped 17.30 points, or 0.34%, to close at 5,018.39. The Nasdaq Composite deleted 52.34 points, or 0.33%, to close at 15,605.48.
  • The US dollar index closed lower, keeping the daily up-down pattern intact, after the Federal Reserve meeting and the chairman’s comments.
  • US gold futures climbed Wednesday, concurrent with a tumbling dollar and US Treasury yields. The June contract added $8.10 to close at $2,311 per oz.

Recap for April 30

  • Soybean oil futures struck contract lows Tuesday, dragging down the whole soy complex amid weak demand and large deliveries against the May futures. The latter affected wheat futures as well in their continued tumble from multi-month highs. Corn futures followed wheat and soybeans lower concurrent with signs of ample global supply.  July corn fell 2½¢ to close at $4.46¾ per bu. Chicago July wheat dropped 5¼¢ to close at $6.03¼ per bu; September 2025 and beyond were higher. Kansas City July wheat fell 15¼¢ and closed at $6.35¼ per bu. Minneapolis July wheat pulled back 3½¢ and closed at $7.04¼ per bu. July soybeans shed 19¢ to close at $11.63 per bu. July soybean meal was down $2.40 to close at $351.90 per ton. July soybean oil fell 1.36¢ to close at 43.01¢ a lb.
  • US crude oil prices declined again Tuesday. The June West Texas Intermediate light, sweet crude future was down 70¢ to close at $81.93 per barrel. 
  • Tuesday was a downbeat day to close the worst month of 2024 so far (and the worst since September) for US equity markets. Shares were under pressure from a Labor Department report indicating the employment-cost index rose by a seasonally adjusted 1.2% in the first quarter from the previous three months, and 4.2% from a year earlier, suggesting the Fed’s campaign to cut inflation is likely to endure.  The Dow Jones Industrial Average plunged 570.17 points, or 1.49%, to close at 37,815.92. The Standard & Poor’s 500 dropped 80.48 points, or 1.57%, to close at 5,035.69 with all 11 sectors declining. The Nasdaq Composite subtracted 325.26 points, or 2.04%, to close at 15,657.82.
  • The US dollar index’s up-down pattern continued Tuesday with a flip to the high side.
  • US gold futures plunged Tuesday as the dollar advanced. The June contract shed $54.80 to close at $2,302.90 per oz.

Recap for April 29

  • US crude oil prices declined Monday on Middle East ceasefire talks in Cairo and ahead of the US central bank’s May 1 monetary policy review. Investors were tentatively pricing a higher probability that the Fed could hike interest rates by a quarter percentage point this year and next year as inflation and the labor market remain resilient. The June West Texas Intermediate light, sweet crude future was down $1.22 to close at $82.63 per barrel. 
  • Wheat futures were mixed Monday, declining in Chicago and Kansas City on rainy forecasts for dry global export leader Russia but were higher in Minneapolis. Soy complex futures were mixed with soybeans and soymeal higher as Argentinian oilseed workers went on strike. Corn futures eased on a bearish sentiment generated by falling crude oil prices and winter wheat futures prices. May corn fell ¾¢ to close at $4.39¼ per bu. Chicago May wheat deleted 13¢ to close at $5.90¼ per bu. Kansas City May wheat shed 2½¢ and closed at $6.43¾ per bu. Minneapolis May wheat jumped 18¢ and closed at $7.15¼ per bu. May soybeans added 1¼¢ to close at $11.60¾ per bu. May soybean meal was up $8.30 to close at $348.30 per ton. May soybean oil fell 1.24¢ to close at 43.69¢ a lb.
  • US equity markets extended their rallies Monday with help from shares of Tesla, which jumped 15% after Elon Musk got China’s blessing to initiate the drive-assistance service there. The Dow Jones Industrial Average added 146.43 points, or 0.38%, to close at 38,386.09. The Standard & Poor’s 500 added 16.21 points, or 0.32%, to close at 5,116.17. The Nasdaq Composite added 55.18 points, or 0.35%, higher to close at 15,983.08.
  • The US dollar index flipped to a downside move Monday, extending the up-down pattern established the previous week.
  • US gold futures advanced Monday. The June contract added $10.50 to close at $2,357.70 per oz.

Recap for April 26

  • Dry weather concerns sent wheat futures higher Friday, some contracts posting the largest weekly gains since Russia first attacked Ukraine in February 2022. South American competition continued to weigh on US soybean futures Friday although losses were tempered by potential weather delays to US planting. Corn futures declined on profit taking Friday but managed a weekly gain amid weather concerns for planting the US crop.  May corn fell 1¢ to close at $4.40 per bu. Chicago May wheat added 1¢ to close at $6.03¼ per bu. Kansas City May wheat added 14¼¢ and closed at $6.46¼ per bu. Minneapolis May wheat was up 6¼¢ and closed at $6.97¼ per bu. May soybeans fell 3¼¢ to close at $11.59½ per bu; later months were mixed. May soybean meal was down $3.90 to close at $340 per ton. May soybean oil added 0.11¢ to close at 44.93¢ a lb.
  • US equity markets closed higher Friday in a broad market rally kicked off by rebounding shares of the so-called “Magnificent Seven”: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. The Dow Jones Industrial Average added 153.86 points, or 0.4%, to close at 38,239.66. The Standard & Poor’s 500 added 51.54 points, or 1.02%, to close at 5,099.96. The Nasdaq Composite soared 316.14 points, or 2.03%, higher to close at 15,927.9.
  • The US dollar index strengthened Friday.
  • US gold futures advanced Friday despite data showing US inflation rose in line with expectations but posted a weekly decline as geopolitical risk premiums eased. The expiring April contract added $5 to close at $2,334.80 per oz. The June contract added $4.70 to close at $2,347.20 per oz.
  • US crude oil advanced Friday on Middle East tension. The June West Texas Intermediate light, sweet crude future added 28¢, or 0.55%, to close at $83.85 per barrel.