Recap for July 1

  • Wheat complex futures advanced Monday on short covering as winter wheat harvest was winding down in several states, questions remained over the size of Russia’s wheat crop, and after Ukraine’s agriculture ministry said grain exports in the 2023-24 July-June marketing season had risen to 50.8 million tonnes from 49.2 million a year earlier. Fallout from the US Department of Agriculture’s June 28 Acreage report that showed farmers had planted more corn than expected, sent the nearby corn futures lower after losses on Friday, with additional pressure from forecasts of beneficial weather for the US Corn Belt. Soybeans rose on signs of increased demand from China. September corn fell ½¢ to close at $4.07 a bu; later months were mixed, mostly slightly higher. Chicago September wheat added 16¾¢ to close at $5.69¼ per bu. Kansas City September wheat added 13¼¢ to close at $5.99½ a bu. Minneapolis September wheat added 19¼¢ to close at $6.32¼ per bu. August soybeans added 12½¢ to close at $11.46 per bu. August soybean meal was up $3 and closed at $349 per ton; later months were lower. August soybean oil advanced 1.96¢ and closed at 46.03¢ a lb.
  • US equity markets climbed Monday, the Nasdaq to a record high, on the strength of shares in such companies as Boeing and Tesla. The Dow Jones Industrial Average added 50.66 points, or 0.13%, to close at 39,169.52. The Standard & Poor’s 500 added 14.61 points, or 0.27%, to close at 5,475.09. The Nasdaq Composite added 146.7 points, or 0.83%, to close at 17,879.30.
  • US crude oil futures advanced Monday. The August West Texas Intermediate light, sweet crude future rose $1.84 to close at $83.38 per barrel.
  • The US dollar index advanced Monday. 
  • US gold prices eased Monday. The August contract fell 70¢ to close at $2,338.90 per oz.

Recap for June 28

  • Corn futures tumbled Friday following the release of the annual Acreage report from the US Department of Agriculture, that indicated higher-than-expected acres planted to corn this year. Wheat futures were mostly lower on spillover pressure from corn. Soybean futures were narrowly mixed with new crop futures mostly ticking higher on lower-than-expected area planted to soybeans in 2024, estimated in the Acreage report. September corn tumbled 15¢ to close at $4.07½ a bu. Chicago September wheat declined 6¢ to close at $5.73½ per bu. Kansas City September wheat dropped 10½¢ to close at $5.86¼ a bu. Minneapolis September wheat deleted 5¢ to close at $6.13 per bu; later months were mixed. August soybeans ticked 2¾¢ lower to close at $11.33½ per bu; January 2025 and beyond were higher. August soybean meal was down $2.10 and closed at $346 per ton. August soybean oil advanced 0.34¢ and closed at 44.07¢ a lb.
  • US equity markets closed lower Friday, with the Dow Jones Industrial and S&P 500 indexes notching losses for the week. Despite the declines, analysts indicated an optimistic outlook as the first two quarters of 2024 have managed to bypass a recession while stocks have reached multiple record highs. The Dow Jones Industrial Average deleted 45.20 points, or 0.12%, to close at 39,118.86. The Standard & Poor’s 500 dropped 22.39 points, or 0.41%, to close at 5,460.48. The Nasdaq Composite fell 126.08 points, or 0.71%, to close at 17,732.60.
  • US crude oil dipped lower Friday. The August West Texas Intermediate light, sweet crude future lost 20¢ to close at $81.54 per barrel.
  • The US dollar index declined again Friday. 
  • US gold prices edged higher Friday. The August contract added $3 to close at $2,339.60 per oz.

Recap for June 27

  • Wheat futures posted solid gains Thursday amid bargain buying after recent sharp losses, strong export demand and lower-than-expected planted wheat area in Canada. Both soybean and nearby corn futures eased on weaker demand amid expectations for ample domestic crop production this year. September corn slipped 3¢ to close at $4.22½ a bu; September 2025 and beyond ticked higher. Chicago September wheat jumped 19¢ to close at $5.79½ per bu. Kansas City September wheat added 12¼¢ to close at $5.96¾ a bu. Minneapolis September wheat advanced 14¢ to close at $6.18 per bu. August soybeans were 6¢ lower to close at $11.36¼ per bu. August soybean meal was up $1.10 and closed at $348.10 per ton; later months were mixed, mostly higher. August soybean oil edged up 0.01¢ and closed at 43.73¢ a lb; later months were mixed, mostly lower.
  • US equity markets were modestly higher Thursday as investors assessed fresh economic data that offered a mixed view of the economy’s status. The Department of Labor said 233,000 jobless claims were filed this week, down from the previous week and below pre-report expectations. However, the Department said recurring jobless claims rose to their highest level since late 2021. The Bureau of Economic Development said the annual rate of real gross domestic product rose to 1.4% in the first quarter, up from 1.3% previously. The Dow Jones Industrial Average rose 36.26 points, or 0.09%, to close at 39,164.06. The Standard & Poor’s 500 added 4.97 points, or 0.09%, to close at 5,482.87. The Nasdaq Composite advanced 53.53 points, or 0.30%, to close at 17,858.68.
  • US crude oil advanced Thursday. The August West Texas Intermediate light, sweet crude future added 84¢ to close at $81.74 per barrel.
  • The US dollar index declined Thursday. 
  • US gold prices were higher Thursday. The August contract jumped $23.40 to close at $2,336.60 per oz.

Recap for June 26

  • Wheat futures were mixed on Wednesday as traders positioned themselves ahead of Friday’s Grain Stocks and Acreage reports from the US Department of Agriculture. The reports weighed on corn and soybean futures, with an outlook for improved weather across parts of the Corn Belt adding further pressure. July corn dropped 5½¢ to close at $4.20 a bu. Chicago July wheat slipped ½¢ to close at $5.41¼ per bu; later months were narrowly mixed. Kansas City July wheat added 4¢ to close at $5.80 a bu. Minneapolis July wheat ticked up ¼¢ to close at $5.96 per bu; March 2025 and later edged lower. July soybeans were ½¢ lower to close at $11.62¾ per bu. July soybean meal lost $4.40 and closed at $360.90 per ton. July soybean oil advanced 0.69¢ and closed at 43.45¢ a lb.
  • US equity markets closed higher Wednesday, led by the Nasdaq Composite and news that Amazon became the fifth US company to cross the $2 trillion valuation mark for the first time. The Dow Jones Industrial Average rose 15.64 points, or 0.04%, to close at 39,127.80. The Standard & Poor’s 500 added 8.60 points, or 0.16%, to close at 5,477.90. The Nasdaq Composite advanced 87.50 points, or 0.49%, to close at 17,805.16.
  • US crude oil was slightly higher Wednesday. The August West Texas Intermediate light, sweet crude future rose 7¢ to close at $80.90 per barrel.
  • The US dollar index strengthened again Wednesday. 
  • US gold prices were down again Wednesday. The August contract lost $17.60 to close at $2,313.20 per oz.

Recap for June 25

  • Wheat futures continued their downward slide Tuesday, mainly due to harvest pressure of the domestic crop and reviving rains in Russia after a period of extreme dryness. Despite ongoing impacts from flooding in the Upper Midwest and expectations for more heavy rainfall later this week, both soybean and corn futures were lower on ideas the surplus water may offset recent stress from extreme heat. July corn dropped 8¢ to close at $4.25½ a bu. Chicago July wheat fell 10¾¢ to close at $5.41¾ per bu. Kansas City July wheat subtracted 5½¢ to close at $5.76 a bu. Minneapolis July wheat deleted 9½¢ to close at $5.95¾ per bu. July soybeans fell 12¢ to close at $11.63¼ per bu. July soybean meal lost $7.50 and closed at $365.30 per ton. July soybean oil tumbled 0.73¢ and closed at 42.76¢ a lb.
  • US equity markets were mixed again Tuesday. The tech-focused Nasdaq gained 1.3% by the closing bell, due mainly to a rebound in Nvidia stock after the AI chipmaker posted losses in the prior three sessions. But there was pressure from a lower consumer confidence report and a recent comment from a Federal Reserve committee member who said she’s willing to boost interest rates if inflation remains resistant. The Dow Jones Industrial Average fell 299.05 points, or 0.76%, to close at 39,112.16. The Standard & Poor’s 500 added 21.43 points, or 0.39%, to close at 5,469.30. The Nasdaq Composite jumped 220.84 points, or 1.26%, to close at 17,717.65.
  • US crude oil was lower Tuesday. The August West Texas Intermediate light, sweet crude future dropped 80¢ to close at $80.83 per barrel.
  • The US dollar index strengthened Tuesday.
  • US gold prices dropped Tuesday. The June contract (expiring Wednesday, June 26) fell $13.40 to close at $2,316.60 per oz. The August contract was down $13.60 to close at $2,330.80 per oz.