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.

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.