Home » Ag commodities falter on weather; winter wheat harvest heats up
Recap for June 14
- Corn futures tumbled nearly 4% Monday on improved crop weather forecasts. Soybean futures were down sharply for the same reason with additional spillover pressure from soybean oil and Malaysian palm oil futures. Wheat futures dipped on spillover weakness from corn and soybean futures and on pressure from advancing winter wheat harvest. July corn fell 25¼¢ to close at $6.59¼ a bu. Chicago July wheat fell 6¼¢ to close at $6.74½ a bu. Kansas City July fell 10¢ to close at $6.28 a bu. Minneapolis July wheat deleted 18¼¢ to close at $7.46½ a bu. July soybeans plummeted 36¼¢ to close at $14.72¼ a bu. July soybean meal declined $9.40, closing at $373.90 a ton. July soybean oil fell 1.02¢ to close at 65.96¢ a lb.
- Despite losses from sectors reopening after the pandemic, including cruise ships and brick-and-mortar stores, the Nasdaq and S&P 500 achieved fresh closing records Monday. However, the Dow industrials index declined, although ending well above the day’s lows. Ultimately, moves across the equity markets were muted ahead of a two-day Federal Reserve policy meeting later this week. The Dow Jones Industrial Average fell 85.85 points, or 0.25%, closing at 34,393.75. The Standard & Poor’s 500 Index added 7.71 points, or 0.18%, to close at 4,255.15. The Nasdaq Composite added 104.72 points, or 0.74%, to close at 14,174.14.
- US crude oil futures were mixed Monday. The expiring July contract was down 3¢ at $70.88 a barrel, but forward months were higher, including the August contract, up 3¢ at $70.63 per barrel.
- The US dollar index weakened to start the trading week.
- US gold futures retreated despite the lower dollar. The June contract was down $13.40 at $1,864 per oz.
Recap for June 11
- Soyoil futures were down their daily trading limit during Friday’s session, pressured by concerns about renewable fuel feedstocks after the Biden administration indicated it was considering changes to biofuel blending mandates. Corn and soybean futures fell for the same reason. Cash spring wheat weakness on recent rains in North Dakota spilled over to wheat futures, which also were lower Friday. July corn fell 14½¢ to close at $6.84½ a bu. Chicago July wheat fell 3¢ to close at $6.80¾ a bu. Kansas City July fell 2¼¢ to close at $6.38 a bu. Minneapolis July wheat deleted 10¾¢ to close at $7.64¾ a bu. July soybeans plummeted 35½¢ to close at $15.08½ a bu. July soybean meal gained $1.70, closing at $383.30 a ton. July soybean oil fell 3.48¢ to close at 66.98¢ a lb.
- US equity markets closed higher Friday after trading sideways most of the session. The Dow Jones Industrial Average added 13.36 points, or 0.04%, closing at 34,479.60, posting a narrow weekly loss. The Standard & Poor’s 500 Index added 8.26 points, or 0.19%, to close at 4,247.44 and notch a third straight weekly gain. The Nasdaq Composite added 49.09 points, or 0.4%, to close at 14,069.42 for a modest weekly gain.
- US crude oil futures advanced Friday, the July contract up 62¢ to $70.91 a barrel.
- The US dollar index strengthened at the close of the week.
- US gold futures retreated as the dollar strengthened. The June contract was down $16.80 at $1,877.40 per oz.
Recap for June 10
- Corn futures rallied to the highest levels in a month Thursday after the US Department of Agriculture increased its demand outlook for ethanol makers and exporters and cut its end-of-season supply forecast. Soybean futures were mixed, with old-crop contracts falling after the USDA lowered its crush outlook. Wheat futures were mixed. Soft red winter contracts were mostly lower, while Minneapolis spring wheat futures closed higher on concerns about drought-reduced production. July corn advanced 8¼¢ to close at $6.99 a bu. Chicago July wheat added 1½¢ to close at $6.83¾ a bu, most later months were lower. Kansas City July added 4½¢ to close at $6.40¼ a bu, though September 2022-forward contracts eased. Minneapolis July wheat jumped 11¼¢ to close at $7.75½ a bu. July soybeans fell 18½¢ to close at $15.44 a bu, though later months were mixed. July soybean meal lost $4.80, closing at $381.60 a ton; later months were mixed. July soybean oil fell 1.13¢ to close at 70.46¢ a lb, though most later months were higher.
- US equity markets closed higher as investors balanced optimism in the economic recovery versus concerns about inflation and supply shortages. The S&P 500 notched a fresh closing record and the DJIA and Nasdaq were within 1% of all-time highs set this spring. The Dow Jones Industrial Average added 19.10 points, or 0.06%, closing at 34,466.24. The Standard & Poor’s 500 Index added 19.63 points, or 0.47%, to close at 4,239.18. The Nasdaq Composite added 108.58 points, or 0.78%, to close at 14,020.33.
- US crude oil futures advanced Thursday, the July contract up 33¢ to $70.29 a barrel.
- The US dollar index closed lower Thursday after two straight higher days.
- US gold futures turned higher as the dollar weakened. The June contract was up $1 at $1,894.20 per oz.
Recap for June 9
- Forecasts for more hot, dry weather in key Midwestern production areas sent corn futures higher Wednesday, while soybean futures followed a weakening cash market lower. Wheat futures were mixed, mostly lower in cases of soft winter and spring wheat futures, the latter pressured by arrival of some rain in the northern Plains. July corn advanced 10¾¢ to close at $6.90¾ a bu. Chicago July wheat fell 2¾¢ to close at $6.82¼ a bu. Kansas City July added 3¼¢ to close at $6.35¾ a bu, though later contracts were mixed. Minneapolis July wheat fell 7¢ to close at $7.64¼ a bu; only the July 2022 contract advanced. July soybeans fell 17½¢ to close at $15.62½ a bu. July soybean meal fell $3.40, closing at $386.40 a ton; furthest 2022 contracts edged higher. July soybean oil slipped 0.49¢ to close at 71.59¢ a lb.
- US equity markets pulled back Wednesday as financial, industrial and consumer sector losses more than offset gains by health care stocks such as Johnson & Johnson and tech stocks that included Microsoft and Apple. The Dow Jones Industrial Average fell 152.68 points, or 0.44%, closing at 34,447.14. The Standard & Poor’s 500 Index fell 7.71 points, or 0.18%, to close at 4,219.55. The Nasdaq Composite fell 13.16 points, or 0.09%, to close at 13911.75.
- US crude oil futures eased Wednesday, the July contract down 9¢ to $69.96 a barrel.
- The US dollar index closed higher for a second straight day Wednesday.
- US gold futures edged higher despite the strengthening dollar. The June contract was up $1 at $1,893.20 per oz.
Recap for June 8
- Soybean futures advanced sharply Tuesday after USDA crop condition ratings released Monday afternoon fell short of analysts’ expectations. Technical buying after Monday’s declines sent nearby winter wheat futures higher but improved Canadian spring wheat crop prospects after weekend rains sent US spring wheat futures mostly lower for a second day. Corn futures advanced as hot, dry weather had potential to reduce yields. July corn edged up ¾¢ to close at $6.80 a bu. Chicago July wheat added 5¢ to close at $6.85 a bu, but later months were mixed. Kansas City July added 2½¢ to $6.32½ a bu, though July 2022 and beyond were lower. Minneapolis July wheat dropped 13¾¢ to close at $7.71¼ a bu. July soybeans jumped 19¾¢ to close at $15.80 a bu. July soybean meal added $2.90, closing at $389.80 a ton. July soybean oil rose 1.25¢ to close at 72.08¢ a lb.
- Narrow swings between gains and losses resulted in mixed closes in US equity markets Tuesday. The S&P 500 managed a gain and posted its third-highest close on record. The Nasdaq also rallied in a third straight session of gains. The Dow Jones Industrial Average fell 30.42 points, or 0.09%, closing at 34,599.82. The Standard & Poor’s 500 Index edged up 0.74 points, or 0.02%, to close at 4,227.26. The Nasdaq Composite added 43.19 points, or 0.31%, to close at 13,924.91.
- US crude oil futures advanced Tuesday, the July contract up 82¢ to $70.05 a barrel.
- The US dollar index closed higher for the first time in three sessions.
- US gold futures were lower as the dollar strengthened. The June contract was down $4.60 at $1,892.20 per oz.
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