Home » Global vegetable oil markets push soybean futures higher
Recap for July 13
- Strength in global vegetable oil markets and soybean oil sent soybean futures higher Tuesday. Winter wheat futures eased on profit-taking a day after some contracts jumped 4%, while Minneapolis wheat futures continued to be underpinned by the USDA’s projection of a smaller-than-expected US spring wheat crop. Corn futures advanced on chart-based buying and a potential tightening of US supplies if Brazil’s crop losses push more export business to the United States. September corn added 6¢ to close at $5.51¼ a bu. Chicago September wheat fell 7¢ to close at $6.33¾ a bu. Kansas City September wheat declined 3½¢ to close at $6.11¾ a bu. Minneapolis September wheat added 4½¢ to close at $8.61¾ a bu; May 2022 and beyond were lower. August soybeans were up 10½¢ to close at $14.14¾ a bu. August soybean meal eased 50¢, closing at $356.50 a ton. August soybean oil added 1.49¢ to settle at 65.54¢ a lb.
- The S&P 500 and Nasdaq gave up early gains and joined the Dow industrials in the red Tuesday after the Labor Department said June’s Consumer Price Index increased 5.4% from a year ago, the highest 12-month rate since August 2008. The core price index, which excludes the often-volatile categories of food and energy, rose 4.5% from a year before. The Dow Jones Industrial Average fell 107.39 points, or 0.31%, closing at 34,888.79. The Standard & Poor’s 500 Index fell 15.42 points, or 0.35%, to close at 4,369.21. The Nasdaq Composite fell 55.59 points, or 0.38%, to close at 14,677.65.
- US crude oil futures built on gains Tuesday after an International Energy Agency report said the failure of OPEC and its allies to agree on a plan to ease production cuts in August means oil market traders face contradictory worries of both undersupply and oversupply. The August contract was up $1.15 to settle at $75.25 per barrel.
- The US dollar index continued with an upward trajectory Tuesday.
- US gold futures advanced despite the stronger dollar. The August contract was up $4 at $1,809.90 per oz.
Recap for July 12
- Wheat futures went on an upward tear to open the week after the US Department of Agriculture projected 2021 US all-wheat production at 1,746 million bus, below the average of analysts’ estimates of 1,847 million, including other spring wheat production at 345 million bus, down 41% from last year. Corn futures advanced despite an increased production estimate from the USDA as unfavorable crop weather in parts of the Corn Belt remained a concern. Tight supply and weather concerns boosted soy complex futures even as the USDA left unchanged from June its 2021 soybean production estimate of 4,405 million bus. September corn added 15¾¢ to close at $5.45¼ a bu. Chicago September wheat jumped 25¾¢ to close at $6.40¾ a bu. Kansas City September wheat advanced 21¼¢ to close at $6.15¼ a bu. Minneapolis September wheat soared 43¢ to close at $8.57¼ a bu. August soybeans were up 25¢ to close at $14.04¼ a bu. August soybean meal added $2.40, closing at $357 a ton. August soybean oil added 1.70¢ to settle at 64.05¢ a lb.
- Investors piled into shares of a broad-based array of large US companies a day before second-quarter earnings season kicks off. While consumer staples and energy sectors declined, financial stocks led with an advance of 1%. All three major US equity indexes notched a second record-high close in as many sessions. The Dow Jones Industrial Average added 126.02 points, or 0.36%, closing at 34,996.18. The Standard & Poor’s 500 Index added 15.08 points, or 0.35%, to close at 4,384.63. The Nasdaq Composite added 31.32 points, or 0.21%, to close at 14,733.24.
- US crude oil futures declined Monday. The August contract subtracted 46¢ to settle at $74.10 per barrel.
- The US dollar index was higher Monday after closing the prior week on a downswing.
- US gold futures were lower Monday as the US dollar turned higher. The August contract was down $4.70 at $1,805.90 per oz.
Recap for July 9
- Rainfall and cooler temperatures beneficial to the developing crop sent corn futures lower Friday and down about 10% to 11% for the week. Soybean futures advanced on persistent dryness in parts of the Midwest that could negatively affect yields But the oilseed’s futures were lower on the week after rainy weather eased those concerns in some areas. Harvest progress in the eastern US and weakness in corn sent Chicago soft red winter wheat futures lower, while hard red winter and spring wheat futures were higher. September corn fell 7¼¢ to close at $5.29½ a bu. Chicago September wheat fell 3¢ to close at $6.15 a bu. Kansas City September wheat added 6¢ to close at $5.94 a bu. Minneapolis September wheat rose 9¼¢ to close at $8.14¼ a bu. August soybeans added 14¢ to close at $13.79¼ a bu. August soybean meal declined $2.70, closing at $354.10 a ton. August soybean oil added 1.87¢ to settle at 62.35¢ a lb.
- Strong gains Friday helped major US equity indexes notch weekly gains and fresh record-high closes to end a volatile week. The Dow Jones Industrial Average added 448.23 points, or 1.30%, closing at 34,870.16. The Standard & Poor’s 500 Index added 48.73 points, or 1.13%, to close at 4,369.55. The Nasdaq Composite added 142.13 points, or 0.98%, to close at 14,701.92.
- US crude oil futures advanced Friday. The August contract added 74¢ to settle at $72.94 per barrel.
- The US dollar index declined for a second day Friday after opening the week on the upswing.
- US gold futures were higher Friday as the US dollar continued to decline. The August contract was up $10.40 at $1,810.60 per oz.
Recap for July 8
- Forecasts for rain and cooler temperatures that would be beneficial as the corn crop enters pollination pressured most corn futures Thursday. Those forecasts also ultimately pulled most soybean futures lower after early gains. Despite support from the front five Kansas City contracts, Chicago and most Minneapolis wheat futures were pulled lower with influence from corn. September corn fell 6¢ to close at $5.36¾ a bu. Chicago September wheat fell 4¼¢ to close at $6.18 a bu. Kansas City September wheat added 3½¢ to close at $5.88 a bu; contracts beyond May 2022 eased. Minneapolis September wheat fell 3¢ to close at $8.05 a bu. August soybeans fell 1½¢ to close at $13.65¼ a bu. August soybean meal declined $1.90, closing at $356.80 a ton. August soybean oil fell 0.58¢ to settle at 60.48¢ a lb.
- In a marked reversal from last week, investors retreated from risky assets in a broad-based selloff that caused all three major US equity indexes to post their worst daily performance in nearly three weeks. The Dow Jones Industrial Average fell 259.86 points, or 0.75%, closing at 34,421.93. The Standard & Poor’s 500 Index fell 37.31 points, or 0.86%, to close at 4,320.82. The Nasdaq Composite fell 105.28 points, or 0.72%, to close at 14,559.78.
- US crude oil futures advanced Thursday. The August contract added 74¢ to settle at $72.94 per barrel.
- The US dollar index followed two higher sessions with a decline Thursday.
- US gold futures declined Thursday even as the US dollar eased. The August contract was down $1.90 at $1,800.20 per oz.
Recap for July 7
- Soybean futures on Wednesday recouped some of the previous day’s sharp losses as lower-than-expected crop ratings pared hopes rainy weather would improve field conditions. Wheat futures were mixed, Chicago soft winter wheat declining, KC hard winter wheat little changed and Minneapolis spring wheat higher as concerns about hot, dry northern Plains weather ramped back up. Wetter, cooler weather again pressured corn futures. September corn fell 9¼¢ to close at $5.42¾ a bu. Chicago September wheat fell 3¾¢ to close at $6.22¼ a bu. Kansas City September wheat edged up ¾¢ to close at $5.84½¢ a bu; later contracts were unchanged or higher in a small range. Minneapolis September wheat jumped 14¾¢ to close at $8.08 a bu. August soybeans jumped 22½¢ to close at $13.66¾ a bu. August soybean meal added $2.10, closing at $358.70 a ton. August soybean oil added 0.66¢ to settle at 61.06¢ a lb.
- Investors sought guidance in the release of the minutes from the Federal Reserve’s most recent meeting and sent US equity markets higher Wednesday. The Nasdaq extended its winning streak to four sessions and closed at a fresh record high. The Dow Jones Industrial Average added 104.42 points, or 0.30%, closing at 34,681.79. The Standard & Poor’s 500 Index added 14.59 points, or 0.34%, to close at 4,358.13. The Nasdaq Composite advanced 1.42 points, or 0.01%, to close at 14,665.06.
- US crude oil futures declined Wednesday. The August contract fell $1.17 to settle at $72.20 per barrel.
- The US dollar index extended gains to a second day Wednesday.
- US gold futures advanced again Wednesday despite the stronger dollar. The August contract was up $7.90 at $1,802.10 per oz.
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