Home » Grain, soy complex futures subdued ahead of USDA reports
Recap for June 29
- Wheat and soy complex futures closed mixed while corn futures mostly were higher Tuesday ahead of USDA Acreage and Grain Stocks reports at midday Eastern Time on Wednesday. Position squaring ahead of the reports was a feature in all markets. Nearby Minneapolis spring wheat futures hit eight-year highs in overnight trading before pulling back sharply and posting the largest declines of the day in the wheat complex. Winter wheat futures continued to be pressured by the advancing harvest. Spot July corn was up sharply but other months were narrowly mixed, mostly higher. Soy complex futures also ended mixed ahead of the reports. Weather remained the key feature in the corn, soybean and spring wheat markets, especially corn as the US crop enters its pollination phase and frost damage was reported in Brazil’s corn regions. July corn gained 19¢ to close at $6.94½ a bu; September edged up 1¢ to close at $5.59¼ a bu; the most deferred months were slightly lower. Chicago July wheat fell 6¼¢ to close at $6.39¾ a bu; later months were mixed. Kansas City July gained 1¢ to close at $6.19 a bu; other months were narrowly mixed, mostly lower. Minneapolis July wheat tumbled 22½¢ to close at $8.20 a bu. July soybeans gained 2¾¢ to close at $13.59¾ a bu. July soybean meal declined $3.20, closing at $348.40 a ton. July soybean oil was up 1.84¢ to close at 64.15¢ a lb.
- Major stock indexes posted small advances Tuesday, although some indexes, including the Russell 2000, declined. Traders in part were biding time ahead of domestic and global economic news and data reports later in the week. The Dow Jones Industrial Average gained 9.02 points, or 0.03%, to close at 34,292.29. The Standard & Poor’s 500 Index edged up 1.19 points, or 0.03%, to close at a record-high 4,291.80. The Nasdaq Composite advanced 27.83 points, or 0.19%, to close at a record-high 14,528.33.
- US crude oil futures edged higher Tuesday as the Organization of Petroleum Exporting Countries delayed its opening round of talks by one day to give members more time to settle production disagreements. The August contract edged up 7¢ to settle at $72.98 per barrel.
- The US dollar index closed higher on Tuesday.
- US gold futures declined as the dollar rose to a one-week high. The August contract was down $17.10 at $1,763.60 per oz.
Recap for June 28
- Corn and soy complex futures surged Monday on forecasts for hot, dry weather, despite beneficial weekend rainfall in some areas. Minneapolis spring wheat led wheat futures higher, also on dry weather concerns and overshadowing harvest pressure in winter wheat contracts. July corn surged 39¢ to close at $6.75½ a bu; September gained 28¢ to close at $5.58¼ a bu. Chicago July wheat rose 9¢ to close at $6.46 a bu. Kansas City July gained 17¾¢ to close at $6.18 a bu. Minneapolis July wheat added 20¢ to close at $8.42½ a bu. July soybeans jumped 27¼¢ to close at $13.57 a bu. July soybean meal advanced $4.40 closing at $351.60 a ton. July soybean oil was up 2.60¢ to close at 62.31¢ a lb.
- Major stock indexes closed mixed on Monday, although the S&P500 and the Nasdaq both closed at record highs. The market awaited the US June jobs report, global oil production news and European economic data later in the week. The Dow Jones Industrial Average dropped 150.57 points, or 0.44%, closing at 34,283.27 with pressure from lower Boeing and Chevron shares. The Standard & Poor’s 500 Index added 9.91 points, or 0.23%, to close at a record-high 4,290.61. The Nasdaq Composite jumped 140.12 points, or 0.98%, to close at a record-high 14,500.51.
- US crude oil futures declined Monday ahead of a meeting of the Organization for Petroleum Exporting Countries and ongoing concerns about fuel demand amid soaring cases of COVID-19 in India and some Asian countries. The August contract dropped $1.14 to settle $72.91 per barrel.
- The US dollar index closed higher to start the week.
- US gold futures advanced even as the dollar strengthened Monday on mixed signals of support from rising COVID-19 cases and pressure from the possibility of an interest rate hike by the US Federal Reserve. The August contract was up $2.90 at $1,780.70 per oz.
Recap for June 25
- Corn futures were lower Friday, the eleventh decline of the previous 13 trading days, under pressure from a Supreme Court ruling that shored up the arguments of small oil refineries seeking exemptions from a federal law requiring increasing levels of ethanol and other renewables to be blended with their products. The ruling also raised concerns about demand from the biofuel industry and weighed heavily on soybean oil and soybean futures. Soymeal futures, however, closed higher after the USDA announced a large sale to Mexico. Wheat futures were mixed Friday, with winter wheat contracts continuing to buckle under strong seasonal harvest pressure while spring wheat contracts were higher in the three front months with support from drought conditions in the northern Plains. September corn fell 19¢ to close at $5.30¼ a bu. Chicago July wheat fell 14¼¢ to close at $6.37 a bu. Kansas City July fell 5¾¢ to close at $6.00¼ a bu. Minneapolis July wheat added 13¼¢ to close at $8.22½ a bu, though all 2022 contracts were lower. July soybeans plummeted 41½¢ to close at $13.29¾ a bu. July soybean meal advanced $1.40, closing at $347.20 a ton. July soybean oil was down 2.99¢ to close at 59.71¢ a lb.
- Data indicating fresh acceleration in the world economy, along with optimism over potential additional fiscal stimulus, helped US equity markets to a remarkable week-over-week turnaround. The Dow industrials notched the biggest one-day advance since March early last week and kept rising, rallying to its best weekly performance since February. The Dow Jones Industrial Average added 237.02 points, or 0.69%, closing at 34,433.84. The Standard & Poor’s 500 Index edged up 14.21 points, or 0.33%, to close at a record-high 4,280.70. The Nasdaq Composite eased 9.32 points, or 0.06%, to close at a record-high 14,360.39.
- US crude oil futures advanced Friday, the commodity’s third straight advance. Markets expect the Organization for Petroleum Exporting Countries to increase production in the week of June 28, but not enough to satisfy the recovery’s growing demand. The August contract was up 75¢ to $74.05 per barrel.
- The US dollar index closed higher for a third straight day Friday after opening the week with two lower closes.
- US gold futures advanced even as the dollar strengthened Friday. The June contract was up $1 at $1,776.60 per oz.
Recap for June 24
- Harvest progression and ideas of ample global supplies weighed on most wheat futures, although enduring dry conditions pushed several spring wheat contracts higher. Corn futures declined nearby, but new-crop futures advanced as weather forecasts turned drier. Soybean futures turned lower Thursday as Midwestern rain alleviated some crop development concerns. September corn fell 1¾¢ to close at $5.49¼ a bu, though later months were mixed. Chicago July wheat fell 10¢ to close at $6.51¼ a bu. Kansas City July fell 6¢ to close at $6.06 a bu. Minneapolis July wheat added 4½¢ to close at $8.09¼ a bu, though later months were mixed. July soybeans fell 13¾¢ to close at $13.71¼ a bu. July soybean meal dropped $8.40 closing at $345.80 a ton. July soybean oil was up 0.57¢ to close at 62.70¢ a lb.
- US equity markets jumped higher after President Biden and a group of senators announced agreement on a $1 trillion infrastructure bill. The Dow Jones Industrial Average added 322.58 points, or 0.95%, closing at 34,196.82. The Standard & Poor’s 500 Index added 24.65 points, or 0.58%, to close at 4,266.49. The Nasdaq Composite added 97.98 points, or 0.69%, to close at a record high 14,369.71.
- US crude oil futures were higher, the August contract up 23¢ to $73.08, with later months edging higher.
- The US dollar index closed higher for the second straight day.
- US gold futures declined as the dollar strengthened. The June contract was down $6.70 at $1,775.60 per oz.
Recap for June 23
- Persistent drought conditions in the northern Plains sent spring wheat futures higher Wednesday, and winter wheat futures followed. Soybean futures declined as improved Midwest crop prospects offset an export sale to China. Beneficial rains in Iowa pressured corn futures, although the nearby contract reflecting old crop supply was higher. September corn fell 2¢ to close at $5.51 a bu. Chicago July wheat added 10¼¢ to close at $6.61¼ a bu. Kansas City July jumped 15½¢ to close at $6.12 a bu. Minneapolis July wheat jumped 21¾¢ to close at $8.04¾ a bu. July soybeans fell 9½¢ to close at $13.85 a bu. July soybean meal dropped $9.10 closing at $354.20 a ton. July soybean oil was up 1.46¢ to close at 62.13¢ a lb.
- US equity markets traded in narrow ranges most of Wednesday. The Dow industrials and S&P 500 slipped lower by closing bells, but the technology-focused Nasdaq put a fresh record in the books. The Dow Jones Industrial Average fell 71.34 points, or 0.21%, closing at 33,874.24. The Standard & Poor’s 500 Index eased 4.60 points, or 0.11%, to close at 4,241.84. The Nasdaq Composite added 18.46 points, or 0.13%, to close at 14,271.73.
- US crude oil futures were higher, the August contract up 23¢ to $73.08, and later months edging higher.
- The US dollar index closed higher Wednesday for the first time this week.
- US gold futures advanced despite the dollar’s strength. The June contract was up $6 at $1,782.30 per oz.