Recap for April 8

  • Fund buying, a weaker US dollar and weather concerns pushed wheat, corn and soybean futures higher Thursday. Dry northern Plains weather was expected to slow spring planting, which supported spring and winter wheat futures, as did frigid temperatures in Europe and the Black Sea region. Corn and soybean futures were buoyed in part by positioning ahead of Friday’s supply-demand report. May corn jumped 19¼¢ to close at $5.79¾ a bu. Chicago May wheat added 12½¢ and closed at $6.28¾ a bu. Kansas City May wheat advanced 13¼¢, closing at $5.76½ a bu. Minneapolis May added 15¾¢, closing at $6.40¼ a bu. May soybeans added 6¼¢ and closed at $14.15¼ a bu. May soybean meal eased $2.30, closing at $406.80 a ton. May soybean oil advanced 0.53¢ to close at 53.38¢ a lb.
  • A resurgence in big technology stocks pushed US equity markets higher Thursday. The S&P 500 recorded its 19th record-high close of 2021. The Dow Jones Industrial Average added 57.31 points, or 0.17%, closing at 33,503.57. The Standard & Poor’s 500 Index added 17.22 points, or 0.42%, to close at 4,097.17. The Nasdaq Composite added 140.47 points, or 1.03%, to close at 13,829.31.
  • US crude oil futures declined Thursday as the market continued to consolidate near the $60-per-barrel level awaiting signals for how spring and summer demand will look. The May contract was down 17¢, settling at $59.60 per barrel.
  • The US dollar index changed course for the second time in as many days, closing lower Thursday.
  • US gold futures advanced as the dollar declined. The April contract was up $16.70 to settle at $1,756.80 per oz.

Recap for April 7

  • In quiet trading, corn and wheat futures advanced and soybeans declined Wednesday. Wheat futures advanced on ideas that dry soils across the US northern Plains and Canadian prairie may inhibit germination of the spring wheat crop. Corn futures closed higher two days before new USDA supply-and-demand numbers that are expected to show increased exports. The April 9 USDA supply-and-demand report weighed on soybean futures as it was expected to show more global demand being filled by South America’s crop to the detriment of US exports. May corn added 6¼¢ to close at $5.60½ a bu. Chicago May wheat edged up ¾¢ and closed at $6.16¼ a bu. Kansas City May wheat jumped 7¾¢, closing at $5.63¼ a bu. Minneapolis May added 13½¢, closing at $6.24½ a bu. May soybeans deleted 10¢ and closed at $14.08¾ a bu. May soybean meal added $2.70, closing at $409.10 a ton. May soybean oil declined 1.07¢ to close at 52.85¢ a lb.
  • US equity markets recorded mixed closes after seesawing between small gains and losses throughout much of Wednesday’s session. While the tech-heavy Nasdaq faltered, the DJIA edged higher and the broad benchmark S&P 500 notched its 18th record-high close of 2021 after the release of notes from the most recent Federal Reserve policy meeting indicated the central bank plans to continue to support markets and the recovering economy. The Dow Jones Industrial Average added 16.02 points, or 0.05%, closing at 33,446.26. The Standard & Poor’s 500 Index added 6.01 points, or 0.15%, to close at 4,079.95. The Nasdaq Composite fell 9.54 points, or 0.07%, to close at 13,688.84.
  • US crude oil futures advanced Wednesday after an Energy Information Administration report indicated US commercial crude oil inventories in the week ended April 2 decreased by 3.5 million barrels from a week earlier. The May contract was up 44¢, settling at $59.77 per barrel.
  • The US dollar index turned higher Wednesday for the first time in four trading days.
  •  US gold futures declined as the dollar turned higher. The April contract was down $1.40 to settle at $1,740.10 per oz.

Recap for April 6

  • Soybean futures advanced Tuesday on tight supply concerns. Nearby corn futures eked out gains after choppy trading with support from supply concerns and South American crop delays. Wheat futures were mixed, winter lower, spring higher, as traders weighed international demand for US supply with crop conditions. May corn added 1¢ to close at $5.52¼ a bu, later months were mostly lower. Chicago May wheat fell 2½¢ and closed at $6.15½ a bu. Kansas City May wheat fell 7½¢, closing at $5.55½ a bu. Minneapolis May added 3½¢, closing at $6.11 a bu. May soybeans added 6¢ and closed at $14.18¾ a bu. May soybean meal added 10¢, closing at $406.40 a ton, later months were mostly lower. May soybean oil advanced 1.11¢ to close at 53.92¢ a lb.
  • US equity markets slipped Tuesday after two major indexes recorded record closes a day earlier. Investors saw a need for caution on the potential for additional volatility in government bonds and on rising coronavirus cases. But most remained optimistic overall that a rapid economic recovery was in store due to government spending, vaccinations and the relaxing of COVID-based restrictions. The Dow Jones Industrial Average fell 96.95 points, or 0.29%, closing at 33,430.24. The Standard & Poor’s 500 Index fell 3.97 points, or 0.10%, to close at 4,073.94. The Nasdaq Composite fell 7.21 points, or 0.05%, to close at 13,698.38.
  • US crude oil futures advanced Tuesday as rising production from major global producers was thought to be needed to accommodate recovering demand as the pandemic eases. The May contract was up 68¢, settling at $59.33 per barrel.
  • The US dollar index closed lower Tuesday for a fourth straight trading day.
  • US gold futures advanced as the dollar continued to decline. The April contract was up $14.50 to settle at $1,741.50 per oz.

Recap for April 5

  • Soybeans futures advanced Monday on ideas that smaller-than-expected US plantings could fall short of demand. Wheat futures were mixed, KC lower but Chicago and Minneapolis advancing on improved export demand. Nearby corn futures retreated after hitting their highest levels since June 2013 last week. May corn fell 6½¢ to close at $5.53¼¢ a bu, but most later months were higher. Chicago May wheat added 7¢ and closed at $6.18 a bu. Kansas City May wheat fell 2¢, closing at $5.63 a bu. Minneapolis May added 8¢, closing at $6.07½ a bu. May soybeans added 10¾¢ and closed at $14.12¾ a bu. May soybean meal dropped $3.90, closing at $406.30 a ton. May soybean oil advanced 0.68¢ to close at 52.81¢ a lb.
  • Equity markets surged higher Monday, the DJIA and S&P 500 to records, on signs of an economic rebound, including employers adding a seasonally-adjusted 916,000 jobs in March. The Dow Jones Industrial Average added 373.98 points, or 1.13%, closing at 33,527.19. The Standard & Poor’s 500 Index added 58.04 points, or 1.44%, to close at 4,077.91. The Nasdaq Composite added 225.49 points, or 1.67%, to close at 13,705.59.
  • US crude oil futures declined Monday. The May contract was down $2.80, settling at $58.65 per barrel.
  • The US dollar index closed lower Monday for a third straight trading day.
  • US gold futures advanced as the dollar slid. The April contract was up 50¢ to settle at $1,727 per oz.

Recap for April 1

  • Nearby soybean contracts declined Thursday on profit-taking while back months rose on concerns US plantings could fall short of demand. The dynamic was the same in corn futures, as the nearby months turned lower a day after reaching multi-year highs. Wheat futures were mixed, mostly lower amid a dearth of supportive news and mostly favorable growing conditions in the Northern Hemisphere. May corn fell 4½¢ to close at $5.59¾¢ a bu, most later months were higher. Chicago May wheat dropped 7¢ and closed at $6.11 a bu. Kansas City May wheat deleted 10¾¢, closing at $5.65 a bu; furthest deferred months were higher. Minneapolis May fell 11¼¢, closing at $5.99½ a bu. May soybeans shed 34¾¢ and closed at $14.02 a bu; later months were mixed, mostly lower. May soybean meal dropped back $13, closing at $423.20 a ton. May soybean oil dropped 0.79¢ to close at 52.13¢ a lb.
  • US equity markets closed higher to start the second quarter and the S&P 500 closed above 4,000 points for the first time after closing out its fourth consecutive quarterly advance a day earlier. Energy companies Diamondback Energy, Marathon Oil and Devon Energy were the biggest gainers as the price of crude oil advanced. The Dow Jones Industrial Average added 171.66 points, or 0.52%, closing at 33,153.21. The Standard & Poor’s 500 Index added 46.98 points, or 1.18%, to close at 4,019.87. The Nasdaq Composite added 233.23 points, or 1.76%, to close at 13,480.11.
  • US crude oil futures advanced Thursday. The May contract was up $2.29, settling at $61.45 per barrel. Support came from an announcement from the Organization of the Petroleum Exporting Countries that it would bump output because it forecast strong demand.
  • The US dollar index closed lower Thursday for a second straight day.
  • US gold futures advanced as the dollar slid. The April contract was up $12.70 to settle at $1,726.50 per oz.