Recap for June 1

  • US corn, soybean, and wheat futures rallied to open the holiday-shortened trading week Tuesday. Supporting prices were a softer US dollar, strong corn export inspections and weather concerns in the northern Plains. July corn added 32¢ to close at $6.88¾ a bu. Chicago July wheat added 30¢ to close at $6.93½ a bu. Kansas City July added 24¼¢ to close at $6.37½ a bu. Minneapolis July wheat added 44¢ to close at $7.71½ a bu. July soybeans advanced 18¢ to close at $15.48½ a bu. July soybean meal added $3.20, closing at $398.70 a ton. July soybean oil advanced 1.60¢ to close at 67.39¢ a lb.
  • US equity markets saw mixed closes Tuesday after the Institute for Supply Management said its purchasing-managers index of manufacturing activity picked up in May, registering at 61.2, versus 60.7 in April, exceeding analysts’ expectations. The Dow Jones Industrial Average added 45.86 points, or 0.13%, closing at 34,575.31. The Standard & Poor’s 500 Index eased 2.07 points, or 0.05%, to close at 4,202.04. The Nasdaq Composite fell back 12.26 points, or 0.09%, to close at 13,736.48.
  • US crude oil futures closed higher Tuesday, the July contract was up $1.40 to close at $67.72 a barrel.
  • The US dollar index closed lower to open the week Tuesday.
  • US gold futures were mixed as the dollar declined. The June contract was up 40¢ at $1,902.90 per oz, though later contracts were unchanged or lower.

Recap for May 28

  • Wheat futures were mixed to close May trading. Winter wheat futures declined a day after sharp gains, while spring wheat futures jumped on concerns over a cold snap in the dry northern Plains that could damage the recently planted crop. Corn futures dropped a day after soaring more than 6% on strong export demand. Corn supported soybeans to a weekly gain despite lower closes on Friday. July corn fell 7¾¢ to close at $6.56¾ a bu. Chicago July wheat fell 12¾¢ to close at $6.63½ a bu. Kansas City July dropped 13¢ to $6.13¼ a bu. Minneapolis July wheat added 10¼¢ to close at $7.27¼ a bu. July soybeans fell 6½¢ to close at $15.30½ a bu. July soybean meal added $5.20, closing at $395.50 a ton. July soybean oil dipped 1.02¢ to close at 65.79¢ a lb.
  • Equity markets advanced to close the week. The Dow industrials and S&P 500 indexes notched month-over-month gains, the latter index for a fourth consecutive month. The tech-heavy Nasdaq notched a 1.5% monthly decline, snapping a six-month win streak. The Dow Jones Industrial Average added 64.81 points, or 0.19%, closing at 34,529.45. The Standard & Poor’s 500 Index edged up 3.23 points, or 0.08%, to close at 4,204.11. The Nasdaq Composite advanced 12.46 points, or 0.09%, to close at 13,748.74.
  • US crude oil futures closed lower Friday, the July contract was down 53¢ to $66.32 a barrel.
  • The US dollar index closed higher at the week’s end.
  • US gold futures advanced despite the dollar’s strength on Friday. The June contract was up $6.80 at $1,902.50 per oz.

Recap for May 27

  • Short-covering, technical buying and strong export demand sent nearby corn futures 6% higher Thursday. Wheat futures posted strong gains on the coattails of corn, with additional support from concerns the US Northern Plains would need an additional influx of moisture for proper development. Short-covering and technical buying also supported soybean gains, as did spillover support from corn futures. July corn skyrocketed 40¢ to close at $6.64½ a bu. Chicago July wheat soared 27¾¢ to close at $6.76¼ a bu. Kansas City July sailed 27½¢ higher to $6.26¼ a bu. Minneapolis July wheat jumped 36½¢ to close at $7.17¼ a bu. July soybeans were up 33½¢ to close at $15.37 a bu. July soybean meal added $6.50, closing at $390.30 a ton. July soybean oil advanced 1.13¢ to close at 66.81¢ a lb.
  • US equity markets were mixed Thursday. While the Nasdaq eased fractionally, the DJIA and broad S&P 500 advanced with support from a Labor Department report indicating initial unemployment claims for regular state programs fell last week to 406,000 from 444,000 the prior week. The Dow Jones Industrial Average added 141.59 points, or 0.41%, closing at 34,464.64. The Standard & Poor’s 500 Index edged up 4.89 points, or 0.12%, to close at 4,200.88. The Nasdaq Composite eased 1.72 points, or 0.01%, to close at 13,736.28.
  • US crude oil futures closed higher Thursday, the July contract was up 64¢ to $66.85 a barrel.
  • The US dollar index closed lower for the third time in four sessions on Thursday.
  • US gold futures eased despite the dollar’s weakness. The June contract was down $5.50 at $1,895.70 per oz.

Recap for May 26

  • Technical support and bargain buying led corn futures to a moderate recovery Wednesday from steep declines to the lowest levels in a month a day earlier. Soybean futures touched their lowest levels in a month under pressure from beneficial crop-boosting precipitation in the US Midwest and forecasts that called for additional rainfall there. Strong winter wheat crop prospects and rigorous export competition from Northern Hemisphere countries pressured wheat futures. July corn added 4¼¢ to close at $6.24½ a bu. Chicago July wheat fell 8¢ to close at $6.48½ a bu. Kansas City July dropped 5¾¢ to $5.98¾ a bu, though September 2022 and beyond edged higher. Minneapolis July wheat fell 2¢ to close at $6.80¾ a bu. July soybeans fell 8¼¢ to close at $15.03½ a bu, though deferred months advanced. July soybean meal was down $2.50, closing at $383.80 a ton, but later months were mixed, mostly higher. July soybean oil fell 1.01¢ to close at 65.68¢ a lb.
  • US equity markets were pushed higher Wednesday by investors’ increasing confidence the US central bank would continue to support the economic recovery despite nearby inflation indications. The Dow Jones Industrial Average added 10.59 points, or 0.03%, closing at 34,323.05. The Standard & Poor’s 500 Index added 7.86 points, or 0.19%, to close at 4,195.99. The Nasdaq Composite advanced 80.82 points, or 0.59%, to close at 13,738.00.
  • US crude oil futures closed higher, the July contract was up 14¢ to $66.21 a barrel.
  • The US dollar index closed higher Wednesday, its first advance of the week.
  • US gold futures kept climbing despite the turnaround in the dollar index. The June gold contract was up $3.20 at $1,901.20 per oz.

Recap for May 25

  • Corn futures declined Tuesday on beneficial Midwest rains, and selling picked up speed from technical selling. A strong winter wheat harvest outlook pressured wheat futures, as did spillover weakness from corn. Crop-boosting rain and pressure from corn also had a deleterious effect on soybean futures. July corn plummeted 37¢ to close at $6.20¼ a bu. Chicago July wheat fell 5¾¢ to close at $6.56½ a bu. Kansas City July dropped 10¾¢ to close at $6.04½ a bu. Minneapolis July wheat fell 2¢ to close at $6.82¾ a bu, though the September 2022 contract edged higher. July soybeans fell 11¢ to close at $15.11¾ a bu. July soybean meal was down $13.90, closing at $386.30 a ton. July soybean oil rose 1.56¢ to close at 66.69¢ a lb.
  • US equity markets opened modestly higher Tuesday before losing steam and closing lower as bitcoin prices declined after a period of volatility. The Dow Jones Industrial Average fell 81.52 points, or 0.24%, closing at 34,312.46. The Standard & Poor’s 500 Index slipped 8.92 points, or 0.21%, to close at 4,188.13. The Nasdaq Composite eased 4 points, or 0.03%, to close at 13,657.17.
  • US crude oil futures closed mixed in a 2¢ range. The July contract was up 2¢ to $66.07 a barrel.
  • The US dollar index closed lower for a second day this week.
  • US gold futures kept climbing as the dollar declined. The June gold contract was up $13.50 at $1,898 per oz.