Recap for April 16
- US equity markets climbed at the close of the week as banks and other shares advanced on positive earnings reports and signs of economic growth, including Thursday’s Commerce Department report indicating retail sales — a measure of purchases at stores, restaurants and online — jumped 9.8% in March. The DJIA notched a third straight day of gains a day after striking 34,000 for the first time. The S&P 500 also posted a 22nd record closing high but the Nasdaq fell short of its February record. The Dow Jones Industrial Average jumped 164.68 points, or 0.48%, closing at a record 34,200.67. The Standard & Poor’s 500 Index added 15.05 points, or 0.36%, to close at a record 4,185.47. The Nasdaq Composite added 13.58 points, or 0.10%, to close at 14,052.34.
- The unwinding of long corn/short soybean spreads accumulated over the past few weeks sent soybean futures higher to close the week. On the losing end were corn futures, which were liquidated after investment firms built up a near-record bullish stake in the commodity. Wheat futures were mixed, down nearby in Chicago in a profit-takin setback in the aftermath of striking their highest levels since March 8. Dry northern Plains soils and cold weather concerns kept KC and Minneapolis futures firm, with spring wheat at contract highs nearby. May corn fell 4½¢ to close at $5.85½ a bu, but later months were narrowly mixed. Chicago May wheat dipped 1¼¢ and closed at $6.52½ a bu, though later months were mixed, mostly higher. Kansas City May wheat advanced 1½¢, closing at $6.09¼ a bu. Minneapolis May was up 1¢, closing at $6.64¼ a bu with later months mixed. May soybeans jumped 15¢ and closed at $14.33¼ a bu. May soybean meal added 30¢, closing at $402.20 a ton; later months were slightly lower. May soybean oil gained 1.44¢ to close at 56.33¢ a lb.
- US crude oil futures declined at the end of the week. The May contract dropped 33¢, settling at $63.13 per barrel, but posted wide gains for the week.
- The US dollar index slipped for a fifth straight session Friday.
- US gold futures continued to rise as the dollar weakened. The April contract was up $13.60, settling at $1,779 per oz.
Recap for April 15
- Strong earnings reports from such companies as Apple, Microsoft, BlackRock and UnitedHealth Group sent stocks climbing Thursday with additional support from upbeat economic data, including a Commerce Department report indicating US retail sales, which measures purchases at stores, restaurants and online, jumped 9.8% in March. The Dow Jones Industrial Average added 305.10 points, or 0.90%, closing at a record 34,035.99. The Standard & Poor’s 500 Index added 45.76 points, or 1.11%, to close at a record 14,038.76. The Nasdaq Composite added 180.92 points, or 1.31%, to close at 13,857.84.
- Soybeans hit a one-week high as traders said the market should buy acres away from corn to meet domestic and global demand. Concerns about dry conditions in the US Plains and cold temperatures in the Midwest supported wheat futures. Pressure from commercial hedging sent nearby corn futures lower. May corn fell 4¢ to close at $5.90 a bu. Chicago May wheat advanced 5¾¢ and closed at $6.53¾ a bu. Kansas City May wheat advanced 4¼¢, closing at $6.07¾ a bu. Minneapolis May was up 2¼¢, closing at $6.63¼ a bu. May soybeans added 8¼¢ and closed at $14.18¼ a bu. May soybean meal added $3.70, closing at $401.90 a ton. May soybean oil gained 0.65¢ to close at 54.89¢ a lb.
- US crude oil futures advanced for a fourth consecutive day Thursday. The May contract added 31¢, settling at $63.46 per barrel.
- The US dollar index slipped for a fourth straight day Thursday.
- US gold futures jumped as dollar weakened. The April contract was up $30.50, settling at $1,765.40 per oz.
Recap for April 14
- Ideas that a cold snap across the US Midwest and Plains could damage winter wheat and cause some growers to delay planting spring wheat and row crops pushed wheat, corn and soybean futures higher Wednesday. Wheat futures also were supported by dryness in the US northern Plains and European production areas. May corn added 14¢ to close at $5.94 a bu. Chicago May wheat advanced 18¼¢ and closed at $6.48 a bu. Kansas City May wheat jumped 18¾¢, closing at $6.03½ a bu. Minneapolis May was up 12¢, closing at $6.61 a bu. May soybeans soared 20½¢ and closed at $14.10 a bu. May soybean meal added $3.20, closing at $398.20 a ton. May soybean oil gained 1.21¢ to close at 54.24¢ a lb.
- US crude oil futures advanced for a third day Wednesday, supported by a 5.9-million-barrel decline in US oil inventories that topped pre-report forecasts, and a rise in demand for gasoline to 8.9 million barrels per day, an eight-month high. The May contract jumped $2.97, or 4.9%, settling at $63.15 per barrel. It was the largest one-day gain in three weeks and the highest closing price in four weeks.
- US equity markets saw mixed closes Wednesday amid enduring volatility. Technology share selloffs took some momentum out of the market and pared early gains on the DJIA. The Dow Jones Industrial Average added 53.62 points, or 0.16%, closing at 33,730.89. The Standard & Poor’s 500 Index dropped 16.93 points, or 0.41%, to close at 4,124.66. The Nasdaq Composite fell 138.26 points, or 0.99%, to close at 13,857.84.
- The US dollar index slipped lower for a third day Wednesday.
- US gold futures declined despite the weakening dollar. The April contract was down $11.30 to settle at $1,734.90 per oz.
Recap for April 13
- Strength in KC hard red winter wheat contracts supported all wheat futures Tuesday as crop size concerns remained a talking point due to enduring dry conditions on the US plains, with dryness also a factor in spring wheat areas. Corn and soybean futures were higher as funds re-entered those markets after two down days and traders said large harvests of both crops were required to meet domestic and export demand. May corn jumped 11¢ to close at $5.80 a bu. Chicago May wheat edged up 1¾¢ and closed at $6.29¾ a bu. Kansas City May wheat added 5¾¢, closing at $5.84¾ a bu. Minneapolis May added 6¼¢, closing at $6.49 a bu. May soybeans rose 7½¢ and closed at $13.89½ a bu. May soybean meal fell $6.90, closing at $395 a ton. May soybean oil gained 1.58¢ to close at 53.03¢ a lb.
- US equity markets were mixed Tuesday. The DJIA faltered as investors parsed the impact of rising inflation and a halted rollout of the Johnson & Johnson coronavirus vaccine. The Nasdaq and S&P 500 advanced, the latter a record-high close. The Dow Jones Industrial Average fell 68.13 points, or 0.20%, closing at 33,677.27. The Standard & Poor’s 500 Index gained 13.60 points, or 0.33%, to close at 4,141.59. The Nasdaq Composite added 146.10 points, or 1.05%, to close at 13,996.10.
- US crude oil futures advanced for a second day Tuesday. The May contract was up 48¢, settling at $60.18 per barrel.
- The US dollar index continued to ease Tuesday.
- US gold futures advanced as the dollar weakened. The April contract was up $15 to settle at $1,746.20 per oz.
Recap for April 12
- Bearish data on palm oil supplies sent soybean oil futures to their lowest level in six weeks, which weighed on soybean futures Monday, although soybean meal futures edged higher. Corn futures mostly weakened as funds liquidated their long positions a week after the most-active contract reached its highest level in eight years. Wheat futures declined Monday under pressure from concerns export demand for US supplies may be weakening after Russian agriculture consultancy IKAR raised its forecast for Russia’s 2021 wheat crop to 81 million tonnes from 79.8 million tonnes. May corn fell 8¼¢ to close at $5.69 a bu, though later months were mixed. Chicago May wheat fell 10¾¢ and closed at $6.28 a bu. Kansas City May wheat declined 7½¢, closing at $5.79 a bu. Minneapolis May fell 11¼¢, closing at $6.42¾ a bu. May soybeans shed 21¢ and closed at $13.82 a bu. May soybean meal rose 70¢, closing at $401.90 a ton. May soybean oil lost 1.40¢ to close at 51.45¢ a lb.
- US equity markets slipped Monday as investors positioned themselves for a slew of first-quarter earnings reports. The Dow Jones Industrial Average fell 55.20 points, or 0.16%, closing at 33,745.40. The Standard & Poor’s 500 Index eased 0.81 point, or 0.02%, to close at 4,127.99. The Nasdaq Composite shed 50.19 points, or 0.36%, to close at 13,850.00.
- US crude oil futures advanced Monday, snapping a two-day losing streak a day before the Organization of the Petroleum Exporting Countries is due to release a regular forecast of global supply and demand of oil. The May contract was up 38¢, settling at $59.70 per barrel.
- The US dollar index changed course for the fourth time in as many trading days, closing lower Monday.
- US gold futures declined despite the weakening dollar. The April contract was down $12.10 to settle at $1,731.20 per oz.