Corn, soybeans lower, wheat mixed ahead of reports

Recap for March 27

• Corn, soybeans and KC wheat futures declined Wednesday in positioning ahead of Thursday’s USDA grain stocks and prospective plantings reports. Chicago and Minneapolis wheat posted gains in technical trading.  May corn dropped 5¾¢ to close at $4.26¾ per bu. Chicago May wheat added 4¢ to close at $5.47½ per bu. Kansas City May wheat added 1¢ and closed at $5.78¼ per bu; September was steady and all later months declined. Minneapolis May wheat added 3¾¢ and closed at $6.51 per bu. May soybeans lost 6½¢ to close at $11.92½ per bu. May soybean meal was down 80¢ to close at $339 per ton. May soybean oil dropped 0.75¢ to close at 47.67¢ a lb.

• US gold futures advanced again Wednesday. The April contract added $13.40 to close at $2,190.60 per oz.

• The US dollar index closed higher Wednesday. 

• US equity markets snapped their losing streaks Wednesday. The S&P 500 was up 10% for the year and set to post a spectacular first quarter. The Dow Jones Industrial Average soared 477.75 points, or 1.22%, to close at 39,760.08. The Standard & Poor’s 500 jumped 44.91 points, or 0.86%, to close at 5,248.49. The Nasdaq Composite added 83.82 points, or 0.51%, to close at 16,399.52. 

• US crude oil prices were lower Wednesday. The May West Texas Intermediate light, sweet crude future fell 27¢ to close at $81.35 per barrel. 

Recap for March 26

• Technical trading took wheat futures lower Tuesday, two days before US Department of Agriculture reports will offer updates on supply, demand, stocks and planting intentions. Pressuring wheat was a stronger dollar, large Russian supplies and fading demand from China, the world’s second-largest economy. Soybean futures declined Tuesday as farmers offloaded old-crop supplies to reduce risk after Monday’s round of short-covering ahead of Thursday’s reports. Positioning, farmer selling and spillover pressure weighed on corn futures. May corn dropped 5¼¢ to close at $4.32½ per bu. Chicago May wheat fell 11½¢ to close at $5.43½ per bu. Kansas City May wheat lost 12¼¢ and closed at $5.77¼ per bu. Minneapolis May wheat shed 12¼¢ and closed at $6.47¼ per bu. May soybeans lost 10¼¢ to close at $11.99 per bu. May soybean meal was down $1.90 to close at $339.80 per ton. May soybean oil dropped 60¢ to close at 48.42¢ a lb.

• US gold futures advanced Tuesday. The April contract added 80¢ to close at $2,177.20 per oz and later months’ gains were slightly larger.

• The US dollar index closed higher Tuesday. 

• On Tuesday, US equity markets slid further from last week’s record highs. Recent signals the US economy is regaining solid footing were dampened slightly by the Conference Board’s consumer confidence index, which was at 104.7 for March, below analysts’ expected 107. Standing out with a 39% jump higher Tuesday was Krispy Kreme, Inc. after the announcement that their donuts would be available at McDonald’s. The Dow Jones Industrial Average fell 31.31 points, or 0.08%, to close at 39,283.33. The Standard & Poor’s 500 eased 14.61 points, or 0.28%, to close at 5,203.58. The Nasdaq Composite fell 68.77 points, or 0.42%, to close at 16,315.70. 

• US crude oil prices were lower Tuesday. The May West Texas Intermediate light, sweet crude future dipped 33¢ to close at $81.62 per barrel. 

Recap for March 25

• Winter wheat futures spiked Monday morning after a weekend of continued attacks by Russia on Ukrainian infrastructure that generated concerns about reduced exports from the region. Dry weather forecasts for the Black Sea also contributed to soaring futures, but the gains were trimmed sharply by the close in technical trading, and spring wheat futures declined. Soybean futures closed higher Monday in short covering ahead of this week’s quarterly grain stocks and prospective plantings reports from the US Department of Agriculture. Corn futures declined as ample supplies and soft demand more than offset spillover support from wheat. May corn fell 1½¢ to close at $4.37¾ per bu. Chicago May wheat edged up ¼¢ to close at $5.55 per bu. Kansas City May wheat eased 1¢ and closed at $5.89½ per bu; all forward months edged higher. Minneapolis May wheat shed 1½¢ and closed at $6.59½ per bu. May soybeans jumped 16¾¢ to close at $12.09¼ per bu. May soybean meal added $2.60 to close at $341.70 per ton; later months were mixed, but mostly higher. May soybean oil was up 1.38¢ to close at 49.02¢ a lb.

• US gold futures advanced Monday. The April contract added $16.40 to close at $2,176.40 per oz on Friday.

• The US dollar index closed lower Monday. 

• US equity indexes declined Monday, two of the three major indices for a second trading session since investors excited about the prospect of interest rate cuts sent them to record highs last week. United Airlines was one of the day’s biggest losers. The Dow Jones Industrial Average fell 162.26 points, or 0.41%, to close at 39,313.64. The Standard & Poor’s 500 eased 15.99 points, or 0.31%, to close at 5,218.19. The Nasdaq Composite fell 44.35 points, or 0.27%, to close at 16,384.47. 

• US crude oil prices were higher Monday. The May West Texas Intermediate light, sweet crude future added $1.32 to close at $81.95 per barrel. 

Recap for March 23

• Wheat complex futures advanced to close the week in short-covering moves with support from rising EU wheat prices, ideas of lower Russian wheat acreage, French crop problems and Black Sea tension. Soybean futures fell from two-year highs on profit taking and increased farmer selling. Corn futures dipped at the end of a choppy session driven by technical trading but pulled out a weekly gain. May corn fell 1½¢ to close at $4.39¼ per bu. Chicago May wheat rose 8¢ to close at $5.54¾ per bu. Kansas City May wheat added 8¾¢ and closed at $5.90½ per bu. Minneapolis May wheat added 4½¢ and closed at $6.61 per bu. May soybeans dropped 19½¢ to close at $11.92½ per bu. May soybean meal fell $5.20 to close at $339.10 per ton. May soybean oil fell 1.15¢ to close at 47.64¢ a lb.

• US gold futures retreated from Thursday’s record highs. The April contract lost $24.70 to close at $2,160 per oz on Friday.

• US equity indexes were mixed Friday, the Nasdaq continuing higher to a record close while the S&P 500 and Dow industrials index paused their rallies partly due to weakness in shares of companies such as Nike and Lululemon. The Dow Jones Industrial Average shed 305.47 points, or 0.77%, to close at 39,475.9. The Standard & Poor’s 500 fell 7.35 points, or 0.14%, to close at 5,234.18. The Nasdaq Composite added 26.98 points, or 0.16%, to close at 16,428.82. 

• US crude oil prices were lower Friday. The May West Texas Intermediate light, sweet crude future fell 44¢ to close at $80.60 per barrel. 

• The US dollar index closed higher Friday. 

Recap for March 22

• US gold futures were sharply higher Thursday, hitting an all-time high as investors looked for opportunities to diversify after the Federal Reserve stated its commitment, recently, to cutting interest rates later this year. The April contract soared $23.70 to close at $2,184.70 per oz.

• Soybean futures climbed to two-month highs Thursday in short-covering moves and on concerns about Argentina’s crop prospects after a deluge of rain and hail there this week. Corn futures traded choppily Thursday but pulled higher by the close in technical buying and pre-report short-covering that offset pressure from farmer selling of old-crop supplies. Wheat complex futures followed corn and soybeans higher. May corn added 1¾¢ to close at $4.40¾ per bu. Chicago May wheat rose 1¾¢ to close at $5.46¾ per bu. Kansas City May wheat added 1¼¢ and closed at $5.81¾ per bu. Minneapolis May wheat added 1½¢ and closed at $6.56½ per bu. May soybeans climbed 2½¢ to close at $12.12 per bu. May soybean meal added $1.80 to close at $344.30 per ton. May soybean oil fell 0.21¢ to close at 48.79¢ a lb.

• The three major US equity indexes, as well European and Japanese stock indices, notched record highs Thursday on investor ideas that a period of soaring borrowing costs after the pandemic is drawing to a close. The Dow Jones Industrial Average rose 269.24 points, or 0.68%, to close at 39,781.37. The Standard & Poor’s 500 added 16.91 points, or 0.32%, to close at 5,241.53. The Nasdaq Composite added 32.43 points, or 0.2%, to close at 16,401.84. 

• US crude oil prices were lower Thursday. The May West Texas Intermediate light, sweet crude future fell 20¢ to close at $81.07 per barrel. 

• The US dollar index closed higher Thursday.