Recap for April 19

  • Corn, wheat and soy complex futures were under pressure Wednesday as inspections of Ukrainian grain ships resumed in the Black Sea. Declining crude oil prices contributed to the declines in ag futures. Wheat also suffered from forecasts for some rain in the parched Plains. May corn fell 5¼¢ to close at $6.72¼ a bu. Chicago May wheat declined 16¼¢ to close at $6.81¾ a bu. Kansas City May wheat dropped 19½¢ to close at $8.61¾ a bu. Minneapolis May wheat was down 18½¢ and closed at $8.67 a bu. May soybeans dropped back 12¾¢ to close at $15.06½ a bu. May soybean meal declined $6.70, closing at $454.40 per ton. May soybean oil shed 0.34¢ to close at 55.02¢ a lb.
  • US equity markets closed nearly flat to lower Wednesday as investors perused or awaited earnings from Abbott Labs, Baker Hughes, Morgan Stanley, Citizens Financial, Nasdaq, Travelers, Citizens Financial, U.S. Bancorp, IBM and Tesla. The Dow Jones Industrial Average fell 79.62 points, or 0.23%, to close at 33,897.01. The Standard & Poor’s 500 fell 0.35 points, or 0.01%, to close at 4,154.52. The tech-centric Nasdaq Composite edged up 3.81 points, or 0.03%, to close at 12,157.23. 
  • US crude oil futures declined Wednesday. The May West Texas Intermediate (WTI) light, sweet crude futures contract shed $1.70 to close at $79.16 per barrel.
  • The US dollar index flipped again with a high-side move Wednesday.
  • After closing in on record levels last week, US gold futures were lower Wednesday. April gold dropped $12.20 to close at $1,995.20 per oz.

Recap for April 18

  • After reaching multi-week highs during the session, wheat futures posted mixed closes Tuesday, lower except for modest gains registered in Chicago soft winter wheat futures. Expectations of a meeting between Russia’s foreign minister and the United Nations Secretary-General to discuss the Black Sea grain export deal cooled Russia’s recent threats to sunset its participation. The current UN-brokered agreement expires on May 18. Forecasts for cold and rainy weather interrupting planting progress supported corn and soybean futures. May corn added 1¢ to close at $6.77½ a bu. Chicago May wheat ticked 1½¢ higher to close at $6.98 a bu. Kansas City May wheat lost 8½¢ to close at $8.81¼ a bu. Minneapolis May wheat eased 3½¢ and closed at $8.85½ a bu. May soybeans stepped up 2¼¢ to close at $15.19¼ a bu. May soybean meal declined $4.60, closing at $461.10 per ton, but later months were mixed. May soybean oil gained 0.79¢ to close at 55.36¢ a lb.
  • US equity markets closed mixed, posting modest changes after investors assessed a bevy of corporate earnings reports. Bank of America reported better-than-expected first-quarter earnings results, boosted by higher interest rates on “Main Street” type loans. But recent monetary policy events weighed on investment-giant Goldman Sachs earnings, which fell short of analysts’ expectations. The Dow Jones Industrial Average eased 10.55 points, or 0.03%, to close at 33,976.63. The Standard & Poor’s 500 rose 3.55 points, or 0.09%, to close at 4,154.87. The tech-focused Nasdaq Composite slipped 4.31 points, or 0.04%, to close at 12,153.41. 
  • US crude oil futures were slightly higher Tuesday. The May West Texas Intermediate (WTI) light, sweet crude futures contract added $0.03 to close at $80.86 per barrel.
  • The US dollar index weakened Tuesday.
  • US gold futures reversed course and moved higher Tuesday. April gold gained $13.20 to close at $2,005.70 per oz.

Recap for April 17

  • The soy complex strengthened on Monday after the National Oilseed Processors Association (NOPA) said 185.810 million bushels of soybeans were crushed in the United States in March, a 15-month high and the second-highest level for any month on record, indicating a boost in forthcoming export demand, according to analysts. Wheat and corn prices also were higher to open the week as Ukrainian export potential was again called into question after several Eastern European countries banned food and grain imports from the invaded country and others considered doing so. Ukraine on Monday also said the Black Sea Grain Initiative was nearing shutdown territory after participating ships found their inspections blocked while in Turkish waters. May corn jumped 10¼¢ to close at $6.76½ a bu. Chicago May wheat advanced 14¢ to close at $6.96½ a bu. Kansas City May wheat added 11¢ to close at $8.89¾ a bu. Minneapolis May wheat advanced 12¾¢ and closed at $8.89 a bu. May soybeans added 16½¢ to close at $15.17 a bu. May soybean meal added $6, closing at $465.70 per ton. May soybean oil added 0.91¢ to close at 54.57¢ a lb.
  • US equity markets spent most of the day near the starting line Monday before flipping to the high side in the final hour of the day and accelerating into the close. A big earnings week was enroute, with the focus on regional banks, as well as Tesla, Johnson & Johnson and Netflix, among others. The Dow Jones Industrial Average added 100.71 points, or 0.3%, to 33,987.18. The Standard & Poor’s 500 rose 13.68 points, or 0.33%, to close at 4,151.32. The tech-focused Nasdaq Composite added 34.26 points, or 0.28%, to close at 12,157.72. 
  • US crude oil futures weakened Monday. The May West Texas Intermediate (WTI) light, sweet crude futures contract dropped $1.69 to close at $80.83 per barrel.
  • The US dollar index continued higher Monday for a second session after a string of declines last week.
  • US gold futures continued lower Monday as the dollar moved higher. April gold subtracted $8 to close at $1,994.20 per oz.

Recap for April 14

  • Wheat futures soared Friday in moves attributed to short covering amid continued assessment of the ongoing Black Sea grain deal in which Russia is threatening to pull out of by the May 18 expiration. Kansas City hard red winter wheat contracts let wheat higher on concerns about drought in the southern Plains. Corn futures advanced after signals of export and ethanol demand. Soybeans turned lower amid harvest of a record-large crop in Brazil. May corn jumped 14¢ to close at $6.66¼ a bu. Chicago May wheat advanced 15½¢ to close at $6.82½ a bu. Kansas City May wheat soared 33½¢ to close at $8.78¾ a bu. Minneapolis May wheat packed on 26¾¢ and closed at $8.76¼ a bu. May soybeans fell ½¢ to close at $15.00½ a bu. May soybean meal fell $3.90, closing at $459.70 per ton. May soybean oil eased 0.06¢ to close at 53.66¢ a lb.
  • US equity markets closed lower at the end of the week after the Federal Reserve indicated this week’s data showing inflation easing but underlying price pressures persisting would keep the central bank steadfast in its upside course on interest rates to slow the pace of lending. The Dow Jones Industrial Average dropped 143.22 points, or 0.42%, to close at 33,886.47. The Standard & Poor’s 500 was down 8.58 points, or 0.21%, to close at 4,137.64. The tech-driven Nasdaq Composite fell 42.81 points, or 0.35%, to close at 12,123.47. 
  • US crude oil futures closed the week with an up-down pattern, shifting back to the upside Friday. The May West Texas Intermediate (WTI) light, sweet crude futures contract elevated 36¢ to close at $82.52 per barrel.
  • The US dollar index snapped a three-session downturn with a higher close Friday.
  • US gold futures busted a three-session win streak to close lower Friday. April gold sank $39.10 to close at $2,002.20 per oz.

Recap for April 13

  • Improving US crop weather that helped expand corn seeding and a decline in export demand for US supplies sent corn futures lower Thursday. Clearer weather blunted a soybean rally and pressured the nearby contract lower after it earlier hit the highest level since April 5. The wheat complex was lower despite Russia claiming the grain deal would sunset May 18 as some traders downplayed the threat. May corn shed 3¾¢ to close at $6.52¼ a bu. Chicago May wheat pared 12½¢ to close at $6.67 a bu. Kansas City May wheat dropped 18¼¢ to close at $8.45¼ a bu. Minneapolis May wheat pulled back 10½¢ and closed at $8.49½ a bu. May soybeans fell 3¼¢ to close at $15.01 a bu, though all subsequent months were higher. May soybean meal added $3.40, closing at $463.60 per ton; October and later were lower. May soybean oil lost 0.28¢ to close at 53.72¢ a lb.
  • US equity markets advanced Thursday. Inflation may be fading, said the Labor Department’s Producer Price Index, a broad reflection of supply conditions. The PPI fell 0.5% in March from February in the largest monthly decrease since April 2020. A Wall Street Journal economist panel had expected no decline. Supplier prices in March were up 2.7% from March 2022 after in February posting a 4.9% increase from the same month a year earlier. The Dow Jones Industrial Average rose 383.19 points, or 1.14%, to close at 34,029.69. The Standard & Poor’s 500 gained 54.27 points, or 1.33%, to close at 4,146.22 with 10 of 11 sectors gaining, real estate the exception. The tech-driven Nasdaq Composite jumped 236.93 points, or 1.99%, to close at 12,166.27. 
  • US crude oil futures turned lower Thursday. The May West Texas Intermediate (WTI) light, sweet crude futures contract trimmed $1.10 to close at $82.16 per barrel.
  • The US dollar index continued lower for a third straight session.
  • US gold futures were higher for a third consecutive session Thursday. April gold surged $30.40 to close at $2,041.30 per oz.