Recap for March 18

  • US crude oil prices plunged 7%, declining for a fifth consecutive session and posting the largest one-day loss since the summer of 2020. Pressure came from strength in the value of the US dollar and from concerns that the increasing number of COVID-19 cases in Europe may derail the economic recovery. The April contract tumbled $4.60 to settle at $60 per barrel.
  • Agricultural commodity futures tumbled Thursday on broad-based commodity selling and a stronger US dollar, which tends to slow export demand. Kansas City winter wheat futures led the wheat complex lower on added pressure from improving moisture conditions in the US hard red winter wheat growing region. Nearby corn futures fell more than 2% on weakness in crude oil prices, which may dampen demand for ethanol, and on improved growing conditions in South America, despite another large overnight sale of corn to China and weekly export sales above trade expectations. Soy complex futures fell with other commodities and on slowing export sales and weakness in the crude oil market, which could deter soybean oil demand for biodiesel. May corn dropped 11½¢ to close at $5.46½ a bu. Chicago May wheat declined 9½¢ and closed at $6.30½ a bu. Kansas City May wheat tumbled 14¢, closing at $5.87 a bu. Minneapolis May wheat fell 7¾c, closing at $6.25½ a bu. May soybeans plunged 25½¢, closing at $13.92¼ a bu. May soybean meal subtracted $6.70, closing at $398.20 a ton. May soybean oil was down 1.08¢ at 53.52¢ a lb.
  • US equity indexes slumped as tech shares tumbled and government bond yields again shot higher, while an increase in unemployment claims prompted a sell-off in bonds. The Dow Jones Industrial Average fell 153.07 points, or 0.46%, closing at 32,862.30. The Standard & Poor’s 500 Index dropped 58.66 points, or 1.48%, to close at 3,915.46. The Nasdaq Composite plunged 409.03 points, or 3.02%, to close at 13,116.17.
  • The US dollar index was higher on Thursday.
  • US gold futures advanced even as the dollar moved higher as investors moved out of riskier commodities and equities. The April contract was up $5.40 at $1,732.50 per oz.

Recap for March 17

  • US stock markets closed higher Wednesday after Federal Reserve chairman Jerome Powell indicated the easy money polices of the central bank will continue as the US economy works its way out of the massive damage inflicted by the COVID-19 pandemic. The S&P500 and DJIA notched record-high closes, the latter above 33,000 points for the first time and leaping 1,000 points in record time, just five sessions after the first close above 32,000 points. The Dow Jones Industrial Average added 189.42 points, or 0.58%, closing at 33,015.37. The Standard & Poor’s 500 Index edged up 11.41 points, or 0.29%, to close at 3,974.12. The Nasdaq Composite rose 53.64 points, or 0.40%, to close at 13,525.20.
  • Profit taking and enduring pressure from improved winter wheat crop conditions sent wheat futures lower Wednesday. Corn futures were mostly lower, save the two nearby contracts, which received support from a second large purchase of US corn by China this week. Slowing US export demand and improved South American crop weather sent soybean futures lower. May corn added 3¾¢ to close at $5.58 a bu; September-forward contracts were lower. Chicago May wheat declined 7¢ and closed at $6.40 a bu. Kansas City May wheat declined 7¼¢, closing at $6.01 a bu. Minneapolis May wheat fell 4½c, closing at $6.33¼ a bu. May soybeans dropped 5½¢, closing at $14.17¾ a bu. May soybean meal subtracted $1.20, closing at $404.90 a ton. May soybean oil was down 0.49¢ at 54.60¢ a lb.
  • US crude oil prices declined Wednesday in a volatile session that had prices at two-week lows before bouncing back on Chairman Powell’s comments. The April contract was down 20¢ to $64.60 per barrel.
  • The US dollar index changed course Wednesday, closing lower for the first time in four sessions.
  •  US gold futures declined even as the dollar weakened. The April contract was down $3.80 to $1,727.10 per oz.

Recap for March 16

  • Corn futures were mixed Tuesday with nearby contracts advancing on signs of strong export demand after a large sale to China was reported by the USDA. A rain delay in the harvest of the Brazilian crop sent US soybean futures slightly higher. Wheat futures ended narrowly mixed after trading lower most of the day on improved crop conditions in the US Plains and news Russia may ease export curbs. May corn added 4¾¢ to close at $5.54¼ a bu, though later months were mixed. Chicago May wheat added 2¢ and closed at $6.47 a bu. Kansas City May wheat advanced 1½¢, closing at $6.08¼ a bu. Minneapolis May wheat eased 1¼¢ closing at $6.37¾ a bu; later months were mixed. May soybeans added 3¾¢, closing at $14.23¼ a bu. May soybean meal eased $1.30, closing at $406.10 a ton, though August-forward edged higher. May soybean oil was steady at 55.09¢ a lb, whereas all later contracts were lower.
  • US equity markets recorded mixed closes Tuesday after a morning rally in technology shares petered out. The Nasdaq edged higher but remained off more than 4% from the record high set a month earlier. The Dow Jones Industrial Average subtracted 127.51 points, or 0.39%, closing at 32,825.95. The Standard & Poor’s 500 Index eased 6.23 points, or 0.16%, to close at 3,962.71. The Nasdaq Composite was up 11.86 points, or 0.09%, to close at 13,471.57.
  • US crude oil prices declined Tuesday, the April contract was down 59¢ to $64.80 per barrel.
  • The US dollar index continued to be tugged higher for a third session Tuesday.
  • US gold futures also edged higher despite the strengthening dollar. The April contract was up $1.70 to $1,730.90 per oz.

Recap for March 15

  • US wheat futures closed higher with support from bargain buying and a corn futures rally, although beneficial precipitation in the US Plains kept gains in check. Soybeans initially traded lower before gaining by the close. The National Oilseed Processors Association said the US soybean crush in February was the lowest in 17 months and well below expectations. Corn was mixed, higher nearby as a USDA report showed export demand for the grain remained high. May corn added 10½¢ to close at $5.49½ a bu, though later months were mixed. Chicago May wheat added 6½¢ and closed at $6.45 a bu. Kansas City May wheat advanced 3¼¢, closing at $6.06¾ a bu. Minneapolis May wheat added 5¼¢ closing at $6.39 a bu. May soybeans added 6¼¢, closing at $14.19½ a bu; 2022 contracts were unchanged. May soybean meal was up $6.70, closing at $407.40 a ton. May soybean oil fell 0.27¢ to settle at 55.09¢ a lb.
  • US equity markets closed higher Monday after declining earlier in the session. A faster-than-expected coronavirus vaccine rollout and the passage of an additional economic stimulus gave investors cautious optimism. The S&P 500 and Dow industrial index each notched a record-high close, the latter its 14th of 2021. The Dow Jones Industrial Average added 174.82, or 0.53%, at 32,953.46 points The Standard & Poor’s 500 Index added 25.60 points, or 0.65%, to close at 3,968.94. The Nasdaq Composite was up 139.84 points, or 1.05%, to close at 13,459.71.
  • US crude oil prices declined Monday, the April contract was down 22¢ to $65.39 per barrel.
  • The US dollar index continued to pull higher Monday, a trend initiated at the tail end of the previous week.
  • US gold futures advanced despite the strengthening dollar. The April contract was up $9.40 to $1,729.20 per oz.

Recap for March 12

  • An expectation for a deluge of precipitation over winter wheat production areas sent wheat futures lower Friday. Corn futures were mixed on a combination of technical buying and uncertain South American crop prospects. Soybeans also were mixed, caught between lower soybean meal demand and surging soybean oil futures sent higher by tightening global vegetable oil supplies. May corn added ½¢ to close at $5.39 a bu, though later months were mostly lower. Chicago May wheat fell 4¢ and closed at $6.38½ a bu. Kansas City May wheat declined ¾¢, closing at $6.03½ a bu. Minneapolis May wheat eased ¼¢ closing at $6.33¾ a bu; later months were mixed. May soybeans fell ¼¢, closing at $14.13¼ a bu; later months were mixed in a narrow range. May soybean meal was down $4.10, closing at $400.70 a ton. May soybean oil added 0.75¢ to settle at 55.36¢ a lb.
  • US equity markets were mixed Friday, the Nasdaq faltering while the S&P rose and the DJIA hit a record after the preliminary estimate of the consumer sentiment index compiled by the University of Michigan jumped to the highest since March 2020 and beat expectations. the Dow Jones Industrial Average added 293.05 points, or 0.90%, to close at 32,778.64, its 13th record-high close of the year. The Standard & Poor’s 500 Index added 40.53 points, or 0.10%, to close at 3,943.34. The Nasdaq Composite was down 78.81 points, or 0.59%, to close at 13,319.86.
  • US crude oil prices declined Friday, the April contract was down 41¢ to $65.61 per barrel.
  • The US dollar index reversed course for a higher close at the end of the week.
  • US gold futures declined as the dollar advanced, the April contract was down $2.80 to $1,719.80 per oz.