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Crude Oil price Today – Corn, soybeans, wheat surge higher at week’s end | 2021-05-10

Recap for May 7

  • Worries over global supplies continued to push futures higher Friday. Corn reached its highest levels since March 2013 after China bought 1.36 million tonnes for delivery in 2021-22. Soybean futures hit the highest levels since October 2012 in a pre-weekend market surge as analysts expected the upcoming US Department of Agriculture supply-and-demand report to show soybean stocks will remain tight at 138 million bus. Both tugged wheat futures higher, with additional support from dryness in US soils. July corn added 13½¢ to close at $7.32¼ a bu. Chicago July wheat was up 8½¢ at $7.61¾ a bu. Kansas City July wheat added 10¢, closing at $7.36¾ a bu. Minneapolis July added 7¢ to close at $7.94½ a bu. July soybeans jumped 20¼¢ to close at $15.89½ a bu. July soybean meal was up $14.50, closing at $441.80 a ton. July soybean oil rose 0.13¢ to close at 64.48¢ a lb.
  • Despite a lackluster jobs report that showed employers added 266,000 jobs in April and the unemployment rose to 6.1%, both missing analysts’ expectations, the S&P 500 and DJIA notched their 26th and 24th record closes, respectively, of 2021. The Dow Jones Industrial Average added 229.23 points, or 0.66%, closing at 34,777.76. The Standard & Poor’s 500 Index added 30.98 points, or 0.74%, to close at 4,232.60. The Nasdaq Composite added 119.39 points, or 0.88%, to close at 13,752.24.
  • US crude oil futures advanced Friday on expectations demand could surge higher around the world this summer. Such ideas were boosted by a report showing US air travel hit another 14-month high Friday with 1.6 million passengers screened by TSA. The June contract was up 19¢ at $64.90 per barrel.
  • The US dollar index continued to weaken Friday as bullish economic forecasts were interrupted by the disappointing jobs report.
  • US gold futures advanced as the dollar weakened for a second day. The June contract was up $15.60 at 1,831.30 per oz.

Recap for May 6

  • Ideas that an unfavorable dry spell in Brazil could lower production there and shift export demand to the United States sent US corn futures above eight-year highs Thursday. Spillover support, along with strong cash prices and tight edible oil supplies sent soybean futures higher. Technical trading and spillover buying from corn and soybeans boosted wheat futures. July corn added 10¼¢ to close at $7.18¾ a bu. Chicago July wheat was up 8¾¢ at $7.53¼ a bu. Kansas City July wheat added 9¾¢, closing at $7.26¾ a bu. Minneapolis July added 8½¢ to close at $7.90½ a bu. July soybeans soared 27¼¢ to close at $15.69½ a bu. July soybean meal was up $2.90, closing at $427.30 a ton. July soybean oil rose 0.89¢ to close at 64.35¢ a lb.
  • Upbeat corporate earnings and a Labor Department report indicating jobless claims slipped below 500,000 last week for the first time during the Covid-19 pandemic sent US equity markets higher Thursday. The Dow Jones Industrial Average added 318.19 points, or 0.93%, closing at a record 34,548.53. The Standard & Poor’s 500 Index added 34.03 points, or 0.82%, to close at 4,201.62. The Nasdaq Composite added 50.42 points, or 0.37%, to close at 13,632.84.
  • US crude oil futures declined Thursday, the June contract down 92¢ at $64.71 per barrel.
  • The US dollar index closed lower Thursday after rising the two previous sessions.
  • US gold futures advanced as the dollar weakened. The June contract was up $31.40 at 1,815.70 per oz.

Recap for May 5

  • Corn futures on Wednesday encouraged farmers to plant more of the grain in 2021 as the new-crop December hit a contract high and benchmark July hit the highest level in eight years. Soybean futures closed sharply higher along with corn and the idea that some acres intended for soybeans might be switched to corn. Wheat futures also followed higher with additional support from technical trading after recent gains and concerns about dry soils in the United States. July corn added 11¾¢ to close at $7.08½ a bu. Chicago July wheat was up 17¾¢ at $7.44½ a bu. Kansas City July wheat also rose 17¾¢, closing at $7.17 a bu. Minneapolis July added 13¾¢ to close at $7.82 a bu. July soybeans were up 4¢ to close at $15.42¼ a bu. July soybean meal was up $2.90, closing at $424.40 a ton. July soybean oil fell 0.12¢ to close at 63.46¢ a lb, though all later months advanced.
  • As investor concerns about a potential raise in interest rates subsided, the S&P 500 and DJIA closed higher Wednesday, the latter at a record. The Dow Jones Industrial Average added 97.31 points, or 0.29%, closing at 34,230.34. The Standard & Poor’s 500 Index edged up 2.93 points, or 0.07%, to close at 4,167.59. The Nasdaq Composite declined 51.08 points, or 0.37%, to close at 13,582.42.
  • US crude oil futures were mixed Wednesday. The June contract eased 6¢ and closed at $65.63 per barrel.
  • The US dollar index closed higher for a second straight day Wednesday.
  • US gold futures advanced even as the dollar strengthened. The June contract was up $8.30 at 1,784.30 per oz.

Recap for May 4

  • Corn futures were higher Tuesday, with most-active July topping $7 per bu during the session for the first time since March 2013. Corn’s gains tugged soybean and wheat futures higher. The former also was underpinned by tight oilseed inventories. July corn added 17¼¢ to close at $6.96¾ a bu. Chicago July wheat was up 8¾¢ at $7.26¾ a bu. Kansas City July wheat added 10¾¢, closing at $6.99¼ a bu. Minneapolis July added 9½¢ to close at $7.68¼ a bu. July soybeans were up 14¼¢ to close at $15.38¼ a bu. July soybean meal was up $6.40, closing at $421.50 a ton. July soybean oil added 0.52¢ to close at 63.58¢ a lb.
  • US equity markets notched mixed closes Tuesday. Only the DJIA managed a higher close, after trading lower most of the session. Pressure came from the sale of growth stocks, especially in the tech sector, as Apple, Facebook and Alphabet declined. The Dow Jones Industrial Average added 19.80 points, or 0.06%, closing at 34,133.03. The Standard & Poor’s 500 Index declined 28 points, or 0.67%, to close at 4,164.66. The Nasdaq Composite declined 261.61 points, or 1.88%, to close at 13,633.50.
  • US crude oil futures were higher again Tuesday, the June contract up $1.20 and closing at $65.69 per barrel.
  • The US dollar index reversed course for a higher close Tuesday.
  • US gold futures declined as the dollar strengthened, the June contract was down $15.80 at 1,776 per oz.

Recap for May 3

  • The nearby corn future (May) set an eight-year high on tight global supplies and unfavorable Brazilian crop weather but ultimately closed lower along with most other months on profit-taking. Soybean futures also were mixed as traders sold old-crop contracts and purchased new crop on expectations soaring corn prices will take some acres intended for soybeans. Wheat futures were lower alongside corn. July corn added 6¼¢ to close at $6.79½ a bu, though other months were mixed, mostly easing lower. Chicago July wheat was down 16¾¢ at $7.18 a bu. Kansas City July wheat fell 15¢, closing at $6.88½ a bu. Minneapolis July fell 5¢ to close at $7.58¾ a bu. July soybeans were down 10¼¢ to close at $15.24 a bu; later months were mixed and mostly higher. July soybean meal was down $11, closing at $415.10 a ton. July soybean oil added 0.67¢ to close at 63.06¢ a lb.
  • US equity markets opened May with mixed closes as investors bought shares of economically sensitive companies and pulled back from technology stocks. The Dow Jones Industrial Average added 238.38 points, or 0.70%, closing at 34,113.23. The Standard & Poor’s 500 Index added 11.49 points, or 0.27%, to close at 4,192.66. The Nasdaq Composite declined 67.56 points, or 0.48%, to close at 13,895.12.
  • US crude oil futures were higher Monday, the June contract was up 91¢ and closed at $64.49 per barrel.
  • The US dollar index was lower Monday.
  • US gold futures advanced, the June contract was up $24.10 at 1,791.80 per oz.

Ingredient Markets


Crude Oil price Today – Corn, soybeans, wheat surge higher at week’s end | 2021-05-10

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James Albert

James Albert

James Albert is a personal-finance analist for FintechZoom and is based in New York. Contact: [email protected]

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