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Dollar Index – Profit-taking overcomes supply concerns, sends futures lower | 2021-04-29

Soybean futures chart

Recap for April 28

  • Though the wheat market continued to be underpinned by persistent dryness across the Great Plains, wheat complex futures declined Wednesday as eight-year-highs discouraged buying. Corn futures climbed early from ongoing concerns about tight supplies but wavered and closed lower on profit-taking in the wake of recent rallies. It was a similar situation for soybean futures as profit-taking more than offset global supply concerns, sending all but the spot month lower. May corn fell 9¼¢ to close at $6.86¼ a bu. Chicago May wheat was down 8½¢ at $7.25¼ a bu. Kansas City May wheat fell 15¢, closing at $6.89¼ a bu. Minneapolis May dropped 15¼¢ to close at $7.24¼ a bu. May soybeans were up 8¢ to close at $15.57¾ a bu, though all later months were lower. May soybean meal fell $4.20, closing at $421.30 a ton. May soybean oil jumped 2.50¢, its daily limit, to close at 68.95¢ a lb, though all later months were mostly lower.
  • US equity markets closed lower Wednesday after Federal Reserve Chairman Jerome Powell said recent inflationary gains were due to transitory factors and that the economy would need to make “substantial further progress” before the central bank would begin winnowing asset purchases. The Fed held its key interest rate near zero and said it would continue bond purchases to support the economic recovery. The Dow Jones Industrial Average dropped 164.55 points, or 0.48%, closing at 33,820.38. The Standard & Poor’s 500 Index eased 3.54 points, or 0.08%, to close at 4,183.18. The Nasdaq Composite fell 39.19 points, or 0.28%, to close at 14,051.03.
  • US crude oil futures advanced Wednesday, the June contract was up 92¢ and closed at $63.86 per barrel.
  • The US dollar index closed lower Wednesday.
  • US gold futures eased despite the strengthening dollar. The expiring April contract was down $4.80, settling at $1,773.20 per oz, and the June contract was down $4.90 to 1,773.90 per oz.

Recap for April 27

  • Persistent dryness in Brazil and planting delays in the United States sent corn futures to the highest levels since March 2013 on Tuesday, before pulling back and leaving only spot May higher. Wheat futures were mixed with soft red winter and spring wheat futures mostly declining. Hard red winter wheat futures advanced through December a day after the US Department of Agriculture said crop conditions had worsened. Soybean futures closed lower after striking an 8½-year high as the trade assesses global supplies. May corn climbed 15¢ to close at $6.95½ a bu, but all later months were lower. Chicago May wheat was down 5¾¢ at $7.33¾ a bu. Kansas City May wheat advanced 2½¢, closing at $7.04¼ a bu, but later months were mixed. Minneapolis May eased 2¢ to close at $7.39¾ a bu with later months mixed. May soybeans were down 19¼¢ to close at $15.49¾ a bu. May soybean meal fell $3.30, closing at $425.50 a ton. May soybean oil added 1.24¢ to close at 66.45¢ a lb, though all later months were lower.
  • Though US equity markets notched mixed closes Tuesday, US stock indexes hovered near record levels. Investors sold technology and communications stocks. Tesla was among the day’s widest declines after investors were underwhelmed by the company’s latest quarterly earnings report. The Dow Jones Industrial Average advanced 3.36 points, or 0.01%, closing at 33,984.93. The Standard & Poor’s 500 Index eased 0.90 point, or 0.02%, to close at 4,186.72. The Nasdaq Composite fell 48.56 points, or 0.34%, to close at 14,090.22 after hitting its first record close in two months a day earlier.
  • US crude oil futures advanced Tuesday, the June contract was up $1.03 and closing at $62.94 per barrel.
  • The US dollar index closed higher Tuesday for only the third time in the past two weeks.
  • US gold futures eased as the dollar strengthened. The expiring April contract was down $0.20, settling at $1,778 per oz, and the June contract was down $1.30 to 1,778.80 per oz.

Recap for April 26

  • South American supply concerns bolstered US corn futures to the highest level since June 2013. Corn’s strength pulled wheat and soybeans to eight-year highs. Last week’s cold snap that slowed spring planting added support, as did wheat’s attractive prices for purposes of feeding livestock in relation to high corn prices. May corn climbed the 25¢ daily limit to close at $6.80½ a bu. Chicago May wheat was up 29¼¢ at $7.39½ a bu. Kansas City May wheat jumped 28½¢, closing at $7.01¾ a bu. Minneapolis May added 23¼¢ to close at $7.41¾ a bu. May soybeans were up 29¼¢ to close at $15.69 a bu. May soybean meal added $6.40, closing at $428.80 a ton. May soybean oil added 2.5¢, the daily limit, to close at 65.21¢ a lb.
  • US equity indexes notched mixed closes Monday after posting modest declines to close the previous week. Pressure came from an uptick of COVID-19 cases in India and Japan and the Biden administration’s plan to raise taxes, both of which caused concern over the pace of global economic recovery. The Dow Jones Industrial Average fell 61.92 points, or 0.18%, closing at 33,981.57, but remaining just 0.6% below its record-high close from earlier this month. The Standard & Poor’s 500 Index advanced 27.45 points, or 0.18%, to close at 4,187.6. The Nasdaq Composite added 121.97 points, or 0.87%, to close at 14,138.78.
  • US crude oil futures declined Monday, the June contract was down 23¢, closing at $61.91 per barrel.
  • A downward trend endured for the US dollar index Monday.
  • US gold futures crept higher as the dollar declined. The April contract was up $2.20, settling at $1,779.20 per oz.

Recap for April 23

  • Firm cash soybean markets and tightening global vegetable oil supplies continued to push soybean futures higher Friday. In choppy trade, corn futures were mixed with nearby months higher on tightening domestic and global supplies and a lack of farmer sales. Wheat futures followed corn and soybeans higher with additional support from expectations of increased global feed-wheat use. May corn climbed 5¢ to close at $6.55½ a bu; later months mostly were lower. Chicago May wheat was unchanged at $7.10¼ a bu; all other months were higher. Kansas City May wheat added 5¾¢, closing at $6.73¼ a bu. Minneapolis May jumped 10¢, to close at $7.18½ a bu. May soybeans were up 6½¢ to close at $15.39¾ a bu. May soybean meal added 40¢, closing at $422.40 a ton. May soybean oil added 0.19¢ to close at 62.71¢ a lb, though later months were mixed.
  • US equity markets closed higher Friday, a sharp turnaround from downturns a day early attributed to President Biden’s plan to nearly double capital gains taxes. Though all were lower for the week, Friday’s higher closes reflected investor optimism spurred by several signs of economic improvement, including the purchasing managers index for the US factory sector climbing to 60.6 so far this month, up from 59.1 in March. The Dow Jones Industrial Average added 227.59 points, or 0.67%, closing at 34,043.49. The Standard & Poor’s 500 Index advanced 45.19 points, or 1.09%, to close at 4,180.17. The Nasdaq Composite gained 198.40 points, or 1.44%, to close at 14,016.81.
  • US crude oil futures advanced Friday on improving demand in the United States. The June contract added 71¢, closing at $62.14 per barrel.
  • The US dollar index closed lower Friday, the seventh decline in the past nine sessions.
  • US gold futures continued to falter Friday despite the dollar declining. The April contract was down $4.20, settling at $1,777 per oz.

Recap for April 22

  • Tightening global grain and vegetable oil supplies sent soybean futures to the highest levels since 2014 on Thursday. Corn futures also jumped, the two nearby contracts up the daily limit of 25¢ a bu as supply concerns drove short-covering and fund-driven buying. Wheat futures were also sharply higher on tight supplies and spillover strength from corn and soybeans. The nearby soft red winter wheat contract rose above $7 for the first time since May 2014. May corn climbed 25¢ to close at $6.50½ a bu. Chicago May wheat soared 37¢ to settle at $7.10¼ a bu. Kansas City May wheat jumped 36¾¢, closing at $6.67½ a bu. Minneapolis May was up 30¢, closing at $7.08½ a bu. May soybeans were up 36¢ to close at $15.33¼ a bu. May soybean meal added $9.70, closing at $422 a ton. May soybean oil added 2.33¢ to close at 62.52¢ a lb.
  • US equity markets wavered between small gains and losses before tumbling on the news President Biden plans to nearly double capital gains taxes. The Dow Jones Industrial Average deleted 321.41 points, or 0.94%, closing at 33,815.90. The Standard & Poor’s 500 Index shed 38.44 points, or 0.92%, to close at 4,134.98. The Nasdaq Composite dropped 131.81 points, or 0.94%, to close at 13,818.41.
  • US crude oil futures edged higher Thursday. The June contract added 8¢, closing at $61.43 per barrel.
  • The US dollar index closed higher Thursday, the second advance of the week.
  • US gold futures slid as the dollar climbed. The April contract was up $11.10, settling at $1,781.20 per oz.

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Dollar Index – Profit-taking overcomes supply concerns, sends futures lower | 2021-04-29

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