Tuesday, October 19, 2021
ADVERTISEMENT

Dollar Index – Rain sends wheat, new crop corn and soybean futures mostly lower | 2021-05-18

Minneapolis wheat futures chart

Recap for May 17

  • Rainy weekend weather and forecasts for more precipitation across the Midwest weighed on US wheat futures, with hard red spring futures notching steep declines on Monday. Corn futures were mixed with cash market strength keeping old-crop contracts firm while new-crop futures slid on forecasts for beneficial weather in the US Midwest. Soybeans faced a similar dynamic, though only the July future closed higher. New-crop soybean futures’ declines were kept in check by tight supplies. Soymeal mostly weakened, but crude oil gains helped soybean oil futures move mostly higher. July corn added 8¾¢, to close at $6.52½ a bu, though later months were mixed. Chicago July wheat fell 7½¢ to close at $6.99¼ a bu. Kansas City July was down 5½¢ at $6.52¼ a bu. Minneapolis July fell 25¾¢ to close at $7.15 a bu. July soybeans edged up 1½¢ to close at $15.87½ a bu, though all later months were lower. July soybean meal was down $3.60, closing at $414.90 a ton, though most 2022 contracts advanced. July soybean oil added 1.39¢ to close at 68.97¢ a lb, though later months were mixed.
  • Inflationary concerns continued to unsettle investors Monday, sending US equity markets lower with additional pressure from a sell-off in shares of technology companies. The Dow Jones Industrial Average fell 54.34 points, or 0.16%, closing at 34,327.79. The Standard & Poor’s 500 Index fell 10.56 points, or 0.25%, to close at 4,163.29. The Nasdaq Composite fell 50.93 points, or 0.38%, to close at 13,379.05.
  • US crude oil futures climbed Monday to their highest levels since April 2019 on indications air travel is reviving and hopes that economic recovery will bolster fuel consumption. The June contract was up 90¢ at $66.27 per barrel.
  • The US dollar index began the week the way it ended the last: with a lower close.
  • US gold futures advanced to their highest levels in nearly four months as the dollar declined. The June gold contract was up $29.50 at $1,867.60 per oz.

Recap for May 14

  • Corn futures continued their freefall Friday, pressured by fund-driven long liquidation as concerns over dwindling supplies lessened. Technical buying and strength in vegetable oil markets boosted soybean futures. Wheat futures were mixed Friday but posted weekly declines tugged lower by spillover corn weakness. July corn plummeted 31¢, to close at $6.43¾ a bu. Chicago July wheat added 5¾¢ to close at $7.07¼ a bu. Kansas City July was unchanged at $6.57¾ a bu; later contracts were mixed in a narrow range, mostly easing. Minneapolis July eased ½¢ to close at $7.40¾ a bu. July soybeans edged up 2¼¢ to close at $15.86¼ a bu. July soybean meal was down $2.90, closing at $418.50 a ton. July soybean oil advanced 1.80¢ to close at 67.58¢ a lb.
  • US equity markets rebounded Friday to close a volatile week with two consecutive days of strong gains after the steepest selloff since October. The markets still notched losses for the week, the S&P 500 down 1.4%, the Dow down around 1.1% and the Nasdaq losing 2.3%. The Dow Jones Industrial Average added 433.79 points, or 1.29%, closing at 34,021.45. The Standard & Poor’s 500 Index added 49.46 points, or 1.22%, to close at 4,112.50. The Nasdaq Composite added 93.31 points, or 0.72%, to close at 13,124.99.
  • US crude oil futures on Friday reverted to the upside trend seen at the beginning of the week. The June contract was up $1.55 at $65.37 per barrel.
  • The US dollar index settled lower Friday after a volatile week.
  • US gold futures edged higher as the dollar eased. The June gold contract was up $14.10 at $1,838.10 per oz.

Recap for May 13

  • Corn futures plummeted more than 5% Thursday on profit-taking after recent multi-year highs and selling in the wake of a US Department of Agriculture report that forecast higher-than-expected domestic stocks. Profit-taking in the wake of multi-year highs also weighed on wheat futures, as did spillover weakness from corn a day after a USDA report eased global wheat supply concerns. Soybean futures were sharply lower on profit-taking, spillover weakness and pressure from a cracked bridge over the lower Mississippi River that halted barge traffic. July corn fell 40¢, its daily limit, to close at $6.74¾ a bu. Chicago July wheat declined 28¼¢ to close at $7.01½ a bu. Kansas City July wheat fell 33¢, closing at $6.57¾ a bu. Minneapolis July dropped 24¼¢ to close at $7.41¼ a bu. July soybeans plummeted 58½¢ to close at $15.84 a bu. July soybean meal was down $27.40, closing at $421.40 a ton. July soybean oil fell 0.62¢ to close at 65.78¢ a lb, though furthest deferred contracts edged higher.
  • Thanks to increases in shares of a wide range of companies from manufacturing to technology, US equity markets began to mount a comeback Thursday after the worst three-day decline since October. The Dow Jones Industrial Average added 433.79 points, or 1.29%, closing at 34,021.45. The Standard & Poor’s 500 Index added 49.46 points, or 1.22%, to close at 4,112.50. The Nasdaq Composite added 93.31 points, or 0.72%, to close at 13,124.99.
  • US crude oil futures declined Thursday following three days of increases. The June contract was down $2.26 at $63.84 per barrel.
  • The US dollar index strengthened again Thursday after opening the week with several down sessions.
  • US gold futures edged higher despite continued dollar strengthening. The June gold contract was up $1.20 at $1,824 per oz.

Recap for May 12

  • The sharp rise in consumer prices continued to heighten inflation fears and weigh on US equity markets, which fell sharply Wednesday. The DJIA and S&P 500 each posted their steepest three-day declines in nearly seven months. The Dow Jones Industrial Average dropped 681.50 points, or 1.99%, closing at 33,587.66. The Standard & Poor’s 500 Index fell 89.06 points, or 2.14%, to close at 4,063.04. The Nasdaq Composite dropped 357.75 points, or 2.67%, to close at 13,031.68.
  • After the US Department of Agriculture projected US soybean ending stocks at 140 million bus for 2021-22, up only slightly from the 120 million expected at the end of the current marketing year, soybean futures soared to their highest levels since September 2012. Corn ending stocks came in higher than most trade expectations, and futures declined. Wheat futures eased on spillover weakness from corn and after the USDA raised its forecast for 2020-21 ending stocks by 20 million bus from the April projection. July corn fell 7½¢ to close at $7.14¾ a bu. Chicago July wheat declined 12¢ to close at $7.29¾ a bu. Kansas City July wheat fell 19¾¢, closing at $6.90¾ a bu. Minneapolis July dropped 5¢ to close at $7.65½ a bu. July soybeans jumped 27¾¢ to close at $16.42½ a bu. July soybean meal was up $1.80, closing at $448.80 a ton. July soybean oil added 1.60¢ to close at 66.40¢ a lb.
  • US crude oil futures advanced for the third time this week. The June contract was up 80¢ at $66.08 per barrel.
  • The US dollar index strengthened Wednesday after several sessions of declines.
  • US gold futures eased as the US dollar perked up. The June gold contract was down $13.30 at 1,822.80 per oz.

Recap for May 11

  • A soybean market underpinned by concerns about limited global supplies sent futures above $16 per bu for the first time since September 2012 with a boost from technical trading. Dry Brazilian weather generated ideas more export demand could be channeled to tight US old-crop corn supplies and sent corn futures higher, hovering just below last week’s contract highs. Wheat futures followed corn and soybeans higher, helped out by a weaker US dollar and dry weather in spring wheat country. July corn jumped 10½¢ to close at $7.22¼ a bu. Chicago July wheat was up 11¼¢ at $7.41¾ a bu. Kansas City July wheat added 7¢, closing at $7.10½ a bu. Minneapolis July gained 17¼¢ to close at $7.70½ a bu. July soybeans jumped 27¼¢ to close at $16.14¾ a bu. July soybean meal was up $4.70, closing at $447 a ton. July soybean oil added 0.96¢ to close at 64.80¢ a lb.
  • Inflation concern that have weighed over markets this year reared up again Tuesday, causing a selloff in growth stocks, especially in the technology sector, that spread to financial, industrial and energy stocks and dragged US equity markets lower for the week. The Dow Jones Industrial Average dropped 473.66 points, or 1.36%, closing at 34,269.16. The Standard & Poor’s 500 Index fell 36.33 points, or 0.87%, to close at 4,152.10. The Nasdaq Composite eased 12.43 points, or 0.09%, to close at 13,389.43.
  • US crude oil futures gained for a second day this week after the Organization of the Petroleum Exporting Countries lowered the amount of expected production increases for non-cartel counterparts from 900,000 barrels per day to 700,000 barrels. Canada, Norway, Brazil and China are expected to drive that overall increase. The June contract was up 36¢ at $65.28 per barrel.
  • The US dollar index declined Tuesday.
  • US gold futures eased Tuesday despite the continued weakening of the US dollar. The June gold contract was down $1.50 at 1,836.10 per oz.

Ingredient Markets

Dollar Index – Rain sends wheat, new crop corn and soybean futures mostly lower | 2021-05-18

Tags: Dollar Index

ADVERTISEMENT

Related Posts

Next Post

Leave a Reply

Your email address will not be published. Required fields are marked *