Myriad factors push wheat complex higher

Recap for March 23

• Wheat complex futures advanced to close the week in short-covering moves with support from rising EU wheat prices, ideas of lower Russian wheat acreage, French crop problems and Black Sea tension. Soybean futures fell from two-year highs on profit taking and increased farmer selling. Corn futures dipped at the end of a choppy session driven by technical trading but pulled out a weekly gain. May corn fell 1½¢ to close at $4.39¼ per bu. Chicago May wheat rose 8¢ to close at $5.54¾ per bu. Kansas City May wheat added 8¾¢ and closed at $5.90½ per bu. Minneapolis May wheat added 4½¢ and closed at $6.61 per bu. May soybeans dropped 19½¢ to close at $11.92½ per bu. May soybean meal fell $5.20 to close at $339.10 per ton. May soybean oil fell 1.15¢ to close at 47.64¢ a lb.

• US gold futures retreated from Thursday’s record highs. The April contract lost $24.70 to close at $2,160 per oz on Friday.

• US equity indexes were mixed Friday, the Nasdaq continuing higher to a record close while the S&P 500 and Dow industrials index paused their rallies partly due to weakness in shares of companies such as Nike and Lululemon. The Dow Jones Industrial Average shed 305.47 points, or 0.77%, to close at 39,475.9. The Standard & Poor’s 500 fell 7.35 points, or 0.14%, to close at 5,234.18. The Nasdaq Composite added 26.98 points, or 0.16%, to close at 16,428.82. 

• US crude oil prices were lower Friday. The May West Texas Intermediate light, sweet crude future fell 44¢ to close at $80.60 per barrel. 

• The US dollar index closed higher Friday. 

Recap for March 22

• US gold futures were sharply higher Thursday, hitting an all-time high as investors looked for opportunities to diversify after the Federal Reserve stated its commitment, recently, to cutting interest rates later this year. The April contract soared $23.70 to close at $2,184.70 per oz.

• Soybean futures climbed to two-month highs Thursday in short-covering moves and on concerns about Argentina’s crop prospects after a deluge of rain and hail there this week. Corn futures traded choppily Thursday but pulled higher by the close in technical buying and pre-report short-covering that offset pressure from farmer selling of old-crop supplies. Wheat complex futures followed corn and soybeans higher. May corn added 1¾¢ to close at $4.40¾ per bu. Chicago May wheat rose 1¾¢ to close at $5.46¾ per bu. Kansas City May wheat added 1¼¢ and closed at $5.81¾ per bu. Minneapolis May wheat added 1½¢ and closed at $6.56½ per bu. May soybeans climbed 2½¢ to close at $12.12 per bu. May soybean meal added $1.80 to close at $344.30 per ton. May soybean oil fell 0.21¢ to close at 48.79¢ a lb.

• The three major US equity indexes, as well European and Japanese stock indices, notched record highs Thursday on investor ideas that a period of soaring borrowing costs after the pandemic is drawing to a close. The Dow Jones Industrial Average rose 269.24 points, or 0.68%, to close at 39,781.37. The Standard & Poor’s 500 added 16.91 points, or 0.32%, to close at 5,241.53. The Nasdaq Composite added 32.43 points, or 0.2%, to close at 16,401.84. 

• US crude oil prices were lower Thursday. The May West Texas Intermediate light, sweet crude future fell 20¢ to close at $81.07 per barrel. 

• The US dollar index closed higher Thursday. 

Recap for March 20

• Soybean futures jumped 2% Wednesday on bargain buying, pre-report positioning and USDA’s flash of a 120,000-tonne sale to unknown destinations. Wheat futures capped a two-day climb, easing Wednesday under pressure from a US dollar that strengthened most of the session and plentiful supplies in the Black Sea region. Corn futures were mixed, the prompt month declining in spillover weakness from wheat futures, but later months were mostly higher as excessive rains raised concerns about production prospects in Argentina. May corn eased ½¢ to close at $4.39 per bu; July was unchanged and later months were firmer. Chicago May wheat fell 7½¢ to close at $5.45 per bu. Kansas City May wheat dropped 2¼¢ and closed at $5.80½ per bu. Minneapolis May wheat shed ¾¢ and closed at $6.55 per bu. May soybeans soared 24¢ to close at $12.09½ per bu. May soybean meal added $8.60 to close at $342.50 per ton. May soybean oil added 0.86¢ to close at 49¢ a lb.

• The three major US equity indexes climbed and closed at fresh record highs Wednesday after the Federal Reserve left interest rates unchanged as expected and mostly sustained its outlook for three rate cuts this year. The Dow Jones Industrial Average packed on 401.37 points, or 1.03%, to close at 39,512.13. The Standard & Poor’s 500 added 46.11 points, or 0.89%, to close at 5,224.62. The Nasdaq Composite added 202.62 points, or 1.25%, to close at 16,369.41. 

• US crude oil prices were lower Wednesday. The expiring April West Texas Intermediate light, sweet crude future fell $1.79 to close at $81.68 per barrel while the May contract fell $1.46 to close at $81.27 per barrel. 

• The US dollar index closed lower Wednesday after climbing much of the session. 

• US gold futures advanced Wednesday. The April contract added $1.30 to close at $2,161 per oz.

Recap for March 19

• Spring weather uncertainty and short position covering ahead of next week’s planting intentions report from the US Department of Agriculture helped strengthen wheat and corn futures Tuesday. Large South American supplies and lackluster Chinese demand for US soybeans sent soybean futures lower. May corn added 3½¢ to close at $4.39½ per bu. Chicago May wheat added 9¾¢ to close at $5.52½ per bu. Kansas City May wheat advanced 9¢ and closed at $5.82¾ per bu. Minneapolis May wheat added 5¢ and closed at $6.55¾ per bu; later months were mixed. May soybeans dropped 2¼¢ to close at $11.85½ per bu; later months were mixed. May soybean meal added $2 to close at $333.90 per ton. May soybean oil fell 0.56¢ to close at 48.14¢ a lb.

• Energy company shares took the lead Tuesday, helping push US equity indices higher ahead of the Federal Reserve’s two-day meeting concluding Wednesday in which the central bank is expected to hold interest rates steady. The Dow Jones Industrial Average packed on 320.33 points, or 0.83%, to close at 39,110.76. The Standard & Poor’s 500 added 29.09 points, or 0.56%, to close at 5,178.51. The Nasdaq Composite added 63.34 points, or 0.39%, to close at 16,166.79. 

• US crude oil prices were higher Tuesday. The April West Texas Intermediate light, sweet crude future added 75¢ to close at $83.47 per barrel. 

• The US dollar index strengthened again Tuesday. 

• US gold futures declined Tuesday. The April contract deleted $4.60 to close at $2,159.70 per oz.

Recap for March 18

• Wheat complex futures advanced Monday on concerns about exportable wheat supplies out of the Black Sea region in the wake of Russia president Putin’s re-election and Russia’s weekend attacks on Ukrainian ports. Progressing harvest and off-the-combine sales in Brazil pressured soybean futures further from six-week highs set last week. Spillover weakness from soybeans offset spillover support from wheat, making for choppy corn futures trading before the commodity closed with minor changes. May corn eased ¾¢ to close at $4.36 per bu; later months mostly were unchanged. Chicago May wheat jumped 14¼¢ to close at $5.42¾ per bu. Kansas City May wheat added 7½¢ and closed at $5.73¾ per bu. Minneapolis May wheat advanced 4¼¢ and closed at $6.50¾ per bu. May soybeans dropped 10½¢ to close at $11.87¾ per bu. May soybean meal dropped $2.80 to close at $331.90 per ton. May soybean oil fell 0.72¢ to close at 48.70¢ a lb.

• Ahead of a much-anticipated Federal Reserve interest rate decision later this week, US equity markets posted a strong start to the week Monday with the help of surging Alphabet shares and rising Apple and Nvidia shares. The Dow Jones Industrial Average added 75.66 points, or 0.2%, to close at 38,790.43. The Standard & Poor’s 500 added 32.33 points, or 0.63%, to close at 5,149.42. The Nasdaq Composite added 130.27 points, or 0.82%, to close at 16,103.45. 

• US crude oil prices were higher Monday. The April West Texas Intermediate light, sweet crude future added $1.68 to close at $82.72 per barrel. 

• The US dollar index strengthened again Monday. 

• US gold futures reversed course and closed higher Monday. The April contract added $2.80 to close at $2,164.30 per oz.