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Progressing harvest pulls wheat futures to four-month lows

Progressing harvest pulls wheat futures to four-month lows

Minneapolis Wheat Futures

Recap for July 7

  • Wheat futures rebounded from latest losses and ended larger Thursday as recession fears pale and considerations of restricted international provide moved to the forefront. Corn futures continued to climb larger, supported by dry climate forecasts for US Midwest. Soy advanced futures had been additionally larger on spillover power from grains. September corn gained 9¼¢ to shut at $6.09 a bu. Chicago September wheat superior 32¢ to shut at $8.36½ a bu. Kansas Metropolis September wheat jumped 37¾¢ to shut at $8.89¼ a bu. Minneapolis September wheat soared 48¼¢ and closed at $9.34½ a bu. August soybeans climbed 38¾¢, closing at $14.85¼ a bu. August soybean meal added $7.90 to shut at $423.50 per ton. August soybean oil rose 3.06¢ to settle at 61.62¢ a lb.
  • US fairness markets climbed larger Thursday regardless of indications of a slowing economic system evidenced by a brand new Labor Division report exhibiting an increase in new unemployment purposes. Concepts had been a slowing economic system could gasoline the Fed’s “soft-landing” strategy, tempering the necessity to aggressively handle 40-year excessive inflation. The Dow Jones Industrial Common added 346.87 factors, or 1.12%, to shut at 31,384.55. The Normal & Poor’s 500 jumped 57.54 factors, or 1.50%, to shut at 3,902.62. The Nasdaq Composite surged 259.49 factors, or 2.28%, to shut at 11,621.35.  
  • US crude oil jumped again over the $100 per barrel benchmark Thursday. The August future added $4.20 to shut at $102.73 per barrel. 
  • The US greenback index strengthened once more on Thursday.
  • US gold ceased its decline and ended larger Thursday. The August contract superior $3.20 to settle at $1,739.70 an oz.  

Recap for July 6

  • Corn futures notched positive aspects on Wednesday, supported by cut price shopping for and a lower-than-expected crop situation report from the USDA on this week’s Crop Progress replace. Soybean futures fell to multi-month lows through the session however rebounded on cut price shopping for. Furthering its multi-month decline, wheat futures ended modestly decrease because the winter wheat harvest superior. Rising fears of a slowing economic system and potential recession plus a strengthening US greenback continued to weigh on commodities. September corn rose 7½¢ to shut at $5.99¾ a bu. Chicago September wheat slipped 2½¢ to shut at $8.04½ a bu. Kansas Metropolis September wheat declined 10½¢ to shut at $8.51½ a bu. Minneapolis September wheat deleted 3¾¢ and closed at $8.86¼ a bu. August soybeans superior 7¼¢, closing at $14.46½ a bu; later months had been blended however largely larger. August soybean meal gained $5.20 to shut at $415.60 per ton; later months had been blended however largely larger. August soybean oil dropped 1.06¢ to settle at 58.56¢ a lb.
  • US fairness markets recovered from noon losses and ended larger Wednesday. The increase got here after final month’s Federal Reserve assembly minutes had been launched, confirming the Fed’s dedication to tamp down surging inflation with dynamic financial coverage implements. Whereas recession fears loomed, buyers considered the Fed’s aggressive perspective as a optimistic market affect to assist pull down hovering costs. A latest report from the Labor Division confirmed a slight decline in job openings for the second straight month, indicating the ultra-tight labor market was starting to loosen however nonetheless remained traditionally sturdy. The Dow Jones Industrial Common climbed 69.86 factors, or 0.23%, to shut at 31,037.68. The Normal & Poor’s 500 added 13.69 factors, or 0.36%, to shut at 3,845.08. The Nasdaq Composite gained 39.61 factors, or 0.35%, to shut at 11,361.85.  
  • US crude oil continued to say no on Wednesday. The August future misplaced $0.97 to shut at $98.53 per barrel. 
  • The US greenback index strengthened Wednesday.
  • US gold fell sharply once more on Wednesday. The August contract dropped $27.40 to settle at $1,736.50 an oz.  

Recap for July 5

  • US crude oil plunged on Tuesday, falling beneath the $100-per-barrel benchmark for the primary time since Might on fears an financial recession would possibly curtail vitality demand and utilization. The August future fell $8.93, or 8%, to shut at $99.50 per barrel. 
  • Grain and soy advanced futures closed the post-holiday buying and selling session sharply decrease Tuesday, pressured by rising considerations of a slowing economic system and potential recession together with a rising US greenback that daunts export gross sales. Wheat futures endured a multi-month fall, weighed down by the advancing winter wheat harvest, waning export demand, and bearish wheat planting knowledge from the most recent Statistics Canada report. Helpful weekend rains within the Midwest additionally pulled each corn and soybean futures decrease. July corn dropped 18½¢ to shut at $7.36 a bu. Chicago July wheat tumbled 37½¢ to $7.93¾ a bu. Kansas Metropolis July wheat plunged 50¾¢ to shut at $8.60¼ a bu. Minneapolis July wheat fell 37¼¢ and closed at $9.03¾ a bu. July soybeans plummeted 50¾¢, closing at $15.75¼ a bu. July soybean meal misplaced $6.90 to shut at $452.80 per ton. July soybean oil dropped 5.16¢ to settle at 60.52¢ a lb.
  • US fairness markets reopened after the lengthy weekend honoring Independence Day and ended blended on Tuesday. Information that President Biden was anticipated to ease tariffs on Chinese language imports gave equities an early increase, however the rise was tempered as buyers weighed probability of financial recession. The Dow Jones Industrial Common declined 129.44 factors, or 0.42%, to shut at 30,967.82. The Normal & Poor’s 500 ticked up 6.06 factors, or 0.16%, to shut at 3,831.39. The Nasdaq Composite jumped 194.39 factors, or 1.75%, to shut at 11,322.24.  
  • The US greenback index strengthened Tuesday.
  • US gold fell sharply Tuesday. The August contract plummeted $37.60 to settle at $1,763.90 an oz.  

Recap for July 1

  • Wheat futures had been sharply decrease once more on Friday, falling to ranges earlier than the market-disruptive Russian invasion of Ukraine, pressured partly by a strengthening US greenback and the advancing winter wheat harvest. Apart from the close by month, corn futures dropped to four-month lows on encouraging climate forecasts for the Midwest throughout the important thing pollination stage. Helpful rainfall additionally pulled soybean futures sharply decrease. Technical promoting and risk-off liquidation earlier than the three-day Fourth of July weekend moreover added weight to commodities. July corn gained 10¾¢ to shut at $7.54½ a bu, however all later months had been decrease. Chicago July wheat fell 37½¢ to $8.31¼ a bu. Kansas Metropolis July wheat dropped 37¾¢ to shut at $9.11 a bu. Minneapolis July wheat plunged 46¾¢ and closed at $9.41 a bu. July soybeans plummeted 49¢, closing at $16.26 a bu. July soybean meal declined $10.20 to shut at $459.70 per ton. July soybean oil misplaced 4.25¢ to settle at 65.68¢ a lb.
  • Shares struggled all through the session however finally recovered some losses from 2022’s dismal first-half and completed larger Friday to start out a brand new quarter forward of the lengthy vacation weekend. Buyers speculated that latest financial studies exhibiting sinking shopper confidence may deter the Fed from pursuing extra aggressive financial coverage in coming months. The Dow Jones Industrial Common superior 321.83 factors, or 1.05%, to shut at 31,097.26. The Normal & Poor’s 500 gained 39.95 factors, or 1.06%, to shut at 3,825.33. The Nasdaq Composite added 99.11 factors, or 0.90%, to shut at 11,127.85.  
  • US crude oil superior on Friday. The August future added $2.67 to shut at $108.43 per barrel. 
  • The US greenback index strengthened Friday.
  • US gold declined Friday. The August contract misplaced $5.80 to settle at $1,801.50 an oz.  

Recap for June 30

  • Each wheat and corn futures fell sharply Thursday after the 11:00 a.m. Central time launch of USDA knowledge confirmed quarterly grain shares and planted acres above analysts’ expectations. The annual Acreage report mentioned fewer soybeans had been planted than was beforehand forecast, inflicting soybean futures to rise earlier than settling modestly larger within the close by month and far decrease in later months, weighed on by quarterly soybean shares aligning with commerce estimates. July corn fell 26½¢ to shut at $7.43¾ a bu. Chicago July wheat plunged 46¾¢ to $8.68¾ a bu. Kansas Metropolis July wheat dropped 36½¢ to shut at $9.48¾ a bu. Minneapolis July wheat declined 31¾¢ and closed at $9.87¾ a bu. July soybeans gained ¾¢, closing at $16.75 a bu, however later months had been decrease. July soybean meal superior $6.70 to shut at $469.90 per ton; later months had been blended however largely larger. July soybean oil dropped 2.67¢ to settle at 69.93¢ a lb.
  • After a unstable session, US fairness markets closed the second quarter sharply decrease Thursday, logging the worst first half of a yr since 1970. Buyers pointed to inflation and the delayed response from the Federal Reserve, now pressured to enact sweeping financial coverage measures, for the dismal mid-year standing. Many buyers didn’t appear looking forward to 2022’s second half, involved {that a} recession was possible. The Dow Jones Industrial Common dropped 253.88 factors, or 0.82%, to shut at 30,775.43. The Normal & Poor’s 500 Index fell 33.45 factors, or 0.88%, to shut at 3,785.38. The Nasdaq Composite plummeted 149.16 factors, or 1.33%, to shut at 11,028.74.  
  • US crude oil fell sharply on Thursday. The August future dropped $4.02 to shut at $105.76 per barrel. 
  • The US greenback index declined Thursday.
  • US gold was decrease Thursday. The August contract misplaced $10.20 to settle at $1,807.30 an oz.  

Recap for June 29

  • Soy advanced futures rose as merchants positioned themselves forward of Thursday’s USDA Acreage report, anticipating a pullback in soybean acres. Wheat futures had been blended however largely decrease Wednesday after Russia reportedly raised its wheat export forecasts for this summer time. Corn futures had been additionally blended however largely decrease, pressured by helpful climate forecast for the important thing pollination interval within the Midwest. July corn superior 10¾¢ to shut at $7.70¼ a bu; however later months had been blended however largely decrease. Chicago July wheat misplaced 5¾¢ to $9.15½ a bu. Kansas Metropolis July wheat ticked up 1½¢ to shut at $9.85¼ a bu. Minneapolis July wheat dropped 15¼¢ and closed at $10.19½ a bu. July soybeans rose 10½¢, closing at $16.74¼ a bu. July soybean meal gained $8.10 to shut at $463.20 per ton. July soybean oil added 0.51¢ to settle at 72.60¢ a lb.
  • US fairness markets ended blended on Wednesday. Shares primarily posted modest modifications all through the session as buyers wrestled with mid-year parts that included excessive inflation, low shopper sentiment and aggressive financial coverage. The Dow Jones Industrial Common superior 82.32 factors, or 0.27%, to shut at 31,029.31. The Normal & Poor’s 500 Index slipped 2.72 factors, or 0.07%, to shut at 3,818.83. The Nasdaq Composite misplaced 3.65 factors, or 0.03%, to shut at 11,177.89.   
  • US crude oil declined on Wednesday. The August future deleted $1.98 to shut at $109.78 per barrel. 
  • The US greenback index strengthened Wednesday.
  • US gold edged decrease on Wednesday. The August contract dropped $3.70 to settle at $1,817.50 an oz.  

Recap for June 28

  • Each corn and soybean futures rose Tuesday after this week’s US Division of Agriculture Crop Progress report rated present crop circumstances beneath analysts’ expectations. Wheat futures snapped a three-session dropping streak and ended largely larger on short-covering and cut price shopping for. Easing COVID-19 restrictions in China additionally lent assist to commodities. July corn rose 15¼¢ to shut at $7.59½ a bu. Chicago July wheat jumped 17¼¢ to $9.21¼ a bu. Kansas Metropolis July wheat added 11¢ to shut at $9.83¾ a bu. Minneapolis July wheat subtracted 6¾¢ and closed at $10.34¾ a bu, however later months had been blended. July soybeans soared 33¼¢, closing at $16.63¾ a bu. July soybean meal added $12.40 to shut at $455.10 per ton. July soybean oil gained 1.27¢ to settle at 72.09¢ a lb.
  • US fairness markets had been sharply decrease Tuesday after buyers digested a number of grim studies measuring shopper attitudes in regards to the economic system. The Convention Board’s consumer-confidence index fell to its lowest degree in practically a decade on considerations about inflation and escalating gasoline and meals costs. The College of Michigan’s Index of Shopper Sentiment survey reached a brand new low this month because it started conserving monitor 70 years in the past.  The Dow Jones Industrial Common fell 491.27 factors, or 1.56%, to shut at 30,946.99. The Normal & Poor’s 500 Index dropped 78.56 factors, or 2.01%, to shut at 3,821.55. The Nasdaq Composite plunged 343.01 factors, or 2.98%, to shut at 11,181.54. 
  • US crude oil superior on Tuesday. The August future added $2.19 to shut at $111.76 per barrel. 
  • The US greenback index strengthened Tuesday.
  • US gold dropped on Tuesday. The August contract misplaced $3.60 to settle at $1,821.20 an oz.  

Recap for June 27

  • Wheat futures tumbled on Monday, pressured by the advancing winter wheat harvest and weak export demand for US provides. Technical promoting together with helpful weekend rains in components of the corn-growing area of the Midwest pulled corn futures decrease. Soy advanced futures rose on short-covering and shortly diminishing old-crop provides. July corn misplaced 6¢ to shut at $7.44¼ a bu. Chicago July wheat dropped 19¾¢ to settle at $9.04 a bu. Kansas Metropolis July wheat fell 19¾¢ to shut at $9.72¾ a bu. Minneapolis July wheat tumbled 29¼¢ and closed at $10.41½ a bu. July soybeans jumped 19¾¢, closing at $16.30½ a bu. July soybean meal added $10.10 to shut at $442.70 per ton. July soybean oil gained 1.07¢ to settle at 70.82¢ a lb.
  • Shedding momentum after final week’s rally, US fairness markets ended decrease on Monday with tech shares main the decline. Contemporary optimistic knowledge, together with a report that confirmed house gross sales rose 0.7%, breaking a six-month decline, tempered the session’s losses. Buyers ready for extra financial studies due out this week whereas rebalancing portfolios earlier than the top of the second quarter. The Dow Jones Industrial Common declined 62.42 factors, or 0.20%, to shut at 31,438.26. The Normal & Poor’s 500 Index dropped 11.63 factors, or 0.30%, to shut at 3,900.11. The Nasdaq Composite fell 83.07 factors, or 0.72%, to shut at 11,524.55. 
  • US crude oil superior on Monday. The July future added $1.95 to shut at $109.57 per barrel. 
  • The US greenback index declined on Monday.
  • US gold dropped on Monday. The June contract misplaced $5.60 to settle at $1,820.90 an oz.  

Recap for June 24

  • Pressured by the advancing winter wheat harvest, wheat futures ended decrease Friday, falling to their lowest degree in 4 months. A spherical of cut price shopping for and short-covering earlier than the weekend pushed corn futures larger. Discount shopping for additionally helped soybean futures finish largely larger, halting their week-long decline. Wheat, corn and soy advanced futures posted giant losses for the week. July corn ticked up 3½¢ to shut at $7.50¼ a bu. Chicago July wheat dropped 13½¢ to shut at $9.23¾ a bu. Kansas Metropolis July wheat misplaced 12½¢ to shut at $9.92½ a bu. Minneapolis July wheat declined 9¾¢ and closed at $10.70¾ a bu. July soybeans jumped 17½¢, closing at $16.10¾ a bu. July soybean meal added $5.90 to shut at $432.60 per ton. July soybean oil gained 2.04¢ to settle at 69.75¢ a lb.
  • After every week of uneven buying and selling, US fairness markets rallied and ended sharply larger Friday, closing their second-best week of 2022. Buyers continued to course of Federal Reserve Chairman Jerome Powell’s congressional testimony and up to date assertion that the Fed’s dedication to tame inflation could deliver a few recession, and finally deemed it a optimistic sign that surging costs would ultimately decline. The Dow Jones Industrial Common jumped 823.32 factors, or 2.68%, to shut at 31,500.68. The Normal & Poor’s 500 Index superior 116.01 factors, or 3.06%, to shut at 3,911.74. The Nasdaq Composite soared 375.43 factors, or 3.34%, to shut at 11,607.62. 
  • US crude oil superior on Friday. The July future rose $3.35 to shut at $107.62 per barrel.
  • The US greenback index declined on Friday.
  • US gold edged larger on Friday. The June contract ticked up $0.80 to settle at $1,826.50 an oz.  

Recap for June 23

  • Grain and soy advanced futures ended sharply decrease Thursday. Merchants disregarded results of latest Russian missile assault on Ukraine grain export services, selecting as an alternative to give attention to the slowing international economic system and its potential segue towards demand destruction. Progressing winter wheat harvest additionally added stress to wheat futures. Newest climate forecasts continued to assist helpful climate for Midwest corn crop, including weight to these futures. Soybean futures fell 3.7% on softening crude oil costs and waning export demand. July corn fell 21¼¢ to shut at $7.46¾ a bu. Chicago July wheat tumbled 39¼¢ to shut at $9.37¼ a bu. Kansas Metropolis July wheat sank 34¼¢ to shut at $10.05 a bu. Minneapolis July wheat dropped 25½¢ and closed at $10.80½ a bu. July soybeans plunged 59½¢, closing at $15.93¼ a bu. July soybean meal misplaced $5.70 to shut at $426.70 per ton. July soybean oil dropped 2.95¢ to settle at 67.71¢ a lb.
  • US fairness markets ended larger Thursday regardless of continued congressional testimony from Federal Reserve Chairman Jerome Powell that an financial recession could also be possible. However a brand new report from the Labor Division confirmed unemployment remained traditionally low. An increase in unemployment numbers is without doubt one of the first indicators of a weakening economic system. The Dow Jones Industrial Common superior 194.23 factors, or 0.64%, to shut at 30,677.36. The Normal & Poor’s 500 Index gained 35.84 factors, or 0.95%, to shut at 3,795.73. The Nasdaq Composite jumped 179.11 factors, or 1.62%, to shut at 11,232.19. 
  • US crude oil declined on Thursday. The July future misplaced $1.92 to shut at $104.27 per barrel.
  • The US greenback index strengthened Thursday.
  • US gold dropped on Thursday. The June contract declined $8.60 to settle at $1,825.70 an oz.

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