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Large supplies pull back some grain gains

By Published On: April 11, 20247 min readViews: 950 Comments on Large supplies pull back some grain gains

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Recap for April 1
  • Ample supplies weighed on US grain and oilseed futures Monday. Traders took profits off last week’s steep gains in the corn market precipitated by the USDA pegging corn acreage below expectations. Some surmised seeded area would increase due to good planting weather in forecasts. Wheat futures were pressured by expectations for improved crop conditions that did not materialize. Soybeans followed wheat and corn lower while under pressure from seasonally slowing US export demand. May corn fell 6½¢ to close at $4.35½ per bu. Chicago May wheat shed 3¼¢ to close at $5.57 per bu; later months were mixed. Kansas City May wheat fell 9¾¢ and closed at $5.75½ per bu. Minneapolis May wheat dropped 10¼¢ and closed at $6.34¾ per bu. May soybeans lost 5¾¢ to close at $11.85¾ per bu. May soybean meal was down $4.30 to close at $333.40 per ton. May soybean oil added 0.29¢ to close at 48.24¢ a lb.
  • The US dollar index closed higher Monday. 
  • US gold futures climbed Monday despite the strengthening dollar. The April contract added $19.10 to close at $2,236.50 per oz.
  • US equity markets posted mixed closes to open the second quarter Monday. The Nasdaq advanced while the Dow industrials index and S&P 500 slipped after a closely watched report, the ISM manufacturing index for March, based on a survey of purchasing managers, came in at 50.3, up from 47.8 in February and above the 48.1 reading anticipated by economists in a Wall Street Journal survey. The Dow Jones Industrial Average dropped 240.52 points, or 0.6%, to close at 39,566.85. The Standard & Poor’s 500 fell 10.58 points, or 0.2%, to close at 5,243.77. The Nasdaq Composite added 17.37 points, or 0.11%, to close at 16,396.83. 
  • US crude oil prices were higher Monday. The May West Texas Intermediate light, sweet crude future added 54¢ to close at $83.71 per barrel. 

Recap for March 28

  • Corn futures Thursday posted their largest one-day rally since July after the USDA estimated March 1 corn stocks and projected 2024 corn plantings below trade estimates. Winter wheat futures followed corn higher even as all-wheat stocks and plantings slightly topped expectations. Meanwhile, spring wheat futures took a downturn after spring wheat and durum planting expectations topped projections. May corn jumped 15¼¢ to close at $4.42 per bu. Chicago May wheat added 12¾¢ to close at $5.60¼ per bu. Kansas City May wheat added 7¢ and closed at $5.85¼ per bu. Minneapolis May wheat dropped 6¢ and closed at $6.45 per bu. May soybeans lost 1¢ to close at $11.91½ per bu; the September future and beyond were higher. May soybean meal was down $1.30 to close at $337.70 per ton; later months were mixed. May soybean oil added 0.28¢ to close at 47.95¢ a lb.
  • The US dollar index closed higher Thursday. 
  • US gold futures soared Thursday despite the strengthening dollar. The April contract added $26.80 to close at $2,217.40 per oz
  • US equity markets were mixed Thursday. The S&P 500 notched a 22nd record-high close of 2024 and its best first quarter since 2019. Support was drawn from a report noting the US economy grew in the fourth quarter even more than previously thought, according to the government’s revised estimate for gross domestic product. A University of Michigan survey said consumer confidence rose to its highest level in almost three years. The DJIA also closed at a record high. The US stock and bond markets will be closed for Good Friday. The Dow Jones Industrial Average added 47.29 points, or 0.12%, to close at 39,807.37. The Standard & Poor’s 500 added 5.86 points, or 0.11%, to close at 5,254.35. The Nasdaq Composite fell 20.06 points, or 0.12%, to close at 16,379.46. 
  • US crude oil prices climbed Thursday. The May West Texas Intermediate light, sweet crude future added $1.82 to close at $83.17 per barrel. 

Recap for March 27

  • Corn, soybeans and KC wheat futures declined Wednesday in positioning ahead of Thursday’s USDA grain stocks and prospective plantings reports. Chicago and Minneapolis wheat posted gains in technical trading.  May corn dropped 5¾¢ to close at $4.26¾ per bu. Chicago May wheat added 4¢ to close at $5.47½ per bu. Kansas City May wheat added 1¢ and closed at $5.78¼ per bu; September was steady and all later months declined. Minneapolis May wheat added 3¾¢ and closed at $6.51 per bu. May soybeans lost 6½¢ to close at $11.92½ per bu. May soybean meal was down 80¢ to close at $339 per ton. May soybean oil dropped 0.75¢ to close at 47.67¢ a lb.
  • US gold futures advanced again Wednesday. The April contract added $13.40 to close at $2,190.60 per oz.
  • The US dollar index closed higher Wednesday. 
  • US equity markets snapped their losing streaks Wednesday. The S&P 500 was up 10% for the year and set to post a spectacular first quarter. The Dow Jones Industrial Average soared 477.75 points, or 1.22%, to close at 39,760.08. The Standard & Poor’s 500 jumped 44.91 points, or 0.86%, to close at 5,248.49. The Nasdaq Composite added 83.82 points, or 0.51%, to close at 16,399.52. 
  • US crude oil prices were lower Wednesday. The May West Texas Intermediate light, sweet crude future fell 27¢ to close at $81.35 per barrel. 

Recap for March 26

  • Technical trading took wheat futures lower Tuesday, two days before US Department of Agriculture reports will offer updates on supply, demand, stocks and planting intentions. Pressuring wheat was a stronger dollar, large Russian supplies and fading demand from China, the world’s second-largest economy. Soybean futures declined Tuesday as farmers offloaded old-crop supplies to reduce risk after Monday’s round of short-covering ahead of Thursday’s reports. Positioning, farmer selling and spillover pressure weighed on corn futures. May corn dropped 5¼¢ to close at $4.32½ per bu. Chicago May wheat fell 11½¢ to close at $5.43½ per bu. Kansas City May wheat lost 12¼¢ and closed at $5.77¼ per bu. Minneapolis May wheat shed 12¼¢ and closed at $6.47¼ per bu. May soybeans lost 10¼¢ to close at $11.99 per bu. May soybean meal was down $1.90 to close at $339.80 per ton. May soybean oil dropped 60¢ to close at 48.42¢ a lb.
  • US gold futures advanced Tuesday. The April contract added 80¢ to close at $2,177.20 per oz and later months’ gains were slightly larger.
  • The US dollar index closed higher Tuesday. 
  • On Tuesday, US equity markets slid further from last week’s record highs. Recent signals the US economy is regaining solid footing were dampened slightly by the Conference Board’s consumer confidence index, which was at 104.7 for March, below analysts’ expected 107. Standing out with a 39% jump higher Tuesday was Krispy Kreme, Inc. after the announcement that their donuts would be available at McDonald’s. The Dow Jones Industrial Average fell 31.31 points, or 0.08%, to close at 39,283.33. The Standard & Poor’s 500 eased 14.61 points, or 0.28%, to close at 5,203.58. The Nasdaq Composite fell 68.77 points, or 0.42%, to close at 16,315.70. 
  • US crude oil prices were lower Tuesday. The May West Texas Intermediate light, sweet crude future dipped 33¢ to close at $81.62 per barrel. 

Recap for March 25

  • Winter wheat futures spiked Monday morning after a weekend of continued attacks by Russia on Ukrainian infrastructure that generated concerns about reduced exports from the region. Dry weather forecasts for the Black Sea also contributed to soaring futures, but the gains were trimmed sharply by the close in technical trading, and spring wheat futures declined. Soybean futures closed higher Monday in short covering ahead of this week’s quarterly grain stocks and prospective plantings reports from the US Department of Agriculture. Corn futures declined as ample supplies and soft demand more than offset spillover support from wheat. May corn fell 1½¢ to close at $4.37¾ per bu. Chicago May wheat edged up ¼¢ to close at $5.55 per bu. Kansas City May wheat eased 1¢ and closed at $5.89½ per bu; all forward months edged higher. Minneapolis May wheat shed 1½¢ and closed at $6.59½ per bu. May soybeans jumped 16¾¢ to close at $12.09¼ per bu. May soybean meal added $2.60 to close at $341.70 per ton; later months were mixed, but mostly higher. May soybean oil was up 1.38¢ to close at 49.02¢ a lb.
  • US gold futures advanced Monday. The April contract added $16.40 to close at $2,176.40 per oz on Friday.
  • The US dollar index closed lower Monday. 
  • US equity indexes declined Monday, two of the three major indices for a second trading session since investors excited about the prospect of interest rate cuts sent them to record highs last week. United Airlines was one of the day’s biggest losers. The Dow Jones Industrial Average fell 162.26 points, or 0.41%, to close at 39,313.64. The Standard & Poor’s 500 eased 15.99 points, or 0.31%, to close at 5,218.19. The Nasdaq Composite fell 44.35 points, or 0.27%, to close at 16,384.47. 
  • US crude oil prices were higher Monday. The May West Texas Intermediate light, sweet crude future added $1.32 to close at $81.95 per barrel. 

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