Countless factors increase the wheat complex

Home » Countless factors increase the wheat complexSource: Sosland Publishing Co.

Review of March 23rd

• Complex wheat futures rose over the weekend with short covering moves, supported by rising EU wheat prices, concerns about reduced wheat acreage in Russia, French crop problems and tensions in the Black Sea. Soybean futures fell from two-year highs on profit-taking and increased selling by farmers. Corn futures fell at the end of a choppy session caused by technical trading, but posted a weekly rise. 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 gained 8¾¢ to close at $5.90½ per bu. May wheat in Minneapolis gained 4½¢ to close at $6.61 per bu. In May, soybeans fell 19½¢ to close at $11.92½ per bu. May soybean meal fell $5.20 to close at $339.10 a ton. May soybean oil fell 1.15 cents to close at 47.64 cents a pound.

• US gold Futures fell from Thursday's record highs. The April contract lost $24.70 to close at $2,160 an ounce on Friday.

• U.S. stock indexes were mixed on Friday, with the Nasdaq continuing to rise and hitting a record close, while the S&P 500 and Dow Industrials Index paused their rallies, driven in part by weakness in shares of companies such as Nike and Lululemon. The Dow Jones Industrial Average lost 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 gained 26.98 points, or 0.16%, to close at 16,428.82.

• U.S. crude oil prices were lower on Friday. May West Texas Intermediate light sweet crude futures fell 44 cents to close at $80.60 a barrel.

• The US dollar index Closed higher on Friday.

Review of March 22nd

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

• Soybean futures climbed to two-month highs on Thursday on short-covering action and on concerns about Argentina's crop prospects after a deluge of rain and hail this week. Corn futures traded choppy on Thursday but rose at the close on technical buying and pre-reported short covering that offset pressure from farmers selling old crop stocks. Complex wheat 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¢ to close at $5.81¾ per bu. Minneapolis May Wheat added 1½¢ to close at $6.56½ per bu. May soybeans rose 2½¢ to close at $12.12 per bu. May soybean meal rose $1.80 to close at $344.30 per ton. May soybean oil fell 0.21¢ to close at 48.79¢ per pound.

• The three major U.S. stock indexes, as well as European and Japanese stock indexes, hit record highs on Thursday as investors expected a period of rising borrowing costs following the pandemic to end. The Dow Jones Industrial Average rose 269.24 points or 0.68% to close at 39,781.37. The Standard & Poor's 500 gained 16.91 points or 0.32% to close at 5,241.53. The Nasdaq Composite gained 32.43 points or 0.2% to close at 16,401.84.

• US crude oil Prices were lower on Thursday. May West Texas Intermediate light sweet crude futures fell 20 cents to close at $81.07 a barrel.

• The US dollar index Closed higher on Thursday.

Review of March 20th

• Soybean futures rose 2% on Wednesday on bargain buying, pre-reporting positioning and the USDA's announcement that it would sell 120,000 tons to undisclosed destinations. Capping a two-day advance, wheat futures fell on Wednesday under pressure from a U.S. dollar that strengthened for most of the session and ample supplies in the Black Sea region. Corn futures were mixed, with the first month down due to a weak run in wheat futures, but prices were mostly higher in later months as excessive rainfall raised concerns about Argentina's production outlook. May corn fell ½¢ to close at $4.39 per BU; July remained unchanged and the later months were firmer. Chicago May wheat fell 7½¢ to close at $5.45 per bu. Kansas City May wheat fell 2¼¢ to close at $5.80½ per bu. Minneapolis May Wheat lost ¾¢ to close at $6.55 per bu. May soybeans rose 24¢ to close at $12.09½ per bu. May soybean meal rose $8.60 to close at $342.50 per ton. May soybean oil Added 0.86¢ to close at 49¢ per pound.

• The three major U.S. stock indexes rose to close at new record highs on Wednesday after the Federal Reserve left interest rates unchanged as expected and mostly maintained its forecast for three rate cuts this year. The Dow Jones Industrial Average rose to 401.37 points or 1.03% and closed at 39,512.13. The Standard & Poor's 500 gained 46.11 points or 0.89% to close at 5,224.62. The Nasdaq Composite gained 202.62 points or 1.25% to close at 16,369.41.

• US crude oil Prices were lower on Wednesday. The April-expiring West Texas Intermediate light sweet crude futures fell $1.79 to close at $81.68 a barrel, while the May contract fell $1.46 to close at $81.27 a barrel .

• The US dollar index closed lower on Wednesday after rising for much of the session.

• US gold Futures advanced Wednesday. The April contract rose $1.30 to close at $2,161 an ounce.

Review of March 19th

• Uncertainty over spring weather and short covering ahead of the U.S. Department of Agriculture's report on planting intentions next week helped lift wheat and corn futures on Tuesday. Large South American supplies and weak Chinese demand for U.S. soybeans led to a decline in soybean futures. 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 9¢ advanced and closed at $5.82¾ per BU. Minneapolis May Wheat added 5¢ to close at $6.55¾ per BU; The later months were mixed. May soybeans fell 2¼¢ to close at $11.85½ per bu; The later months were mixed. May soybean meal rose $2 to close at $333.90 per ton. May soybean oil fell 0.56¢ to close at 48.14¢ per pound.

• Shares of energy companies took the lead on Tuesday, helping to push U.S. stock indexes higher ahead of the Federal Reserve's two-day meeting ending Wednesday, where the central bank is expected to keep interest rates steady. The Dow Jones Industrial Average rose to 320.33 points or 0.83% and closed at 39,110.76. The Standard & Poor's 500 gained 29.09 points or 0.56% to close at 5,178.51. The Nasdaq Composite gained 63.34 points or 0.39% to close at 16,166.79.

• US crude oil Prices were higher on Tuesday. April futures for West Texas Intermediate light sweet crude gained 75 cents to close at $83.47 a barrel.

• The US dollar index strengthened again on Tuesday.

• US gold Futures declined on Tuesday. The April contract cleared $4.60 to close at $2,159.70 an ounce.

Review of March 18th

• Wheat complex futures rose on Monday on concerns about exportable wheat supplies from the Black Sea region in the wake of Russian President Putin's re-election and Russian attacks on Ukrainian ports over the weekend. Advancing harvest and off-the-combine sales in Brazil continued to pressure soybean futures from six-week highs reached last week. Soybean spillover weakness offset wheat spillover support, creating choppy corn futures trading before the commodity closed with minor changes. May corn fell ¾¢ to close at $4.36 per BU; The later months remained largely unchanged. Chicago May wheat rose 14¼¢ to close at $5.42¾ per bu. Kansas City May wheat added 7½¢ to close at $5.73¾ per bu. Minneapolis May Wheat rose 4¼¢ to close at $6.50¾ per bu. May soybeans fell 10½¢ to close at $11.87¾ per bu. May soybean meal fell $2.80 to close at $331.90 per ton. May soybean oil fell 0.72¢ to close at 48.70¢ per pound.

• Ahead of the Federal Reserve's highly anticipated interest rate decision later this week, U.S. stock markets got off to a strong start to the week on Monday thanks to rising Alphabet shares and rising Apple and Nvidia shares. The Dow Jones Industrial Average gained 75.66 points or 0.2% to close at 38,790.43. The Standard & Poor's 500 gained 32.33 points or 0.63% to close at 5,149.42. The Nasdaq Composite gained 130.27 points or 0.82% to close at 16,103.45.

• US crude oil Prices were higher on Monday. April futures for light, sweet West Texas Intermediate crude gained $1.68 to close at $82.72 a barrel.

• The US dollar index Strengthened again on Monday.

• US gold Futures reversed course and closed higher on Monday. The April contract rose $2.80 to close at $2,164.30 an ounce.

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