Another DJIA first: Index closes above 40,000

Recap for May 17

US equity markets posted mixed closes Friday. The DJIA continued higher on renewed hopes for a Federal Reserve interest rate cut this year, closing above 40,000 for the first time ever. The Dow Jones Industrial Average added 134.21 points, or 0.34%, to close at 40,003.59. The Standard & Poor’s 500 added 6.17 points, or 0.12%, to close at 5,303.27. The Nasdaq Composite fell 12.35 points, or 0.07%, to close at 16,685.97.

Improving US weather forecasts weighed on corn Friday. Soybeans continued higher as more rain in Brazil ramped up concerns about flooding leading to crop losses. Wheat was under pressure a day after the hard winter wheat tour projected better-than-average yields in Kansas. July corn fell 4½¢ to close at $4.52½ a bu. Chicago July wheat dropped 12¢ to close at $6.51¼ per bu. Kansas City July wheat fell 11½¢ and closed at $6.61¾ per bu. Minneapolis July wheat was down 9¼¢ and closed at $7.11½ per bu. July soybeans added 11¾¢ to close at $12.28 per bu, but later months were mixed. July soybean meal added $1.10 to close at $368.80 per ton; later months were mixed. July soybean oil gained 0.75¢ to close at 45.27¢ a lb.

US crude oil prices advanced again Friday. The June West Texas Intermediate light, sweet crude future gained 83¢ to close at $80.06 per barrel.

The US dollar index weakened Friday.

US gold futures climbed. The June contract added $31.90 and closed at $2,417.40 per oz.

Recap for May 16

Major US equity indexes closed lower Thursday, paring gains after climbing early on signs of continuing US economic strength, offsetting the retreat of investor expectations that inflation will cool enough to allow central-bank officials to sharply reduce interest rates this year. The DJIA rose as high as 40,051 before pulling back. It had been 873 days since the index first topped 30,000 points in November 2020. The Dow Jones Industrial Average dropped 38.62 points, or 0.1%, to close at 39,869.38. The Standard & Poor’s 500 eased 11.05 points, or 0.21%, to close at 5,297.1. The Nasdaq Composite fell 44.07 points, or 0.26%, to close at 16,698.32.

Wheat futures closed lower Thursday on strong Kansas yield and production forecasts from the Hard Winter Wheat Tour, and on lackluster export sales. Soybean futures were mixed but mostly lower after Brazil flooding worries partially offset a National Oilseed Processors Association’s report indicating US soybean crushings dropped to 166.0 million bushels in April, a seven-month low that was below all trade estimates. Weekly export sales near the low end of expectations also pressured corn futures. July corn fell 5½¢ to close at $4.57 a bu. Chicago July wheat dropped 2¢ to close at $6.63¼ per bu. Kansas City July wheat fell 1¾¢ and closed at $6.73¼ per bu. Minneapolis July wheat was down 6¼¢ and closed at $7.20¾ per bu. July soybeans added 2¾¢ to close at $12.16¼ per bu, but all months after August closed lower. July soybean meal dropped $4.40 to close at $365.30 per ton. July soybean oil gained 0.97¢ to close at 44.52¢ a lb.

US crude oil prices advanced Thursday. The June West Texas Intermediate light, sweet crude future gained 60¢ to close at $79.23 per barrel.

The US dollar index strengthened on Thursday.

US gold futures tumbled Thursday. The June contract fell $940 and closed at $2,385.50 per oz.

Recap for May 15

The three major US equity indexes surged to record highs Wednesday on benign inflation data that bolstered risk sentiment and boosted hopes of interest rate cuts sooner than later. The Dow Jones Industrial Average surged 349.89 points, or 0.88%, to close at 39,908.00. The Standard & Poor’s 500 jumped 61.47 points, or 1.17%, to close at 5,308.15. The Nasdaq Composite advanced 231.21 points, or 1.40%, to close at 16,742.39.

Wheat and corn futures closed lower Wednesday while the soy complex was mixed with soybean and soymeal futures declining but soy oil futures posting small gains. Chicago July wheat dropped 6¾¢ to close at $6.65¾ per bu. Kansas City July wheat fell 8¼¢ and closed at $6.75 per bu. Minneapolis July wheat was down 6¼¢ and closed at $7.27 per bu. July soybeans eased 1¢ to close at $12.13½ per bu. July soybean meal dropped $1.60 to close at $371.70 per ton. July soybean oil gained 0.15¢ to close at 43.55¢ a lb.

US crude oil prices advanced Wednesday. The June West Texas Intermediate light, sweet crude future gained $0.61 to close at $78.63 per barrel.

The US dollar index declined on Wednesday.

US gold futures rose on Wednesday even as lots of money flowed to riskier investments such as equities. The June contract added $35 and closed at $2,394.90 per oz.

Recap for May 14

On Tuesday, wheat futures gave back some of the prior day’s gains but were still above last week’s highs. Pressure came as traders processed the latest weekly USDA crop progress report, released after the market closed on Monday, which affirmed winter wheat conditions were still at four-year highs. Traders awaited field updates from wheat scouts on this year’s Wheat Quality Council Hard Winter Wheat tour, which kicked off early Tuesday morning. Soybean futures were lower as the market reacted to the Biden administration’s decision not to include used cooking oil on the recent list of tariff increases on Chinese goods. Nearby corn futures slid on spillover pressure from wheat and soybeans. July corn declined 5¢ to close at $4.67½ per bu, but later months were mixed. Chicago July wheat dropped 14½¢ to close at $6.72½ per bu. Kansas City July wheat fell 16¾¢ and closed at $6.83¼ per bu. Minneapolis July wheat was down 5¢ and closed at $7.33¼ per bu. July soybeans lost 5¢ to close at $12.14½ per bu. July soybean meal gained $6.80 to close at $373.30 per ton. July soybean oil tumbled 1.75¢ to close at 43.40¢ a lb.

US equity indexes settled higher Tuesday, with Nasdaq notching a fresh record high. Shares jumped higher after the Biden administration announced new tariffs on Chinese goods. The Dow Jones Industrial Average added 126.60 points, or 0.32%, to close at 39,558.11. The Standard & Poor’s 500 advanced 25.26 points, or 0.48%, to close at 5,246.68. The Nasdaq Composite jumped 122.94 points, or 0.75%, to close at 16,511.18.

US crude oil prices fell Tuesday. The June West Texas Intermediate light, sweet crude future declined $1.10 to close at $78.02 per barrel.

The US dollar index declined on Tuesday.

US gold futures rose on Tuesday. The June contract added $16.90 and closed at $2,359.90 per oz.

Recap for May 13

Wheat futures on Monday extended last week’s rally, with Chicago wheat futures touching nine-month highs, on continued concerns about wheat crop losses in top-exporter Russia due to frost damage and dry weather. Corn and soybean futures also were higher on spillover support from wheat as well as concerns about delayed planting in the United States and flooding in southern Brazil. July corn added 2¾¢ to close at $4.72½ per bu, but later months were mixed. Chicago July wheat jumped 23½¢ higher to close at $6.87 per bu. Kansas City July wheat soared 26¾¢ and closed at $7 per bu. Minneapolis July wheat advanced 18¼¢ and closed at $7.38¼ per bu. July soybeans ticked up ½¢ to close at $12.19½ per bu. July soybean meal declined $5.40 to close at $366.50 per ton. July soybean oil added 0.71¢ to close at 45.15¢ a lb.

US equity indexes closed mixed again on Monday as investors wrestled with the possibility of interest rates cut amid relentlessly sticky inflation. The Dow Jones Industrial Average gave back 81.33 points, or 0.21%, to close at 39,431.51. The Standard & Poor’s 500 edged down 1.26 points, or 0.02%, to close at 5,221.42. The Nasdaq Composite added 47.37 points, or 0.29%, to close at 16,388.24.