Dry conditions in Russia have been the primary factor supporting wheat the past few weeks.
Wet conditions have kept soybean planting at a crawl, which is 68 percent complete compared to 78 percent a year ago and the average of 63 percent.
Corn planting will soon wrap up, but progress for the remainder of the crop may be drawn out because of wet conditions.
Most U.S. stocks rose following mixed profit reports from big companies and signals that the economy may be cooling, but the worst day for Salesforce’s stock in nearly 20 years helped drag indexes lower.
- Summary
- Looking Ahead
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Corn, soybean and wheat prices spent Thursday’s session in the red
U.S. soybean crushing capacity is growing.
- Coffee - Cocoa - Cotton - Sugar
- Gold & Silver
- Copper
Ahead of the OPEC+ Sunday meeting, Reuters has cited three unnamed cartel sources as saying that a rollover to the end of the year of the existing 2.2 million barrel-per-day voluntary oil production cuts is currently being discussed.
U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending May 24, 2024, which was 601 thousand barrels per day more than the previous week’s average.
- Stock Index Futures
- Interest Rate Market Futures
- Currency Futures
The S&P 500 is on pace for its worst week in six amid a spike in Treasury bond yields tied to renewed inflation risks.
We have been communicating in recent months that in order for the major stock market indices to produce another leg higher, the performance would have to broaden out beyond just the handful of mega-cap Technology and Communications Services stocks that have paced the gains for so many years now.
U.S. stocks retreated Thursday after disappointing U.S. quarterly growth added to concerns over elevated inflation and tight monetary policy.
- Natural Gas
- Crude Oil
- Top Headlines
- Futures & Weather
- Today
- Morning Ag Outlook
The US economy grew more slowly than initially thought during the first quarter.
U.S. stocks are drifting Thursday following mixed profit reports from big companies and signals that the economy may be cooling.
- Wheat
- Rice
- Corn and Oats
- Sino-US Cold War & Ag Prices
In mid-April soybean prices tested a three-year low set in February, but have since rallied by $1 per bushel (Chart 1).
- Cotton
- FCOJ
- Coffee
- Grains and oilseeds continue to weaken as dollar strength weighs on export potential.
- Afternoon market recap: Corn, soybeans, wheat and a broad set of other commodities trend lower in midweek trading.
At the Chicago Mercantile Exchange, live and feeder cattle were lower on profit-taking ahead of the week’s direct business.
- Building approvals - April 2024
- Inflation's Last Half Mile: Higher for Longer?
- Punching Bowl
- London open
- Chart of the day: US CPI
Well, it didn’t take long for the U.S. 10‐year yield to break out above the key level we noted in yesterday’s report that would drive the action in equity markets.
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- EUR/CHF Daily Outlook
- Capex - Q1 24
* Currencies & metals get sold on Wednesday…
* U.S. Treasury Auction goes dismally… Uh-oh!
In the week ending May 25, the advance figure for seasonally adjusted initial claims was 219,000, an increase of 3,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 215,000 to 216,000.
- Asia open
- Chart of the day: Daily Transit Via The Suez Canal
- Energies
- Metals
- Treasuries
In the euro area, we receive data on the unemployment rate in April.
Cash trade has continued to move higher over the last few weeks, which goes against the fifteen-year seasonal averages.
Feeders also stalled out between the $2.55/$2.60 levels for the last few days and the May contract went off the board around $2.50 last week which was somewhat of a surprise to cattle producers selling cattle at sharply lower prices.
Soybeans have seen little change from the fundamental side of things, but technically, the market tried and failed for the second time to take out key resistance levels around the $12.60 level basis the July contract.
Wheat prices have been able to move higher since breaking out above their key resistance levels above the $7.10 level basis the July KC contract.
Corn originally had a target up around the $4.80 level basis the July contract but fell short on an attempt about three weeks ago.
Cotton prices close above key short resistance this week which came in around the $80.30 level basis the July contract and traded back up to some highs made during the late April time frame.
Real gross domestic product (GDP) increased at an annual rate of 1.3 percent in the first quarter of 2024, according to the "second" estimate released by the Bureau of Economic Analysis.
May 29th 2024
July Corn closed 7 ¼ cents lower ($4.55 ¼), Sept 6 ½ cents lower ($4.65) & Dec 6 ½ cents lower ($4.78 ¾)
- Summary
- Looking Ahead
- Corn, soybeans, wheat and a broad set of other commodities trend lower in midweek trading
National economic activity continued to expand from early April to mid-May; however, conditions varied across industries and Districts.
- As of 5/24/2024