Wheat futures faced downward pressure on Wednesday, primarily due to ample global supplies. Conversely, corn futures experienced minimal movement, recording slight gains amid concerns over adverse weather conditions affecting Brazil's primary corn crop. Soybean futures exhibited a mixed performance, with front-end months finding support from delayed harvests in Argentina, while later months grappled with the weight of abundant South American supplies.
In detail, May corn prices slipped ½¢ to settle at $4.41¼ per bushel, with later months showing narrow mixed results. Chicago May wheat saw a decline of 3¼¢, closing at $5.44¼ per bushel, accompanied by mostly lower trends in later months. Kansas City May wheat dropped by 9¾¢ to close at $5.87½ per bushel, while Minneapolis May wheat experienced an 8½¢ loss, closing at $6.63½ per bushel. May soybeans recorded a gain of ¾¢ to reach $11.96¾ per bushel, although September and subsequent months trended lower. Meanwhile, May soybean meal decreased by $2.80 to settle at $336.40 per ton, while May soybean oil advanced by 0.75¢ to close at 48.57¢ per pound.
On the broader market front, a decline in technology company shares, including Intel, Nvidia, and Advanced Micro Devices, exerted downward pressure on the S&P 500 and Nasdaq indexes on Wednesday. However, the Dow industrials index managed to post a gain as traders continued to digest the latest inflation reports. The Dow Jones Industrial Average added 37.83 points, or 0.1%, closing at 39,043.32, while the Standard & Poor’s 500 eased by 9.96 points, or 0.19%, closing at 5,165.31. The Nasdaq Composite pared 87.87 points, or 0.54%, closing at 16,177.77.
In the energy sector, US crude oil prices observed an uptick on Wednesday, with the April West Texas Intermediate light, sweet crude futures adding $2.16 to close at $79.72 per barrel. Conversely, the US dollar index closed lower on the day.
Shifting to precious metals, US gold futures experienced a rebound, with the April contract gaining $14.70 to settle at $2,180.80 per ounce, reflecting a high-side movement in trading.
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