Gold Limps to Fourth Straight Monthly GainMarket Talk

Wheat futures climbed over 1% to surpass $5.10 per bushel on Wednesday, marking their first gain in three sessions, as bargain-hunting emerged following recent price declines.

However, the modest rally was tempered by improved weather conditions across the U.S. crop belt, where crucial rainfall alleviated supply concerns.

According to consultancy Agritel, the significant improvement in U.S. winter wheat conditions is putting downward pressure on the market.

This pressure is further reinforced by forecasts of beneficial rainfall in the southern Great Plains, a key wheat-growing region.

These weather-related developments have tempered investor enthusiasm despite the recent dip in prices.

As a result, while wheat futures experienced a slight rebound, broader market factors continue to limit stronger upward movement.

Brent crude oil futures fell nearly 1.8% to settle at $63.1 per barrel on Wednesday, posting their sharpest monthly drop since late 2021 with a 15% decline amid mounting concerns over a global supply glut and weakening demand.

Prices were pressured by Saudi Arabia’s signal to increase production and recapture market share, while OPEC+ is reportedly weighing additional output hikes at its May 5 meeting, stoking fears of a renewed price war.

Trade tensions between the US and China further clouded the demand outlook, compounded by a first-quarter contraction in the US economy and a sharp drop in consumer confidence.

Despite the bearish sentiment, a surprise drawdown in US crude inventories—down 2.7 million barrels last week—helped limit further losses.

WTI crude oil futures sank 3.7% to settle at $58.20 per barrel on Wednesday, posting their sharpest monthly drop since late 2021 with an 18% decline amid mounting concerns over a global supply glut and weakening demand.

Prices were pressured by Saudi Arabia’s signal to increase production and recapture market share, while OPEC+ is reportedly weighing additional output hikes at its May 5 meeting, stoking fears of a renewed price war.

Trade tensions between the US and China further clouded the demand outlook, compounded by a first-quarter contraction in the US economy and a sharp drop in consumer confidence.

Despite the bearish sentiment, a surprise drawdown in US crude inventories—down 2.7 million barrels last week—helped limit further losses.

The following is a range of analysts' estimates of export sales for the week ended April 24. The estimates and prior week's actual figures encompass combined sales for all marketing years, unless indicated.

Units are in thousand metric tons. Parentheses indicate a negative number.

The export sales report will be released at 8:30 a.m. ET Thursday in Washington. Actual figures are subject to revision by the USDA.

 
           Estimates         Actuals 
            Apr 24       Apr 17      Apr 10 
Wheat        0-400       226.7       350.4 
Corn       700-1500     1152.9      1571.9 
Soybeans   150-550       276.9       736.6 
Soymeal    150-350       176.2       155.0 
Soyoil       4-25         12.4        12.5 
 

Front Month Comex Copper for May delivery lost 46.00 cents per pound, or 9.16% to $4.5600 this month

• Largest one month net and percentage decline since June 2022
• Snaps a three month winning streak
• Today it is down 26.30 cents or 5.45%
• Largest one day dollar and percentage decline since Friday, April 4, 2025
• Down for two consecutive sessions
• Down 27.80 cents or 5.75% over the last two sessions
• Largest two day dollar decline since Monday, April 7, 2025
• Largest two day percentage decline since Tuesday, April 8, 2025
• Down three of the past four sessions
• Lowest settlement value since Friday, April 11, 2025
• Off 12.58% from its 52-week high of $5.216 hit Wednesday, March 26, 2025
• Up 15.81% from its 52-week low of $3.9375 hit Wednesday, Aug. 7, 2024
• Rose 0.16% from 52 weeks ago
• Off 12.58% from its 2025 settlement high of $5.216 hit Wednesday, March 26, 2025
• Up 14.33% from its 2025 settlement low of $3.9885 hit Thursday, Jan. 2, 2025
• Off 12.58% from its record high of $5.216 hit Wednesday, March 26, 2025
• Year-to-date it is up 57.40 cents or 14.40%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data, FactSet

Front Month Comex Silver for May delivery lost $1.9260 per troy ounce, or 5.59% to $32.531 this month

• Largest one month net decline since Nov. 2024
• Largest one month percentage decline since Dec. 2024
• Down four of the past six months
• Today it is down 74.40 cents or 2.24%
• Largest one day dollar and percentage decline since Friday, April 4, 2025
• Snaps a two session winning streak
• Lowest settlement value since Monday, April 21, 2025
• Off 6.78% from its 52-week high of $34.897 hit Thursday, March 27, 2025
• Up 23.01% from its 52-week low of $26.445 hit Friday, May 3, 2024
• Rose 22.81% from 52 weeks ago
• Off 6.78% from its 2025 settlement high of $34.897 hit Thursday, March 27, 2025
• Up 11.73% from its 2025 settlement low of $29.116 hit Friday, April 4, 2025
• Off 33.20% from its record high of $48.70 hit Thursday, Jan. 17, 1980
• Year-to-date it is up $3.591 or 12.41%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data, FactSet