Soybeans, wheat close 50¢ higher. Tuesday, March 1, 2022

On Tuesday, the CME group’s ag markets are off the hook.

At the close, the May corn futures settled 35¢ higher at $7.25. July futures closed 30¢ higher at $7.07. December futures ended 17¢ higher at $6.24.

May soybean futures finished 53 1/4¢ higher at $16.90.

July soybean futures closed 46¢ higher at $16.62. New crop November soybean futures are 41 3/4¢ higher at $14.77.

May wheat futures finished 50¢ higher at $9.84.

May soymeal futures ended 8.00 per short ton higher at $454.30.

May soy oil futures are 3.69 higher at 76.21 per pound.

In the outside markets, the crude oil market is $8.47 per barrel higher at $104.19, the U.S. Dollar is higher, and the Dow Jones Industrials are 571 points lower (-1.69%) at 33,320.

At midsession, the CME Group’s ag commodities are all trading double-digits higher.

At midsession, the May corn futures are 35¢ higher at $7.25. July futures are 32¢ higher at $7.09. December futures are 17¢ higher at $6.24.

May soybean futures are 48 1/4¢ higher at $16.85.

July soybean futures are 44¢ higher at $16.60. New crop November soybean futures are 36 3/4¢ higher at $14.72.

May wheat futures are 50¢ higher at $9.84.

May soymeal futures are 6.50 per short ton higher at $452.80.

May soy oil futures are 3.44 higher at 75.96 per pound.

In the outside markets, the crude oil market is $9.59 per barrel higher at $105.31, the U.S. Dollar is higher, and the Dow Jones Industrials are 662 points lower (-1.95%) at 33,230.

On Tuesday, the CME Group’s wheat market has started the month of March like a lion.

In early trading, the May corn futures are 31¢ higher at $7.21. July futures are 26 1/2¢ higher at $7.03. December futures are 20¢ higher at $6.27.

May soybean futures are 59 3/4¢ higher at $16.96.

July soybean futures are 55¢ higher at $16.71. New crop November soybean futures are 48 1/2¢ higher at $14.84.

May wheat futures are 50 1/4¢ higher at $9.84.

May soymeal futures are 9.70 per short ton higher at $456.00.

May soy oil futures are 3.75 higher at 76.27 per pound.

In the outside markets, the crude oil market is $5.48 per barrel higher at $101.20, the U.S. Dollar is higher, and the Dow Jones Industrials are 128 points lower (-0.38%) at 33,764.

On Tuesday, private exporters reported sales of 264,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.

Al Kluis, Kluis Advisors, says war news continues to move the ag markets sharply higher.

“The grain markets are higher as the overnight trade is reacting to the ongoing war between Russia and Ukraine. Their grain export ports remain closed,” Kluis stated in a note to customers.

Kluis added, “China and other global corn buyers who cannot get the corn they need loaded out of the Black Sea will need to buy corn from both the US and South America. The current estimate is that Ukraine has 6 million metric tons (mmt) or about 220 million bushels of old crop wheat to export that may not be shipped. They also have 14 mmt (550 million bushel) of old crop corn that is sold, but may not be able to ship.”

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Tags: markets, soybean futures, corn futures, wheat futures, soymeal futures, soy oil futures