Wheat closes 48¢ higher, soybeans end 33¢ higher. Tuesday, February 22, 2022

The escalation of Russia’s invasion of Ukraine has shot the CME Group’s wheat market through the roof.

At the close, the March corn futures finished 20½¢ higher at $6.74. May futures ended 19¾¢ higher at $6.72. December futures ended 8¢ higher at $6.05.

March soybean futures settled 33½¢ higher at $16.35.

May soybean futures closed 31½¢ higher at $16.35. New-crop November soybean futures ended 9½¢ higher at $14.73.

May wheat futures settled 48½¢ higher at $8.52.

May soymeal futures settled $5.10 per short ton higher at $450.80.

May soy oil futures closed 2.45¢ higher at 70.06¢ per pound.

In the outside markets, the crude oil market is $1.30 per barrel higher at $92.37 (an eight-year high), the U.S. dollar is lower, and the Dow Jones Industrials are 544 points lower (-1.60%) at 33,534.

On Thursday, the CME Group’s farm markets start the week in roaring fashion.

At midsession, the March corn futures are 11¢ higher at $6.65. May futures are 11¢ higher at $6.63. December futures are 3 1/4¢ higher at $6.01.

March soybean futures are 21 3/4¢ higher at $16.23.

May soybean futures are 20¢ higher at $16.23. New crop November soybean futures are 3 1/2¢ higher at $14.67.

May wheat futures are 24 3/4¢ higher at $8.28.

May soymeal futures are 2.70 per short ton higher at $448.40.

May soy oil futures are 1.72 higher at 69.33 per pound.

In the outside markets, the crude oil market is $1.93 per barrel higher at $93.00, the U.S. Dollar is lower, and the Dow Jones Industrials are 465 points lower (-1.37%) at 33,613.

On Tuesday, the CME Group’s farm markets jump higher, while absorbing the Russia/Ukraine news headlines.

In early trading, the March corn futures are 8¢ higher at $6.62. May futures are 7½¢ higher at $6.60. December futures are 2¢ higher at $6.00.

March soybean futures are 9½¢ higher at $16.11.

May soybean futures are 8¼¢ higher at $16.11. New crop November soybean futures are 2¼¢ higher at $14.66.

March wheat futures are 8¾¢ higher at $8.05.

March soymeal futures are $2.10 per short ton higher at $450.00.

May soy oil futures are 1.41¢ higher at 69.02¢ per pound.

In the outside markets, the crude oil market is $3.04 per barrel higher at $94.11, the U.S. dollar is lower, and the Dow Jones Industrials are 200 points lower (-0.58%) at 33,878.

On Tuesday, private exporters reported the following activity:

120,000 metric tons of hard red winter wheat for delivery to Nigeria. Of the total, 60,000 metric tons is for delivery during the 2021/2022 marketing year and 60,000 metric tons is for delivery during the 2022/2023 marketing year. And 132,000 metric tons of soybeans are for delivery to China during the 2022/2023 marketing year.

Al Kluis, Kluis Advisors, says the market is eyeing the Ukraine/Russia war prospects.

“Today it appears Russia has or will be invading part of Ukraine. This has the global stock markets lower while energy and grain prices are sharply higher. After the three-day holiday weekend, the grain markets are sharply higher with Russia threatening or ready to invade Ukraine. I view the weather in South America as negative,” Kluis stated in a note to customers.

Kluis added, “Private crop projections for the soybean crop in South American will move lower again this week. For many areas, the recent rain is too little, too late. Corn farmers reporting nearly-ideal planting conditions will still need timely rain in March to get a good yield.”

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Tags: escalation, markets, wheat market, Ukraine, Russia, soybean futures, corn futures, wheat futures, soymeal futures, soy oil futures