Wheat finished at $10.59 per bushel. Wednesday, March 2, 2022

On Wednesday, the CME Group’s farm markets ended mostly lower.

At the close, the May corn futures settled 3/4¢ lower at $7.25. July futures finished 14¢ lower at $6.93. December futures closed 15 3/4¢ lower at $6.09.

May soybean futures settled 27¢ lower at $16.63

July soybean futures closed 28 3/4¢ lower at $16.34. New crop November soybean futures ended 24 1/2¢ lower at $14.52.

May wheat futures didn’t trade, remaining at its daily limit up of 75¢ higher at $10.59.

May soymeal futures closed 6.30 per short ton lower at $448.00.

May soy oil futures ended 0.34 lower at 75.87 per pound.

In the outside markets, the crude oil market is $7.79 per barrel higher at $111.40, the U.S. Dollar is lower, and the Dow Jones Industrials are 624 points higher (+1.88%) at 33,945.

On Wednesday, the CME Group’s farm markets trade mixed.

At midsession, the May corn futures are 7 1/4¢ lower at $7.18. July futures are 18¢ lower at $6.89. December futures are 16 3/4¢ lower at $6.08.

May soybean futures are 34 1/4¢ lower at $16.55.

July soybean futures are 36¢ lower at $16.26. New crop November soybean futures are 31 1/2¢ lower at $14.45.

May wheat futures remain at its daily limit up of 75¢ higher at $10.59.

May soymeal futures are 10.10 per short ton lower at $444.20.

May soy oil futures are 0.78 lower at 75.43 per pound.

In the outside markets, the crude oil market is $4.95 per barrel higher at $108.36, the U.S. Dollar is higher, and the Dow Jones Industrials are 619 points higher (+1.86%) at 33,914.

On Wednesday, the CME Group’s wheat market surges higher, while corn and soybean prices pause.

In early trading, the May corn futures are 7 1/4¢ higher at $7.33. July futures are 1¢ higher at $7.08. December futures are 2 1/2¢ lower at $6.22.

May soybean futures are 10 1/2¢ lower at $16.79.

July soybean futures are 9¢ lower at $16.53. New crop November soybean futures are 2 3/4¢ lower at $14.74.

May wheat futures are 75¢ higher at $10.59.

May soymeal futures are 3.80 per short ton higher at $450.50.

May soy oil futures are 0.80 lower at 75.41 per pound.

In the outside markets, the crude oil market is $7.03 per barrel higher at $110.44, the U.S. Dollar is higher, and the Dow Jones Industrials are 226 points higher (+0.68%) at 33,521.

On Wednesday, private exporters reported the following activity:

-264,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 198,000 metric tons is for delivery during the 2021/2022 marketing year and 66,000 metric tons is for delivery during the 2022/2023 marketing year
-266,000 metric tons of soybeans for delivery to China. Of the total, 198,000 metric tons is for delivery during the 2021/2022 marketing year and 68,000 metric tons is for delivery during the 2022/2023 marketing year.
Al Kluis, Kluis Advisors, says the raging war gives doubts about the export ports and their ability to be functionable anytime soon.

“Funds are cashing in. The corn and wheat markets that were limit up on Tuesday are mixed in the overnight trade,” Kluis stated in a note to customers. “The war in Ukraine is intensifying and it looks like long delays now until any of the ports that load grain will be open.”

Kluis added, “I am watching the daily and weekly export sales report. China has been buying new crop soybeans on an almost daily basis. This will keep the Thursday USDA Export sales report positive for price. It’s hard to see any price rationing–yet.”

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