Wheat prices close 50¢ higher, corn up 11¢. Thursday, February 24, 2022

At the close, the CME Group’s wheat market reaches near its daily highs while corn and soybeans fall off.

At the close, the March corn futures finished 11¼¢ higher at $6.95. May futures ended 9¢ higher at $6.90. December futures ended 6¼¢ lower at $6.04.

March soybean futures closed 13½¢ lower at $16.61.

May soybean futures settled 17¢ lower at $16.54. New-crop November soybean futures ended 36¢ lower at $14.51.

May wheat futures closed 50¢ higher at $9.34.

May soymeal futures finished $10.40 per short ton lower at $455.60.

May soy oil futures closed 1.39¢ higher at 71.97¢ per pound.

In the outside markets, the crude oil market is $0.72 per barrel higher at $92.82, the U.S. dollar is higher, and the Dow Jones Industrials are 219 points lower (-0.66%) at 32,912.

As Russia invades Ukraine, the CME Group’s farm markets rally.

At midday, the March corn futures are 17¢ higher at $7.01. May futures are 14¾¢ higher at $6.95. December futures are 12½¢ lower at $5.99.

March soybean futures are 12½¢ lower at $16.62.

May soybean futures are 15¢ lower at $16.55. New-crop November soybean futures are 35¾¢ lower at $14.52.

May wheat futures are 43¢ higher at $9.28

May soymeal futures are $9.10 lower at $456.90

May soy oil futures are 1.87¢ higher at 72.45¢ per pound.

In the outside markets, the crude oil market is $3.38 per barrel higher at $95.48, the U.S. dollar is higher, and the Dow Jones Industrials are 607 points lower (-1.79%) at 32,534.

Jack Scoville, PRICE Futures Group, says that today’s market action is all based on the Russian war with Ukraine.

“It’s all Ukraine today, with wheat limit up on the invasion by the Russians. Ukraine and Russia wheat exports could be very hurt due to this and Ukraine corn too, which is why corn is higher in the nearby. Beans are lower, after limit up trading. Limit up on Ukraine and then I think the farmers started to sell and are also selling a little more corn into the market,” Scoville says.

On Thursday, the CME Group’s wheat market has hit its daily trade limit of 50¢, as it reacts to the Russia invasion of Ukraine.

At 10 a.m., the March corn futures are 25½¢ higher at $7.09. May futures are 24¾¢ higher at $7.06. December futures are 7½¢ higher at $6.18.

March soybean futures are 8½¢ higher at $16.83.

May soybean futures are 6¢ higher at $16.77. New-crop November soybean futures are 4¾¢ lower at $14.83.

May wheat futures are 32½¢ higher at $8.84.

May soymeal futures are $1.00 lower at $464.90.

May soy oil futures are 0.52¢ higher at 70.58¢ per pound.

In the outside markets, the crude oil market is $5.75 per barrel lower at $97.85, the U.S. dollar is higher, and the Dow Jones Industrials are 703 points lower (-2.12%) at 32,427.

Al Kluis, Kluis Advisors, says the markets are reacting to Russia’s invasion of Ukraine.

“I am writing this about one hour later than normal to include the USDA projections in the report that were released at 6 a.m. Central Time. The full-blown invasion of the Ukraine by Russia is sending the grain markets sharply higher,” Kluis stated in a note to customers.

Kluis added, “The grain markets are likely to put in a spike high in the next few days. The first day that prices close lower will signal that high.”

The USDA Ag Outlook projections call for 92 million acres of corn, a yield of 181 bushels per acre, and ending stocks of 1.96 billion bushels. For soybeans the report calls for 88 million acres of soybeans, a yield of 51.5 bushels per acres and ending stocks of 305 million bushels.

“This is not a survey-based projection and will change in the March 31 report. In my initial thoughts, I view this as long term bearish for corn, and bullish for soybeans. I will have more analysis in the weekly report,” Kluis stated.

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