Corn and wheat futures are trading limit up in most contracts, while soybeans are sharply higher in reaction to Russia’s invasion of Ukraine. Front-month U.S. crude oil futures are nearly $7 higher.
USDA’s Cold Storage Report showed a smaller-than-normal build in frozen pork stocks during January, while beef stocks rose versus a normal small decline during the month.
Grain and energy markets had a big price response overnight to escalating tensions between Russia and Ukraine as U.S. markets reopened following the three-day weekend.
Old-crop soybeans poked above $16 overnight, but key is whether there’s sustained buying above that level – something that hasn’t happened the two previous times.
