Agriculture News
Wheat basis plunged over the past week amid the surge in futures.
USDA reflected no expected increase in U.S. wheat exports, despite the Russia/Ukraine conflict. U.S. corn exports were increased to reflect fewer anticipated shipments from Ukraine.
U.S. bean and corn carryout stocks decreased, wheat increased
Winter wheat futures traded sharply lower overnight but generally held above Tuesday’s lows. Soy complex futures traded sharply higher. Corn mildly favored the downside.
May SRW wheat is higher this morning after extremely volatile trade overnight, but other wheat contracts and corn are lower. Soybeans are firmer.
USDA on Wednesday should increase U.S. corn and wheat exports to reflect major uncertainties with Black Sea grain shipments.
Short-term chart trends turn bearish for live cattle and feeder cattle.
The most actively traded winter wheat contracts are up their new 85-cent daily trading limit, while May and July spring wheat futures are up their 60-cent limit. Corn and soy complex futures are also sharply higher.
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Surging prices rekindle food vs. fuel debate
Winter wheat futures locked up their 75-cent daily trading limit overnight, while spring wheat rose its 60-cent limit. Corn traded sharply higher, while soybeans posted just slight gains.
Cotton, beef and pork export sales increase
May contracts for all three wheat markets topped $11 overnight, though HRS futures have since retreated below that level. Soybeans are firmer, while corn is mostly higher this morning.
SRW wheat basis firmed and HRW basis didn’t drop too much given the surge in futures.
Winter wheat futures are sharply higher this morning in followthrough buying, though well off their overnight highs. Spring wheat is mixed, while corn and soybeans are lower.
Chip Flory and Jim Wiesemeyer discuss the Putin’s attack on Ukraine and the domino effect to the economy, including energy prices and trade. Plus they preview President Biden’s State of the Union address