Agriculture News
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
Winter wheat futures surged above last week’s highs amid disruptions to Black Sea wheat exports. May corn futures traded near their highs, while soybeans and spring wheat remained well below last week’s peaks.
Grain and soy markets posted strong gains overnight, led by wheat, amid increased anxiety with the Russia/Ukraine crisis.
The figures for Feb. 1 feedlot inventory and January placements and marketings were in line with pre-report expectations.
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Corn, wheat and soybeans export sales above expectations
Wheat and corn futures retreated from yesterday’s strong gains, while soybeans saw followthrough selling overnight after a weak finish Thursday.
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.
Corn, soybean and wheat basis held or firmed over the past week despite surging futures prices.
Individual state crop condition ratings showed further deterioration of the HRW wheat crop during February.
Soybean futures posted contract highs overnight, while the wheat and corn markets faced light profit-taking after Tuesday’s rallies.
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.
Wheat above expectations, corn and beans within expectations
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.
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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.