Agriculture News
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.
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
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.