Corn closes 35¢ higher, soybeans end 52¢ higher, wheat up 75¢. Monday, February 28, 2022

On Monday, the CME Group’s closing markets see the wheat prices exploding 75¢ higher.

Corn hit its daily 35¢ limit up, but finished off of it.

At the close, the May corn futures finished 35¢ higher at $6.90. July futures ended 33 1/2¢ higher at $6.77. December futures are 27¢ higher at $6.07.

May soybean futures settled 52 3/4¢ higher at $16.36.

July soybean futures finished 43 1/2¢ higher at $16.16. New crop November soybean futures closed 20 1/2¢ higher at $14.35.

May wheat futures finished 74 1/4¢ higher at $9.34.

May soymeal futures closed 3.60 per short ton higher at $446.30.

May soy oil futures are 3.59 higher at 72.52 per pound.

In the outside markets, the crude oil market is $4.54 per barrel higher at $96.13, the U.S. Dollar is higher, and the Dow Jones Industrials are 559 points lower (-1.64%) at 33,499.

PJ Quaid, RJ O’Brien broker, says that market participants are spooked about Ukraine’s lack of grain movement.

“Rumors all day about a grain port getting hit in Ukraine is what put corn limit up, in my opinion. The world is very nervous and will continue to be if Ukrainian grain will not hit the markets.”

On Monday, the CME Group’s corn market heads to $7.00, while soybeans move toward $17.00 per bushel.

At midsession, the May corn futures are 34¢ higher at $6.90. July futures are 33½¢ higher at $6.77. December futures are 22¾¢ higher at $6.02.

May soybean futures are 53¾¢ higher at $16.38.

July soybean futures are 49½¢ higher at $16.22. New-crop November soybean futures are 37½¢ higher at $14.52.

May wheat futures are 55¢ higher at $9.15.

May soymeal futures are 7.30 per short ton higher at $450.00.

May soy oil futures are 2.33 higher at 71.26 per pound.

In the outside markets, the crude oil market is $3.22 per barrel higher at $94.81, the U.S. dollar is higher, and the Dow Jones Industrials are 161 points lower (-0.47%) at 33,896.

On Mоnday, the CME Group’s farm markets surge higher off of news that the war between Russia and Ukraine continues to rage.

In early trading, the May corn futures are 27¢ higher at $6.82. July futures are 25¢ higher at $6.69. December futures are 16¢ higher at $5.95.

May soybean futures are 36¢ higher at $16.21.

July soybean futures are 34¢ higher at $16.07. New-crop November soybean futures are 22¢ higher at $14.37.

May wheat futures are 42¢ higher at $9.02.

May soymeal futures are 3.60 per short ton higher at $446.30.

May soy oil futures are 2.78¢ higher at 71.71¢ per pound.

In the outside markets, the crude oil market is $3.71 per barrel higher at $95.30, the U.S. dollar is higher, and the Dow Jones Industrials are 437 points lower (-1.29%) at 33,601.

On Monday, private exporters reported the following activity:

136,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year
120,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year
Al Kluis, Kluis Advisors, says war news has the ag markets sharply higher.

“The U.S. and other world leaders agreed to cut off Russia from the SWIFT financial system. This will stop or slow down Russian grain exports. That step – and the total shutdown of Black Sea grain exports – has the grain markets sharply higher. The Russia/Ukraine conflict is viewed for right now as a standoff that could last weeks or months, and limit the exports out of both countries. It would also limit the ability to plant a normal crop in Ukraine. Together, these problems are sending prices sharply higher,” Kluis stated in a note to customers.

Kluis added, “As the war drags out in Ukraine, the total crop size projections for the 2022 crop will move lower. So many bridges have been blown up that it will be difficult to get seed, fertilizer, and fuel where the farmers need it.”

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