Wheat closes limit up. Friday, March 4, 2022

On Friday, the CME Group’s wheat market finished limit up, corn mostly double-digits higher, and soybeans mixed.

At the close, the May corn futures settled 6½¢ higher at $7.54. July futures finished 17¾¢ higher at $7.21. December futures closed 17¾¢ higher at $6.29.

May soybean futures closed 7¼¢ lower at $16.60.

July soybean futures ended ¼¢ higher at $16.33. New-crop November soybean futures settled 3¾¢ lower at $14.50.

The May wheat futures contract ended on its daily limit, up 75¢ at $12.09.

May soymeal futures closed 7.00 per short ton higher at $460.40.

May soy oil futures finished 2.01¢ lower at 72.80¢ per pound.

In the outside markets, the crude oil market is $6.70 per barrel higher at $114.37, the U.S. dollar is higher, and the Dow Jones Industrials are 303 points lower (-0.90%) at 33,491.

The CME Group’s wheat market is off its limit and trading again.

At midsession, the May corn futures are 6¢ higher at $7.53. July futures are 14¾¢ higher at $7.18. December futures are 11¾¢ higher at $6.23.

May soybean futures are 1¢ lower at $16.66.

July soybean futures are 2¾¢ higher at $16.35. New-crop November soybean futures are 7¾¢ lower at $14.46.

The May wheat futures contract is 52¢ higher at $11.68.

May soymeal futures are $9.00 per short ton higher at $462.40.

May soy oil futures are 0.98¢ lower at 73.83¢ per pound.

In the outside markets, the crude oil market is $4.00 per barrel higher at $111.67, the U.S. dollar is higher, and the Dow Jones Industrials are 422 points lower (-1.25%) at 33,371.

On Friday, the CME Group’s wheat market remains sharply higher.

In early trading, the May corn futures are 27¢ higher at $7.75. July futures are 30¢ higher at $7.33. December futures are 28¢ higher at $6.40.
May soybean futures are 8¢ higher at $16.75.

July soybean futures are 7½¢ higher at $16.40. New-crop November soybean futures are ½¢ lower at $14.53.

The May wheat futures contract is at its daily limit up of 75¢ higher at $11.34. It’s the third day in a row the May contract has locked limit up.

May soymeal futures are $8.40 per short ton higher at $461.90.

May soy oil futures are 0.57¢ lower at 74.24¢ per pound.

In the outside markets, the crude oil market is $2.78 per barrel higher at $110.45, the U.S. dollar is higher, and the Dow Jones Industrials are 322 points lower (-0.95%) at 33,416.

On Friday, private exporters report the following activity:

106,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year
108,860 metric tons of soybeans for delivery to Mexico during the 2021/2022 marketing year
125,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year
Bob Linneman, Kluis Advisors, says that grain traders have had a wild week.

“KC and CBOT wheat contracts are once again locked limit higher. Both of the May contracts opened the evening session limit up. What price do we need to see for wheat before traders will feel enough risk premium has been added for the disruption to Ukraine planting ability this year? Corn bulls are benefiting from the strength in the wheat, but it does feel like the sympathy rally in corn is slowing,” Linneman stated in a note to customers.

Linneman added, “Soybean traders are starting to feel the slowdown as well. Traders still need to consider what happens if China decides to side with Russia. Will the world issue sanctions against China? What happens to all of the grain sales that are on the books with China?”

Successful Farming

Tags: soymeal futures, soy oil futures, markets, soybean futures, corn futures, wheat futures