At the close, the March corn futures closed 11¢ higher at $6.10. May futures closed 11¢ higher at $6.11. December futures ended 7¢ higher at $5.64.
March soybean futures closed 30¢ higher at $13.91.
May soybean futures closed 29¾¢ higher at $14.00. New-crop November soybean futures closed 20½¢ higher at $13.04.
March wheat futures finished 27¾¢ higher at $7.96.
March soymeal futures settled $8.20 per short ton higher at $398.30.
March soy oil futures closed 1.68¢ higher at 60.45¢ per pound.
In the outside markets, the crude oil market is $1.55 per barrel higher at $86.98. The U.S. dollar is lower, and the Dow Jones Industrials are 174 points lower (-0.49%) at 35,193.
Greg Lumsden, Cargill Elevate, says that today the South American weather story is being put on the back burner while the market focuses on inflation concerns and potential supply chain issues due to tensions with Russia and Ukraine.
“The U.S. and Russia will meet again on Friday but the market is pricing in uncertainty with Crude at seven-year highs, gold surging, and grains up very strong today. The weather does appear net-net to be improving in some key areas in South America but southern Brazil and Paraguay will still remain hot and dry. With uncertainty in weather, inflation expectations, and geopolitical tension, it appears the funds are willing to maintain and add to their positions for the time being,” Lumsden says.
SOYBEANS SURGE HIGHER
On Wednesday, the CME Group’s farm markets stage a double-digits rally.
At midsession, the March corn futures are 11¢ higher at $6.10. May futures are 10¾¢ higher at $6.10. December futures are 6½¢ higher at $5.64.
March soybean futures are 23¾¢ higher at $13.85.
May soybean futures are 23 1/2¢ higher at $13.94. New crop November soybean futures are 17¢ higher at $13.01.
March wheat futures are 21 3/4¢ higher at $7.90.
March soymeal futures are 7.10 per short ton higher at $397.20.
March soy oil futures are 1.37 higher at 60.45 per pound.
In the outside markets, the crude oil market is $2.33 per barrel higher at $87.76 the U.S. Dollar is lower, and the Dow Jones Industrials are 92 points higher (+0.26%) at 35,461.
AG MARKETS DIVERGE FROM ENERGY
On Wednesday, the CME Group’s farm markets trade higher.
In early trading, the March corn futures are 6¼¢ higher at $6.06. May futures are 6¾¢ higher at $6.06. December futures are 3½¢ higher at $5.61.
March soybean futures are 15½¢ higher at $13.77.
May soybean futures are 15½¢ higher at $13.86. New-crop November soybean futures are 11¢ lower at $12.95.
March wheat futures are 12¾¢ higher at $7.81.
March soymeal futures are $4.50 per short ton higher at $394.60.
March soy oil futures are 0.98¢ higher at 60.06¢ per pound.
In the outside markets, the crude oil market is $0.78 per barrel higher at $86.21. The U.S. dollar is lower, and the Dow Jones Industrials are 88 points higher (+0.25%) at 35,457.
Bob Linneman, Kluis Advisors, says that market bulls need to be fed each day.
“Friendly export inspection data aided the bulls, but traders attributed the rally to short-covering and technical buying. The strength in the wheat market aided the corn bulls,” Linneman stated in a note to customers.
Linneman added, “The grain market has held up nicely given the recent slide in the stock market. Overnight, the stock market dipped to the lowest level in a month, and the grain market appears to be traveling along its own path. It is nice to see grains ignoring the recent weakness in the outside markets.”
Source: Successful Farming