Attacks on Black Sea ports help boost wheat futures

Home » Attacks on Black Sea ports help wheat futures riseSource: Sosland Publishing Co.

Review of March 18th

• Wheat complex futures rose on Monday on concerns about exportable wheat supplies from the Black Sea region in the wake of Russian President Putin's re-election and Russian attacks on Ukrainian ports over the weekend. Advancing harvest and off-the-combine sales in Brazil continued to pressure soybean futures from six-week highs hit last week. Soybean spillover weakness offset wheat spillover support, creating choppy corn futures trading before the commodity closed with minor changes. May corn fell ¾¢ to close at $4.36 per BU; The later months remained largely unchanged. Chicago May wheat rose 14¼¢ to close at $5.42¾ per bu. Kansas City May wheat gained 7½¢ to close at $5.73¾ per bu. May wheat in Minneapolis rose 4¼¢ to close at $6.50¾ per bu. May soybeans fell 10½¢ to close at $11.87¾ per bu. The price of soybean meal fell by $2.80 in May to close at $331.90 per ton. May soybean oil fell 0.72¢ to close at 48.70¢ per pound.

• Ahead of the Federal Reserve's highly anticipated interest rate decision later this week, U.S. stock markets got off to a strong start to the week on Monday thanks to rising Alphabet shares and rising Apple and Nvidia shares. The Dow Jones Industrial Average gained 75.66 points or 0.2% to close at 38,790.43. The Standard & Poor's 500 gained 32.33 points, or 0.63%, to close at 5,149.42. The Nasdaq Composite gained 130.27 points, or 0.82%, to close at 16,103.45.

• U.S. crude oil prices were higher on Monday. April futures for light, sweet West Texas Intermediate crude gained $1.68 to close at $82.72 a barrel.

• The US dollar index Strengthened again on Monday.

• US gold Futures reversed course and closed higher on Monday. The April contract rose $2.80 to close at $2,164.30 an ounce.

Review of March 15th

• Soybean futures closed higher on Friday, recovering from the previous day's decline after a choppy day of trading. Wheat futures mostly weakened for a third day and fell for a third straight week due to high global supply and low demand for U.S. wheat. Corn futures rose slightly in short covering after two large export sales were reported late in the week. May corn added 3¢ to close at $4.36¾ per bu. Chicago May wheat fell 3¾¢ to close at $5.28½ per BU; The later months were mixed. Kansas City May wheat lost 8½¢ to close at $5.66¼ per BU. Minneapolis May Wheat lost 8¾¢ to close at $6.46½ per bu. May soybeans added 3¢ to close at $11.98¼ per bu. May soybean meal fell $2.70 to close at $334.70 per ton. May soybean oil rose 1.03¢ to close at 49.42¢ per pound.

• Better-than-expected inflation data released earlier in the week continued to put pressure on US stock markets on Friday. All three indexes ended the week in the red, with the S&P 500 posting its first consecutive weekly decline since October. The Dow Jones Industrial Average fell 190.89 points or 0.49% to close at 38,714.77. The Standard & Poor's 500 lost 33.39 points or 0.65% to close at 5,117.09. The Nasdaq Composite fell 155.36 points or 0.96% to close at 15,973.17.

• US crude oil Prices were mixed but mostly lower on Friday. April West Texas Intermediate light sweet crude futures fell 22¢ to close at $81.04 a barrel.

• The US dollar index strengthened again on Friday.

• US gold Futures continued to decline on Friday. The April contract fell $6 to close at $2,161.50 an ounce.

Review of March 14th

• Wheat futures fell on Thursday under pressure from China's recent wheat cancellation, this time an Australian purchase. Additional pressure from a lackluster export sales report pushed wheat to its lowest level since 2020 and pushed corn lower on spillover weakness. Short covering contributed to soybean futures' volatile day, which ended with declines driven by profit-taking. May corn fell 7½¢ to close at $4.33¾ per bu. Chicago May wheat fell 12¢ to close at $5.32¼ per bu. Kansas City May wheat fell 12¾¢ to close at $5.74¾ per bu. Minneapolis May Wheat lost 8¼¢ to close at $6.55¼ per bu. May soybeans The price fell 1½¢ to close at $11.95¼ per BU, but they were higher in August and beyond. May soybean meal rose $1 to close at $337.40 per ton. May soybean oil fell 0.18¢ to close at 48.39¢ per pound.

• U.S. stock indexes closed lower on Thursday after a Labor Department report suggested producer prices rose 0.6% in February from the previous month, more than the 0.3% rise forecast by economists last year. The Dow Jones Industrial Average fell 137.66 points or 0.35% to close at 38,905.66. The Standard & Poor's 500 fell 14.83 points or 0.29% to close at 5,150.48. The Nasdaq Composite lost 49.24 points or 0.3% to close at 16,128.53.

• US crude oil Prices were higher on Thursday. April futures for West Texas Intermediate light sweet crude gained $1.54 to close at $81.26 a barrel.

• The US dollar index strengthened on Thursday.

• US gold Futures On Thursday the direction changed again. The April contract fell $13.30 to close at $2,167.50 an ounce.

Review of March 13th

• Wheat futures were mostly lower on Wednesday, pressured by significant global inventories. Corn futures were mostly flat, with only minor gains on concerns that the weather could negatively impact Brazil's key corn crop. Soybean futures were mixed, with early months supported by delayed harvests in Argentina, but ample South American supplies weighed on later months. May corn slipped ½¢ to close at $4.41¼ per BU; later months just mixed. Chicago May wheat fell 3¼¢ to close at $5.44¼ per BU; The later months were mixed, mostly lower. Kansas City May wheat fell 9¾¢ to close at $5.87½ per bu. Minneapolis May Wheat lost 8½¢ to close at $6.63½ per bu. May soybeans gained ¾¢ to close at $11.96¾ per BU, but they were lower in September and beyond. May soybean meal lost $2.80 and closed at $336.40 a ton. May soybean oil advanced 0.75¢ to close at 48.57¢ a lb.

• A decline in stocks of technology companies including Intel, Nvidia and Advanced Micro Devices sent the S&P 500 and Nasdaq indexes lower on Wednesday, while the Dow industrial index rose as traders continued to digest the latest inflation reports. The Dow Jones Industrial Average gained 37.83 points or 0.1% to close at 39,043.32. The Standard & Poor's 500 fell 9.96 points or 0.19% to close at 5,165.31. The Nasdaq Composite fell 87.87 points or 0.54% to close at 16,177.77.

• US crude oil Prices were higher on Wednesday. April futures for light, sweet West Texas Intermediate crude gained $2.16 to close at $79.72 a barrel.

• The US dollar index Closed downstairs on Wednesday.

• US gold Futures returned to a high-side move on Wednesday. The April contract rose $14.70 to close at $2,180.80 an ounce.

Review of March 12th

• Although data suggested recent CPI numbers came in higher than expected, major U.S. stock indexes closed higher on Tuesday, with the S&P 500 hitting its 17th record high of 2024. The latest inflation reading, while higher than expected, was not as high as investors had feared, and many continue to expect rate cuts to begin sometime this year. The Dow Jones Industrial Average rose 235.83 points or 0.61% to close at 39,005.49. The Standard & Poor's 500 gained 57.33 points or 1.12% to close at 5,175.27. The Nasdaq Composite rose 246.36 points or 1.54% to close at 16,265.64.

• Soybean futures jumped on Tuesday on short covering and technical trading. Meanwhile, wheat futures were mixed, still benefiting from technical positioning and short covering. However, analysts said the market fundamentals were weak. Corn futures were mostly unchanged. May corn remained stable at $4.41¾ per BU; The later months were stable to narrowly mixed. Chicago May wheat rose ¼¢ to close at $5.47½ per BU, but were lower in later months. Kansas City May wheat ticked down 1½¢ to close at $5.97¼ per BU; The later months were inconsistent in a narrow area. Minneapolis May Wheat added 2¢ to close at $6.72 per bu. May soybeans rose 16¾¢ to close at $11.96 per bu. May soybean meal rose $2 to close at $339.20 per ton. May soybean oil advanced 1.18¢ to close at 47.82¢ per pound.

• US crude oil Prices were lower on Tuesday. April futures for West Texas Intermediate light sweet crude fell 37 cents to close at $77.56 a barrel.

• The US dollar index closed higher again on Tuesday.

• US gold Futures halted their meteoric rise and closed lower on Tuesday. The April contract fell $22.50 to close at $2,166.10 an ounce.

Ingredient markets

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