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May corn futures plunged 34 1/2 cents to $6.55 3/4, the lowest closing price since Feb. 18 but still up 3 cents for the week. December futures fell 25 cents to $5.79 3/4.

Possible talks surface as the Russian invasion continues

The new agreement means farmers will have “more choices and additional tools” for integrated weed management. In the process, Bayer remains committed to marketing its current crop systems and developing new technologies.

Cash cattle saw average prices move slightly higher for the week while CME futures tumbled lower. USDA’s reported cattle on feed February 1 inventory was the highest for that month in the series going back to 1996.

USDA’s 2022 supply and demand forecast came out just hours after Russia declared war on Ukraine. And as the crisis continues, USDA Chief Economist acknowledges the situation is impacting world trade and crop prices.

As extreme volatility continued in the commodity markets, USDA gave its first taste of 2022 planted acreage estimates during the Ag Outlook Forum. Analysts debate on what crops are gaining acres with today’s prices.

Despite signs Russian President Vladimir Putin may be ready to talk with representatives from Ukraine, Cargill confirmed a ship it chartered was hit in the Black Sea on Thursday. The vessel was empty at the time.

The Russia-Ukraine crisis sent wheat prices skyrocketing 50 cents higher, with corn up 30 cents at one point Thursday. Crude oil also soared above $100 per barrel, hitting the highest level since 2014.

European stocks rose Friday after Wall Street’s late rally. Investors welcomed Western sanctions on Russia that targeted its banks without blocking global payments system, leaving its energy sector largely untouched.

USDA now predicts an $11.0 billion ag trade surplus for fiscal year (FY) 2022. That is up $500 million from its prior outlook and $2.1 billion above FY 2021.