Wheat
Spring is officially here – and planting intentions are all the buzz. Here’s seven different acreage estimates for corn, soybeans and wheat.
Russia may suspend exports of wheat, barley, corn and rye starting Tuesday and lasting until June 30, the Interfax news agency reported on Monday, citing the agriculture ministry.
Crude oil hit a 13-year high and wheat topped $13. With front-month soybeans soaring past $17, and corn nearing the $8 mark, the crisis in Ukraine means food and fuel inflation fears are also heating up.
Just as wheat prices hit a new all-time high, the March contract was spooked, as profit taking caused the front-month contract to drop more than 80 cents in minutes. Despite that, the fundamental story hasn’t changed.
Soft Red Winter (SRW) futures hit an all-time high Friday, as consecutive limit up trading days meant wheat prices topped a previous high set in 2008.
Wheat futures were fueled by the ongoing Russia-Ukraine crisis on Wednesday. As a result, front-month wheat contracts hit daily trading limits and soared to a 14-year high.
Chicago wheat futures rose sharply on Monday after hitting 13-1/2 year highs on Friday, lifted by concern that Russia’s invasion of Ukraine and Western sanctions will continue to disrupt Black Sea region grain exports.
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.
As of mid-December, a significant portion of U.S. wheat acres are experiencing drought.
Balance prices and soil health for success.