Weekly Market Wrap-Up

Monday’s session showed upside to begin the week on the intensification of the conflict between Russia and Ukraine. Corn and wheat futures surged as exports from the Black Sea were halted. Soybeans were up sharply following soybean oil and crude futures. The USDA confirmed the sale of 136,000 tonnes of soybeans to China in 2022/23 and 120,000 tonnes to unknown in 2021/22. Weekly export inspections were as expected for corn and soybeans. March corn futures closed the day at $6.9750, a gain of 38 cents. March soybean futures closed the day at $16.4425, a gain of 54 cents.

Trade on Tuesday was marked by fundamental buying on the lack of exports from the Black Sea and fear of spring planting in Ukraine. The USDA confirmed the sale of 264,000 tonnes of soybeans to China in 2022/23. The trade also remained concerned about declining South America production. March corn futures closed the day 42.25 cents higher at 7.3975. March soybean futures closed the day 61.25 cents higher at 17.0550.

Wednesday’s session showed liquidation for corn and soybean futures. Soybeans fell lower following a sell-off in soybean oil. The USDA confirmed the sale of 264,000 tonnes of soybeans to unknown and 266,000 tonnes to China, both with partial quantities in 2021/22 and 2022/23. Weekly ethanol data showed a decline in production along with a decline in stocks. March corn futures closed the day at 7.39, a loss of 0.0075 cents. March soybean futures closed the day at 16.7750, a loss of 28 cents.

Trade on Thursday was led by managed money funds. Continued concerns of an extended shutdown of Black Sea ports along with uncertainty about Ukraine planting caused buying in wheat, corn, and soybean futures. The USDA confirmed the sale of 132,000 tonnes of soybeans to China evenly split in 2021/22 and 2022/23 along with 337,000 tonnes of corn to unknown in 2021/22. Weekly export sales data was below expectations for corn and within expectations for soybeans, with new crop soybean sales exceeding expectations. March corn futures closed the day 12.25 cents higher at 7.5125. March soybean futures closed the day 2.75 cents higher at 16.8025.

Friday’s trade represented another volatile session to close off the week. Corn and soybeans rallied early in the session but could not hold highs. Wheat futures continued to close limit up on tensions between Russia and Ukraine. The USDA confirmed the 2021/22 soybean sales of 106,000 tonnes to China, 108,860 tonnes to Mexico, and 125,000 tonnes to unknown. March corn futures closed the day at 7.5650, a gain of 5.25 cents. March soybean futures closed the day at 16.7625, a loss of 4 cents. Key factors for the week ahead are tensions between Russia/Ukraine, fundamental positioning, South America weather, demand, and the WASDE release on Wednesday, March 9^th.

March corn futures opened the week at $6.88 and closed the week at $7.5650, a gain of 68.5 cents.

March soybean futures opened the week at $16.4250 and closed the week at $16.7625, a gain of 33.75 cents.

March wheat futures opened the week at $9.2025 and closed the week at $13.48, a gain of $4.2775.