Corn, wheat, and soybean futures finished the week with solid gains.
Wheat posted the strongest gains on the day, with the market buoyed by the increasing hostilities in Ukraine, raising fresh fears about the fate of ongoing grain exports from the region. Reports today also indicated that Russian missiles briefly crossed into Moldova’s airspace before re-entering Ukraine, “heightening concerns about violence spilling into other nations.” March Chicago wheat jumped 28 ¾ cents to $7.86, March Kansas City added 30 cents to $9.09 and March Minneapolis was 13 cents higher at $9.30 ¼.
A return to hotter and drier weather in already drought-plagued Argentina sent soybean futures higher. There is rising concern about further soy yield loss in the country over the next 10 days if the forecast verifies. March beans were up 23 ¼ cents to $15.42 ½, and November gained 13 ½ cents to $13.78 ¾.
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