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Corn prices hit $8 a bushel in the spring, but have since retreated. The same is true with wheat and soybeans as Brazil harvests, shipments escape the Black Sea and hedge funds drop ag commodities.
The Minnetonka-based agribusiness is straddling the geopolitical fence as public pressure to withdraw from Russia grows. The agriculture behemoth is one of the largest non-Russian exporters of Russian wheat and owns a complex of mills south of Moscow.
On Monday, the CME Group’s farm markets see the wheat, soybean markets close stronger. At the close, the May corn futures settled 6½¢ lower at $5.53½. July corn futures settled 6¢ lower at $5.39¾. New-crop December corn futures ended 4¢ higher at $4.88½. May soybean futures closed 10¾¢ higher at $14.12¼. July soybean futures settled 8¾¢ higher at $14.05½. New-crop November soybean futures finished 5½¢ higher at $12.69¾. May wheat futures closed 7¢ higher at $6.18. May soymeal futures closed $3.90 short term lower at $406.30. July soy oil futures closed 0.68¢ h...
Agriculture ETFs Surge Following a Surprise USDA Report April 1, 2021 Agricultural futures and ETFs surged Wednesday, as the CME Group’s farm reacted strongly to this morning’s USDA data dump. U.S. farmers will plant lower corn and soybean acreage than the trade expected, according to the USDA. May corn futures surged 4.64%, to move 25¢ higher to $5.64½, making an explosive move from the prior day’s roughly $5.34 lows. Meanwhile, May soybean futures rocketed 5.12%, or 70¢ higher to nearly $14.37. Wheat and oats have also climbed more than 3.25%, as the agricultural complexes are r...