KANSAS CITY, MISSOURI, US — After months of mounting tension and suspicious military movements, Russian forces invaded Ukraine on Feb. 24, which sent wheat futures soaring to near-decade highs. Corn also rallied on news of the invasion, but its surging prices were tempered by profit-taking.
Trade from the two Black Sea countries, which account for almost 30% of global wheat and 19% of global corn exports, pulled back or shut down entirely, impacting available supplies.
The soy complex also sharply rose on spillover from the Ukraine crisis but ultimately ended lower at the close due to profit-taking.
March corn advanced 11¼¢ to close at $6.95 a bushel, but later months were mixed. Chicago March wheat shot up the 50¢ daily limit to close at $9.34¾ bushel. Kansas City March surged 49½¢ to close at $9.63 a bushel. Minneapolis March wheat jumped 29¢ to close at $10.30 a bushel. March soybeans pulled back 13½¢, closing at $16.61½ a bushel. March soybean meal lost $6.20 to close at $464.90 per ton. March soybean oil dropped 12.60¢ to settle at 393.4¢ a pound, but later months were mixed.
Showing surprising resilience after Russian troops invaded Ukraine in the largest European attack since World War II, US equity markets ended higher Feb. 24 following a briefing from US President Joe Biden vowing to leverage broader financial sanctions on Russia. Sharp losses earlier in the session would have sent the DJIA into correction territory if sustained.
The Dow Jones Industrial Average boosted 92.07 points, or 0.28%, to close at 33,223.83. The Standard & Poor’s 500 Index advanced 63.20 points, or 1.50%, to close at 4,288.70. The Nasdaq Composite jumped 436.10 points, or 3.34%, to close at 13,473.59.