KANSAS CITY, MISSOURI, US — Winter wheat futures ended sharply higher Monday, with Chicago May wheat surpassing the March 2008 record high of $12.38 a bushel. Soaring wheat values were supported by concerns of global export disruptions from the Black Sea region due to Russia’s continued attacks on Ukraine.
Both corn futures and the soy complex futures ended mixed on profit-taking and technical selling. March corn dropped 7¼¢ to close at $7.49¼ a bushel, but later months were mixed.
Chicago May wheat expanded and hit its new daily limit, jumping 85¢ to close at $12.94 a bushel. Kansas City May wheat also expanded its daily trading limit to 85¢ but only climbed 37¢ to close at $12.51½ a bushel. Minneapolis May wheat soared 50½¢ to close at $11.97½ a bushel.
March soybeans dipped 2¢, closing at $16.74¼ a bushel, but later months were mixed. March soybean meal dropped $1 to close at $467.90 per ton, but later months were mixed. March soybean oil rose 1.35¢ to settle at 78.15¢ a pound.
US equity markets plunged on Monday. Surging crude oil prices, expanding inflation, the ongoing conflict in Ukraine, and a broken financial relationship with Russia pulled the equity markets closer toward correction territory. The Dow Jones Industrial Average plummeted 797.42 points, or 2.37%, to close at 32,817.38. The Standard & Poor’s 500 Index fell 127.78 points, or 2.95%, to close at 4,201.09. The Nasdaq Composite sank 482.48 points, or 3.62%, to close at 12,830.96.
US crude oil settled higher Monday. After climbing to $130 per barrel during the trading session on talks of US and European allies potentially banning Russian oil imports, the April future ended up only adding $3.72 to close at $119.40 per barrel.
The US dollar index edged higher on Monday.
US gold advanced Monday. The April contract jumped $29.30 to close at $1,995.90 per oz.