KANSAS CITY, MISSOURI, US — US grain and soy complex futures ended higher Monday. Corn futures soared above $8-per-bushel, reaching a new 10-year high for the nearby contract, on continued concerns of Black Sea region export disruption from the war in Ukraine as well as weather-delayed planting in the Midwest.
Soybean oil futures set a new contract high on the nearby month, supported by high demand and limited supplies after last Friday’s March crush report from the National Oilseed Processors Association reported that soybean oil stocks were at their lowest point in four months.
Dry conditions in crop-growing areas of the Southern Plains gave wheat futures a boost.
May corn jumped 23¢ to close at $8.13¼ a bushel. Chicago May wheat advanced 24¢ to close at $11.20½ a bushel. Kansas City May wheat soared 31¢ to close at $11.85 a bushel. Minneapolis May wheat surged 30½¢ and closed at $11.75 a bushel. May soybeans jumped 32½¢, closing at $17.14¾ a bushel. May soybean meal added $4.60 to close at $466 per ton. May soybean oil gained 1.08¢ to settle at 79.99¢ a pound.
After a choppy session of post-holiday gains and losses, US equity markets ultimately ended slightly lower on Monday. Investors were tuned into the continuing release of corporate earnings reports, providing a summation of businesses’ tolerances of the current inflation environment. Elon Musk, chief executive officer of Tesla, kept investors on edge as he pursued an endeavor to purchase Twitter even after the social media company’s board members invoked a “poison pill” strategy to thwart the acquisition.
The Dow Jones Industrial Average lost 39.54 points, or 0.11%, to close at 34,411.69. The Standard & Poor’s 500 Index dipped 0.90 points, or 0.02%, to close at 4,391.69. The Nasdaq Composite dropped 18.72 points, or 0.14%, to close at 13,332.36.
US crude oil advanced on Monday. The May future added $1.26 to close at $108.21 per barrel.
The US dollar index edged higher Monday.
US gold advanced on Monday. The April contract gained $12 to close at 1,982.90 per oz.