KANSAS CITY, MISSOURI, US — Soy complex futures ended higher Wednesday with soybean oil contracts rallying to all-time highs after Indonesia widened its export ban to include all forms of palm oil.
Forecasts for cold, wet weather throughout the Midwest Corn Belt pushed corn futures toward 10-year highs as planting continued to be delayed.
Winter wheat futures ended mixed on profit taking and technical selling, while spring wheat futures advanced on planting delays.
May corn climbed 12¼¢ to close at $8.15½ a bushel. Chicago May wheat lost 3¼¢ to close at $10.80 a bushel, but later months were mixed. Kansas City May wheat dropped 9½¢ to close at $11.48¼ a bushel, but later months were mixed. Minneapolis May wheat rose 12½¢ and closed at $11.98¾ a bushel. May soybeans jumped 21¼¢, closing at $17.26½ a bushel. May soybean meal added $6.20 to close at $451 per ton. May soybean oil advanced 2.51¢ to settle at 87.80¢ a pound.
US equity markets salvaged some losses from Tuesday’s massive sell-off and ended mixed on Wednesday, but some investors felt the recovery was merely a temporary relief rally. The continued rollout of quarterly corporate earnings reports has provided some steam to the markets, but pressures from inflation, monetary policy, tight global supplies, and stubborn COVID-related impacts seemed to outpace resilient business reports. The Dow Jones Industrial Average added 61.75 points, or 0.19%, to close at 33,301.93. The Standard & Poor’s 500 Index gained 8.76 points, or 0.21%, to close at 4,183.96. The Nasdaq Composite slipped 1.81 points, or 0.01%, to close at 12,488.93.
US crude oil edged higher Wednesday. The June future ticked up $0.32 to close at $102.02 per barrel.
The US dollar index continued to strengthen Wednesday.
US gold declined on Wednesday. The April contract fell $15.50 to close at 1,885.90 per oz.