KANSAS CITY, MISSOURI, US — Reaching pre-Russia-invasion-of-Ukraine levels, wheat futures fell to five-month lows Friday on the strengthening likelihood that Ukrainian grain will resume exports from the Black Sea. Corn futures were mixed as traders evaluated weather forecasts for the US Midwest crop. Soybean futures were also mixed after a round of bargain buying and end-of-week short-covering.
September corn slipped ¾¢ to close at $6.04¼ a bushel, but later months were mixed. Chicago September wheat fell 18¼¢ to close at $7.76¾ a bushel. Kansas City September wheat dropped 11¼¢ to close at $8.37½ a bushel, but later months were mixed. Minneapolis September wheat ticked down 3¾¢ and closed at $9.06¾ a bushel; later months were mixed but mostly higher. August soybeans deleted 5¾¢, closing at $14.66 a bushel, but later months were mixed. August soybean meal declined $7.90 to close at $431 per ton. August soybean oil added 1.94¢ to settle at 60.08¢ a pound.
After a week filled with volatility, better-than-expected corporate earnings’ reports fueled an impressive bounce, prompting US equity markets to end sharply higher Friday. Citigroup Inc. reported revenue increases of 11%, sending shares of other banking companies to close higher. The Dow Jones Industrial Average surged 658.09 points, or 2.15%, to close at 31,288.26. The Standard & Poor’s 500 jumped 72.78 points, or 1.92%, to close at 3,863.16. The Nasdaq Composite advanced 201.24 points, or 1.79%, to close at 11,452.42.
US crude oil advanced Friday. The August future climbed $1.81 to close at $97.59 per barrel.