KANSAS CITY, MISSOURI, US — Black Sea grain disruption concerns amid renewed Russian attacks on Ukraine drove wheat and corn futures to multi-month highs Oct. 10, the latter receiving an additional boost from expectations for reduced production when US and European harvests are tallied.
Traders positioning ahead of Wednesday’s USDA reports helped soybean futures firm with gains kept in check by Chinese demand uncertainty.
December corn leapt 15¢ to close at $6.98¼ a bushel. Chicago December wheat blasted off, ultimately shooting 57¾¢ higher to close at $9.38 a bushel. Kansas City December wheat saw similar strength, packing on 55½¢ to close at $10.24¼ a bushel. Minneapolis December wheat shot up 46¼¢ to close at $10.14¼ a bushel.
November soybeans were up 7¢ to close at $13.74 a bushel. October soybean meal added $5.80 to close at $410.70 per ton. October soybean oil declined 0.54¢ to settle at 69.54¢ a pound.
US equity markets closed lower Oct. 10. Pressure stemmed from several ongoing features, including concern about the pace of Federal Reserve interest rate increases amid a tight labor market, implications of the seven-month-old Russia-Ukraine war amid a surge in attacks, and trade policy with China.
The Dow Jones Industrial Average plummeted 630.15 points, or 2.1%, to close at 29,296.79. The Standard & Poor’s 500 Index edged down 93.91 points, or 0.3%, to 29,202.88. The Nasdaq Composite dropped 110.30 points, or 1%, to 10,542.10, the lowest since July 2020.
US crude oil prices flipped lower Oct. 10 on the heels of a five-session rally last week. The November future pulled back $1.51 to close at $91.13 per barrel.
The US dollar index strengthened on Oct. 10 for a fourth consecutive trading day.
US gold futures moved Oct. 10, as they often do, in opposition to the dollar during the latter’s rally extension. The October future slumped $33.20 to close at $1,667.30 per oz.