1. Wheat Futures Restrict Up, Hit Contemporary 14-12 months Excessive
Wheat futures jumped essentially the most allowed on the Chicago Board of Commerce in a single day as Russian assaults on Ukraine proceed to accentuate.
Russian troops have attacked a number of cities together with Kharkiv, the second-largest in Ukraine, and Mariupol and have taken over a nuclear energy plant. Troopers attacked the ability plant, sparking fears of a nuclear accident, however officers say radiation ranges are regular.
The U.S. Embassy in Kyiv stated on social media that it’s a struggle crime to assault a nuclear energy plant.
A video reveals a Russian navy strike on an house complicated within the city of Chernihiv, reinforcing accusations that Moscow is attacking civilian targets.
The continuing Russian assault on Ukraine is disrupting shipments of merchandise together with wheat out of each nations.
Russia is the world’s largest exporter of the grain whereas Ukraine ranks third, in accordance with the U.S. Division of Agriculture. Australia is the second-biggest exporter of wheat and the U.S. is the fourth-largest, USDA knowledge present.
Ports in Ukraine are shut with a number of cities being attacked by Russian forces and Russian merchandise are being shunned globally.
Wheat for Could supply jumped 75¢ to $12.09 a bushel in a single day on the Chicago Board of Commerce, whereas Kansas Metropolis futures had been up 75¢ to $12.25¼ a bushel.
Futures are up 41% this week to date and are actually on the highest in 14 years.
Corn futures for Could supply surged 24¼¢ to $7.72 a bushel.
Soybean futures for Could supply rose 4¾¢ to $16.72½ a bushel. Soymeal was up $9.10 to $462.50 a brief ton, and soybean oil futures fell 1.43¢ to 73.38¢ a pound.
2. Weekly Soybean and Grain Export Gross sales Decline
Gross sales of soybeans and grains for abroad supply dropped within the seven days that ended on February 24, in accordance with a report from the USDA.
Soybean gross sales final week had been reported at 857,000 metric tons, down 31% from the earlier week and 34% from the prior four-week common, the company stated.
An unnamed nation purchased 345,900 metric tons, Egypt took 178,000 tons, Italy was in for 92,000 tons, Taiwan bought 69,400 tons, and Mexico took 63,000 tons from U.S. inventories, authorities knowledge present.
Exports for the week got here in at 751,000 metric tons, down 40% week-to-week.
Gross sales for supply within the 2022-2023 advertising yr that begins on September 1 totaled 1.39 million metric tons as China purchased 1.26 million tons, the Ag Division stated.
Corn gross sales plunged to 485,100 metric tons final week, down 53% from every week earlier and 47% from the typical.
Japan was the large purchaser at 320,400 metric tons, adopted by Mexico at 180,200 tons and Colombia at 125,400 tons, the USDA stated. The Dominican Republic purchased 48,400 metric tons and Canada bought 34,000 tons from U.S. provides.
The full would have been larger however unknown locations canceled cargoes totaling 274,600 tons.
Exports for the week had been reported at 1.55 million metric tons, down 18% week-to-week, the federal government stated.
For the 2022-2023 advertising yr, corn gross sales totaled 222,800 metric tons.
Wheat gross sales dropped 42% from the earlier week to 300,000 metric tons, the company stated. The full, nevertheless, was up 54% from the prior four-week common.
Mexico bought 90,100 metric tons, Japan was in for 66,900 tons, Taiwan took 56,300 tons, Colombia was in for 40,100 tons, and the Philippines bought 36,700 tons.
Exports for the week totaled 364,800 tons, down 33% from the earlier week.
Gross sales of U.S. wheat for supply within the 2022-2023 advertising yr that begins on June 1 got here in at 69,800 metric tons, the USDA stated in its report.
3. Wintry Combine Anticipated in Northern U.S., Dry Climate Forecast in Southern Plains
Chilly climate is anticipated into the weekend in a lot of the northern Midwest whereas dry climate is forecast within the southern Plains, in accordance with the Nationwide Climate Service.
In a lot of South Dakota and some counties in northern Nebraska, snow and combined precipitation are forecast tonight into Saturday with whole snow accumulations from 1 to 4 inches, the NWS stated. A glaze of ice additionally is anticipated.
In northern Wisconsin, freezing rain is anticipated into the weekend inflicting “substantial icing” and making journey harmful, the company stated in a report early this morning.
In southwestern Kansas, the Oklahoma and Texas panhandles, japanese Colorado and far of New Mexico, red-flag warnings have been issued amid dangerously dry climate, the NWS stated.
Most winds are anticipated at about 40 mph immediately with relative humidity from 15% to twenty%, the company stated.
“Important hearth climate circumstances are anticipated throughout the western and central Oklahoma panhandle and the western Texas panhandle,” the NWS stated.
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