1. Wheat Futures Surge in In a single day Buying and selling
Wheat futures once more jumped essentially the most allowed in Chicago buying and selling in a single day and corn and soybeans surged because the battle between Russia and Ukraine continues.
Russia has elevated its shelling in Ukraine whilst international ministers from the international locations are scheduled to satisfy, based on media experiences.
A 3rd spherical of talks between the international locations is ready to start in the present day.
Stop-fires had been introduced to permit civilians to go away Ukraine’s main cities, together with the capital of Kyiv. That is the third try at a cease-fire to permit civilians to go away war-torn areas.
Russia is the world’s largest exporter of the grain whereas Ukraine ranks third, based on 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 as a result of assaults, and Russia already has taken over a number of cities the place transport amenities are situated. Few international locations are shopping for Russian wheat.
The Meals and Agriculture Group of the United Nations, or FAO, mentioned in a report Friday that its food-price index hit a file 140.7 factors in February, up nearly 4% month-to-month and 21% year-over-year.
Cereal costs had been up 3% from January and about 15% from February 2021. World wheat costs rose by 2.1%.
“In February, costs of all main cereals elevated from their respective values” in January, the FAO mentioned. Rising wheat costs “largely mirrored new international provide uncertainties amidst disruptions within the Black Sea area that might probably hinder exports from Ukraine and the Russian Federation, two main wheat exporters.”
Wheat for Might supply jumped 85¢ to $12.94 a bushel in a single day on the Chicago Board of Commerce, whereas Kansas Metropolis futures had been up 85¢ to $12.99 1/2 a bushel.
Corn futures for Might supply surged 22¢ to $7.76 ¼ a bushel.
Soybean futures for Might supply rose 35 3/4¢ to $16.96 ½ a bushel. Soymeal was up $8.70 to $469.10 a brief ton and soybean oil futures gained 2.18¢ to 74.98¢ a pound.
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2. Buyers Curb Internet-Lengthy Positions in Corn, Beans
Cash managers decreased their net-long positions, or bets on greater costs, in corn and soybeans within the seven days that ended on March 1, based on the Commodity Futures Buying and selling Fee.
Buyers lowered their bullish bets in corn to 344,790 futures contracts final week, down from 344,790 contracts the earlier week, the CFTC mentioned in a report.
Speculators curbed their net-longs in soybeans to 166,058 futures contracts.
That is down from 171,384 contracts the earlier week and the bottom because the week that ended on Feb. 8, the company mentioned.
In wheat, traders had been extra bullish on hard-red winter contracts, elevating their net-long positions to 44,807 futures contracts final week from 40,364 contracts per week earlier.
That was the biggest bullish place because the week that ended on Jan. 4, the federal government mentioned.
In soft-red winter wheat, fund managers lower their net-short positions, or bets on decrease costs, to eight,843 contracts by way of March 1, marking the smallest such place because the week that ended on Dec. 7, the CFTC mentioned in its report.
The weekly Dedication of Merchants report from the Commodity Futures Buying and selling Fee reveals dealer positions in futures markets.
The report offers positions held by industrial merchants, or these utilizing futures to hedge their bodily belongings; noncommercial merchants, or cash managers (additionally referred to as massive speculators); and nonreportables, or small speculators.
A net-long place signifies extra merchants are betting on greater costs, whereas a net-short place means extra are betting futures will decline.
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3. Winter-Climate Advisories Points From Iowa By means of Michigan
Winter-weather advisories have been issued from southwestern Iowa by way of northern Michigan as snow and freezing rain are forecast, based on the Nationwide Climate Service.
In central Iowa, freezing rain is predicted earlier than altering to snow this morning, the NWS mentioned in a report.
Snow accumulations within the space seemingly will prime out at about 3 inches.
In northern Illinois and southern Wisconsin, moist snow is predicted this morning, making roads slippery, the company mentioned. As much as 4 inches of snow is predicted.
As much as 5 inches of snow is predicted in central Michigan this morning as a “burst of upper depth snow” is shifting by way of the realm, the NWS mentioned. One other burst of snow is predicted this afternoon.
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