Corn and wheat prices in United States rise on new Black Sea aggression

Wheat

Maize (Corn)

Soybean

United States

Published Dec 13, 2022

Tridge summary

Grain prices were mixed but mostly higher to start the week. Wheat prices saw the biggest boost following an attack at a Ukrainian port over the weekend. Corn prices were also firm, rising around 1% by the close. Soybeans failed to follow suit, after timely rains in South America spurred some technical selling that led to losses of around 1.5%.

Original content

Ample rain and snow is expected across the Midwest and Plains between Tuesday and Friday, with a large portion of the region likely to gather at least another 1” or more during this time, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s new 8-to-14-day outlook predicts more seasonally wet weather for the Northern Plains between December 19 and December 25, with much colder-than-normal conditions likely in the week leading up to Christmas. Last week on Wall St. was rough, but today, the Dow climbed 374 points in afternoon trading to 33,850 as traders brace for the next round of inflation data and the next Federal Reserve meeting. Energy prices also trended higher. Crude oil climbed 3% this afternoon to $73 per barrel. Diesel jumped more than 6% higher, with gasoline up around 1%. The U.S. Dollar firmed moderately. On Friday, commodity funds were net buyers of corn (+1,500) and soymeal (+1,500) contracts but were net sellers of soybeans (-2,000), soyoil ...

Source: Prairie Grain Partners