Wheat Making Gains This Morning

December corn and January soybeans are both up 3¼¢ this morning.

March wheat contracts are making double-digit gains. CBOT wheat is up 12¾¢. KC and Minneapolis wheat are up 13¾¢.

Discussing gains wheat made in the overnight trade, The Brock Report said wheat was supported by “technically-driven short covering and fears the Ukraine-Russia war will escalate following President Biden’s decision to allow Ukraine to use U.S. weapons against targets inside Russia.”

USDA announced new export sales this morning:

• India is buying 30,000 metric tons of soybean oil for the 2024/2025 marketing year.
• Mexico is buying 261,264 metric tons of soybeans for the 2024/2025 marketing year.
• The Philippines are buying 135,000 metric tons of soybean cake and meal for the 2024/2025 marketing year.

February live cattle are up 58¢. January feeder cattle are up 18¢. February lean hogs are up 73¢.

January crude oil is up $1.79.

The U.S. Dollar Index December contract is down to 106.45.

December S&P 500 futures are up 10 points. December Dow futures are down 62 points.

Published: 9:33 a.m. CT