Closing Market Report- 2/23/22- Grains Skyrocket Higher Again on Wednesday


Wheat, corn, soybeans and bean meal skyrocketed Wednesday on a combination of still falling South American production, rising world veg oil markets and the ongoing Russia-Ukraine conflict. Old and new crop corn and soybean futures, along with Chicago and Kansas City wheat and soymeal have all scored new contract highs on Wednesday. The strength comes despite the forecast for possibly 2 to 4 inches of rain to fall in parts of Argentina and southern Brazil over the next 10 days. Russia continues to build troops along the Ukraine border as this situation continues to be ever changing. Lean hogs had a huge down day on Wednesday while cattle were lower as well.

Farm and Ranch Director Jesse Allen has our closing report:

Also, more analysis with Jesse Allen and DuWayne Bosse of Bolt Marketing on today’s Market Talk below: