WOW CME Agri Items Higher with Exception to Wheat

WOW CME Agri Items Higher with Exception to Wheat

For week ending March 18th, volatility persisted on the CME for May futures. Wheat was down on Friday by $0.3425, creating an 8.3 percent week-on-week average drop. Soybean meal futures were lower by 0.8 percent, even with a slight incline at the tail end of the week. Soybean meal was higher by 1.3 percent, though the price decreased 1.5 percent from Monday to Friday.  Soybean oils were lower by 1.8 percent while corn saw a 0.6 percent drop on heightened market volatility.

Soybean meal rose this week amidst ongoing supply disruptions from the Black Sea region and the world’s top exporter Argentina wanting to raise tariffs to 2% higher from the current 31%. This has halted sales and exports of the 2021/22 crop briefly, which could tighten oilseed supplies already considered thin for the current sessions. Corn was highly unsettled, mostly attributed to the continued war between Russia and Ukraine, limiting availability and product movement for the specific…

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