The ongoing conflict between Ukraine and Russia has led to higher values for most agricultural commodities on the CME as most participants anticipate limited offerings out front. A decline in the global availability of grain was heavily discussed by most contacts on the shipping halts from Ukraine and the Black Sea region. In addition, drought in South America has hindered crop expectations. For March futures, wheat futures were up by 73.75 cts/bu to $10.01. Corn futures were up 42.20 cts/bu to $7.39, soybeans rose 61.50 cts/bu to $17.05, and soybean meal increased $8.80/ST to $463.70. Both wheat and corn were limit up for day, with trade halting before the close of day.

This has led to higher pricing in the protein markets, with increases exceptionally high for porcine items. A $60/ST climb was reported on the average price of porcine meat and bonemeal for Indiana, with a high of $500/ST. Porcine MBM out of the Carolinas market traded at a high of $510/ST. Tight…