Grains are higher on Thursday following the overnight session and optimistic comments from Trump about his upcoming meeting with Xi. Crude oil is sharply higher after the US imposed fresh sanctions on Russia’s largest oil producers.  

CORN

December corn is flat at $4.23. March corn is up 0.50 cents at $4.3625. 

Overall optimism in the grain markets has made grains higher overnight. Corn specifically has some strength from continued strong demand news. It saw another week of increased ethanol production in yesterday’s EIA report, but inventories are not building due to strong export demand.  

SOYBEANS

November soybeans are up 3 cents at $10.3775. January soybeans are up 4 cents at $10.54. Soybean oil is higher, while soybean meal is lower. 

Trump said in a post that he is very optimistic deals will get done during his upcoming meeting with Xi. He specifically mentioned soybeans again, and even nuclear. And given how much the bean market has been hanging on every word of his, this makes for some optimistic traders. Headline sensitive markets do make me nervous. Traders can not only get fatigued by it, but the market can end up getting disappointed in the final outcome. Time will tell. 

WHEAT

December Chicago wheat is flat at $5.03. KC wheat is up 1.75 cents at $4.9025. Spring wheat is up 1 cent at $5.4875.

Wheat continues to trade back and forth daily over the past couple weeks at support even after continued bearish news comes in. Wheat supplies seem to be sufficient globally for now but with the Ukraine/Russian war intensifying, it could be giving the market a pause on its confidence in available supplies. 

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