From BarChart, March 1:
Locked Limit Tuesday Wheat Market
Front month winter wheat futures ended the Tuesday session at their allotted 50 cent limit gains. March SRW got above $10! Off the 985 strike, May SRW closed synthetically at $9.98 1/2 – an extra 14 1/2 cents above the underlying’s settle. HRW prices also went home locked limit higher, with both March and May contracts closing above the $10/bu mark – the first time since March of ’08. Synthetically, off the $10 strike, May HRW settled at $10.20/bu. HRS futures also rallied more than 50 cents on Tuesday. May HRS got to within 9 cents of the LoC high. ....
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Limit Gains for May Corn
Corn prices got to levels not seen since 2013 on the board, with in-delivery March rallying 42 1/4 to $7.39 ¾. The May contract went home with a limit gain closing at $7.05 3/4 (and about there synthetically as well). New crop futures went home on Tuesday with 15 3/4 to 22 cent gains. Crude Oil prices were up by more than 11%, to well over the $100/bbl mark. That is the highest priced front month quote since the Russian Crimea invasion in March of 2014....
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Soy Rally Continues through Tuesday
Front month soy futures continued their march higher through the first trading day of the new month. Front month soybeans were 2.7% to 3.25% higher on the day, with 40-50 cent gains. March contracts closed above the $17/bu mark. Front month soymeal futures ended the day 1.7% to 1.9% higher going home above $450/ton. BO prices ended the day on 4.9% gains to 5.4% gains – setting record prices above 76 cents/lb.
The national average soybean basis from cmdtyView was quoted at 48 1/2 cents under spot. That is an 8 cent firmer basis bid compared to yesterday – but compares to -38 cents on March 1 last year. In the ECB basis is seen at -27 1/4 cents, compared to cmdtyView data for the WCB at -60 3/4 cents. For new crop, cmdtyView has basis quoted at 47 cents under for November....
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