On Friday, May 12, the USDA released its May WASDE report. The full text of the monthly message is available via this link. Nearby corn, wheat, and soybean prices reached multi-year, or in CBOT wheat’s case, an all-time high in 2022. Corn and beans rose to pennies below the drought-ridden 2012 all-time peaks. Grain and oilseed futures rallied as war broke out in Europe’s breadbasket. Ukraine and Russia are leading wheat and corn producers and exporters, and the Black Sea ports are a critical logistical hub for shipping grains worldwide. While the war continues to rage, grain and oilseed prices have been trending lower. However, they remain at elevated levels compared to before the war’s start.
The Teucrium corn (CORN), soybean (SOYB), and wheat (WEAT) ETF products track the price of a portfolio of CBOT grain and oilseed futures.
