# Market Perspectives - February 22, 2024 - U.S. Grains & BioProducts Council

> Two grain ships were struck in the Red Sea area over the weekend, one reportedly bound for Yemen, the first attack of this kind on grain vessels. Wheat rallied on short covering, but the gains faded as soybean meal fell more than 2%.

- Date: 2024-02-22 · published 2024-02-22T12:00:00.000Z
- Category: geopolitics · region Red Sea · magnitude medium
- Page: https://feedsoft.ai/events/8022-market-perspectives-february-22-2024-u-s-grains-and-bioproducts-council
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Attacks raise freight rates, insurance and transit times for grain, which can widen basis and trade costs. Heavy fund short positions leave prices vulnerable to sharp moves on such headlines.

## Read by commodity

- SBM: bearish ▼
- WHEAT: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-12-15 | [Market Perspectives – December 15, 2022 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/5517-market-perspectives-december-15-2022-u-s-grains-and-bioproducts-council.md) | -1.1% | -3.8% |
| WHEAT | 2022-02-24 | [Afternoon Market Recap for February 24, 2022 – The Seam](https://feedsoft.ai/events/8526-afternoon-market-recap-for-february-24-2022-the-seam.md) | +6.8% | +25.3% |
| WHEAT | 2026-07-16 | [Grains Report 07/16/2026 - Market InsightsMarket Insights](https://feedsoft.ai/events/9564-grains-report-07-16-2026-market-insightsmarket-insights.md) | +3.9% | +0.1% |
| WHEAT | 2022-10-30 | [Grain market braces for price flurry as Black Sea corridor in doubt](https://feedsoft.ai/events/39027-grain-market-braces-for-price-flurry-as-black-sea-corridor-in-doubt.md) | -5.6% | +2.4% |
| WHEAT | 2022-03-29 | [Brazil hopes to be the corn market saviour - Grain Central](https://feedsoft.ai/events/13736-brazil-hopes-to-be-the-corn-market-saviour-grain-central.md) | -9.0% | -3.6% |
| SBM | 2022-02-25 | [After the Bell \| February 25, 2022 - Pro Farmer](https://feedsoft.ai/events/8524-after-the-bell-february-25-2022-pro-farmer.md) | -0.1% | +5.6% |
| SBM | 2025-12-02 | [Market Snapshot \| Black Sea tensions spur rally in grains - Pro Farmer](https://feedsoft.ai/events/11262-market-snapshot-black-sea-tensions-spur-rally-in-grains-pro-farmer.md) | -2.4% | -4.1% |
| SBM | 2025-12-02 | [U.S. grains: Corn, wheat futures climb on Black Sea tensions - Grainews](https://feedsoft.ai/events/21560-u-s-grains-corn-wheat-futures-climb-on-black-sea-tensions-grainews.md) | -2.4% | -4.1% |

## Sources

- grains.org: https://grains.org/market_perspectives/market-perspectives-february-22-2024/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.