KANSAS CITY, MISSOURI, US — US crude oil settled higher again Tuesday following the Biden administration’s announcement banning Russian oil imports. The April future added $4.30 to close at $123.70 per barrel.

Winter wheat futures tumbled Tuesday, pressured by sell-offs from traders hoping to secure profits before Wednesday’s US Department of Agriculture supply and demand report. After soaring for six straight sessions, wheat traders remained cautious of the decline and expected disrupted exports from the war-shackled Black Sea region to continue affecting the market.

Corn futures, still reacting to Black Sea export disruptions, ended mixed but mostly higher. But soy complex futures settled higher, despite beneficial rains in South America, on expanding export opportunities. March corn gained 5¼¢ to close at $7.54½ a bushel, but later months were mixed. Chicago May wheat slipped 7½¢ to close at $12.86½ a bushel. Kansas City May wheat fell 52¢ to close at $11.99½ a bushel. Minneapolis May wheat sank 53½¢ to close at $11.44 a bushel. March soybeans jumped 30¼¢, closing at $17.04½ a bushel. March soybean meal leapt $22 to close at $489.90 per ton. March soybean oil rose 1.53¢ to settle at 79.68¢ a pound.

The Biden administration’s ban on Russian oil pulled US equity markets lower on Tuesday. The markets had been juggling modest gains and losses, but stocks started falling after Biden’s announcement as investors weighed the ban’s consequences of rising gas prices and deeper inflation. The Dow Jones Industrial Average dropped 184.74 points, or 0.56%, to close at 32,632.64. The Standard & Poor’s 500 Index fell 30.39 points, or 0.72%, to close at 4,170.70. The Nasdaq Composite lost 35.41 points, or 0.28%, to close at 12,795.55.

The US dollar index edged lower on Tuesday.

US gold rose sharply Tuesday. The April contract surged $47.40 to close at $2,043.30 per oz.