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Ahead of the Open | May 26, 2022 Wheat futures lower third straight day as trade monitors Russia/Ukraine; corn near seven-week lows.
Chinese Premier Li Keqiang acknowledged business impact of Covid-19 lockdowns, marking contrast with President Xi Jinping
Old-crop corn export sales were a marketing-year low. New-crop sales were light, too.
Wheat and corn futures faced heavy selling pressure overnight but remained above Wednesday’s lows. Selling in soybeans was lighter.
Soybean basis continues to charge higher and is well above the three-year average.
Winter wheat futures end lower but recover much of initial slump; new-crop corn falls to two-week low on planting progress.