Brian Grete

Corn and soybean futures favored the upside in overnight trade while wheat futures traded mostly lower.
The HRW CCI rating remains far below average. SRW rating is slightly below average.
Corn, soybean and wheat futures held in tight trading ranges while swinging to both side of unchanged during the overnight session.
Corn, soybean and wheat futures faced pressure overnight from Chinese Covid concerns and outside markets.
Corn futures built on Thursday’s late corrective rebound during overnight trade, while soybean and wheat also firmed on short-covering.
The extended forecast wouldn’t be overly optimistic for significant improvement to HRW wheat conditions. However, SRW wheat areas should see relatively favorable winter weather.
The area of winter wheat USDA estimated to be in drought conditions increased 1 percentage point to 75%.
Deal is extended for 120 days from Nov. 18 with no changes.
Corn, soybean and wheat futures sharply extended Wednesday’s losses overnight on news the Black Sea grain export deal was extended and pressure from outside markets.
Corn and soybean basis continues to strengthen as harvest winds down.