Brian Grete

Corn and soybean basis continues seasonal recovery from harvest lows.
Powell’s comments seemed to walk back the more dovish tone in the post-meeting statement.
Wheat futures led a sharp drop in prices early this morning as news of Russia resuming its participation in the Black Sea grain export initiative hit markets.
Soybeans built on Monday’s gains during overnight trade, while the corn and wheat markets pulled back amid corrective selling.
The SRW CCI rating was also well below average for the end of October.
Wheat and corn futures are sharply higher with soybeans posting limited gains to start the week. Cattle futures are lower and lean hogs are narrowly mixed.
Wheat futures led strong overnight price gains in reaction to Russia’s temporary suspension of the Ukraine grain export deal over the weekend.
Grain and soy complex futures were pressured overnight by outside markets and concerns about demand.
As of Oct. 25, 84% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, including 74% of winter wheat areas.
Wheat futures built on Wednesday’s gains overnight amid global supply worries, while the corn and soybean markets followed to the upside.