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.
Basis is better than average for corn and soybeans despite Mississippi River transportation slowdowns.
Corn and soybean futures found followthrough buying overnight while wheat futures rebounded as markets were supported by the recent sharp pullback in the U.S. dollar.
Food price forecasts continue to rise and are well above historical average rates.
Corn and wheat traded lower overnight on followthrough selling, while soybeans faced two-sided trade.
Beef stocks increased less than normal during September, though inventories were record-large for the month. Pork stocks declined contra-seasonally last month.
Corn, soybeans and wheat futures open the week under pressure. Cattle futures are mildly firmer and lean hog futures are under corrective selling pressure.

Brian Grete