Wheat futures surged overnight amid news Russia is rethinking the Ukraine grain export deal. Corn and soybeans followed wheat to the upside.
The CCI rating has dropped for eight straight weeks for corn; five consecutive weekly declines for soybeans.
Corn and wheat futures are mildly higher with soybeans under hefty pressure. Cattle futures are higher with lean hogs lower to start the week...
Corn, soybean and wheat futures are trading near session lows this morning amid a varied price tone coming out of the extended holiday weekend.
Corn, soybeans and wheat bounced back from recent losses in a round of corrective buying overnight that was triggered by outside markets.
Spotty, heavy rain fell across the Midwest this week, leading to a mix of drought improvement and deterioration.
Corn and soybeans faced followthrough selling overnight while wheat retreated from Wednesday’s gains amid pressure from outside markets and building global recessionary concerns.
Cash hog prices facing seasonal pressure.
USDA raised its forecasts for ag exports and imports in fiscal year (FY) 2022. The initial forecast for FY 2023 projects ag exports will decline $2.5 billion and imports will rise another $5 billion.
Corn, soybean and wheat futures built on Tuesday’s losses during overnight trade.

Brian Grete