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Wheat futures extended their sharp price drop overnight, while corn and soybeans also declined.
Soybean futures are posting double-digit losses this morning but are off their overnight lows.
Cash livestock/meat prices start 2022 well above year-ago.
Wheat futures erased most or all of Tuesday’s gains overnight, while corn and soybeans mildly favored the downside.
Too much heat and dryness across southern Brazil and northeastern Argentina, along with too much rain in some areas of central and northeastern Brazil continues to curb South American crop production prospects.
Individual state crop conditions ratings released on Monday showed major deterioration of the HRW wheat crop during December.
Soybean futures built on Monday’s gains overnight, while corn and wheat mildly rebounded from yesterday’s losses.