First Thing Today
Following Russia’s threat of any ships heading to Ukrainian ports being regarded as military vessels, Ukraine released a similar warning for ships heading into Russian ports or Ukrainian areas occupied by Kremlin troops.
Corn and wheat futures extended Tuesday’s losses overnight, while the soybean market traded mixed.
Wheat futures faced heavy price pressure overnight, which pulled corn lower. Soybeans are mixed following two-sided trade overnight.
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Soybeans were also slightly lower overnight, pulling back from Tuesday’s gains.
A mildly weaker tone has developed this morning after quiet trade overnight.
Soybeans, along with soyoil, led price strength in the grain and soy complex overnight.
Grain and soy futures found followthrough buying overnight, supported in part by outside markets.
Soybeans pulled back overnight from the corrective gains late last week. Corn and wheat didn’t stray far from unchanged.