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Powell: Higher interest rates could cause a recession

Mounting recessionary concerns triggered heavy liquidation pressure in the grain and soy markets overnight.

But he acknowledged that a recession was ‘certainly a possibility’ given the global situation. Recessionary fears are building with economists.

New-crop soybeans drop to six-week low on outlook for milder Midwest weather; wheat lower amid harvest pressure.

Soybean basis continues its recent decline.

New-crop soybeans fall to five-week low on improving weather outlook; wheat firmer in corrective bounce.

President Biden to call on congress to suspend gasoline and diesel taxes, shipping prices begin to ease and the Senate Ag Committee will vote on two key livestock bills...

Grassley says votes in place in Senate Ag panel and full Senate for livestock bills

Wheat was supported by corrective buying overnight though futures are well off the highs this morning. Soybeans faced active followthrough selling, while corn was modestly lower.