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Wheat futures found followthrough buying overnight amid heightened tensions with Russia and deteriorating U.S. winter wheat conditions, while the corn and soybean markets favored the downside in light, two-sided trade.

Individual state crop conditions ratings released on Monday showed further deterioration of the HRW wheat crop during January due to drought in the Plains.

Corn futures settle at 7 1/2-month high as Russia-Ukraine tension helps send winter wheat to four-week highs, soybeans lower.

It’s typical for frozen beef stocks to rise during December, though the increase was slightly greater than normal. It’s also normal for pork stocks to decline in December, though the drop was less than average.

Weekly corn, soybean and wheat inspections were all within the range of pre-report estimates.

Corn and soybeans are under pressure as wheat futures find support to start the week. Cattle futures are sharply lower as lean hog futures post corrective losses.

Winter wheat near three-week high on Russia-Ukraine tension, corn fades from seven-month high, soybeans lower.

Short-term price trend turns up for hog futures.

Wheat futures were supported by increased geopolitical tensions between Russia and Ukraine, while soybeans and corn were pressured by South American weather.

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