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Soybean futures extend rally to nine-month highs on exports, reduced S. America crops; wheat up on Russia-Ukraine concern.

Individual state crop condition ratings showed further deterioration of the HRW wheat crop during February.

Corn, soybean wheat futures soar to multi-month highs on concern Russia-Ukraine escalation will disrupt global grain trade.

Soybean futures posted contract highs overnight, while the wheat and corn markets faced light profit-taking after Tuesday’s rallies.

USDA’s Cold Storage Report showed a smaller-than-normal build in frozen pork stocks during January, while beef stocks rose versus a normal small decline during the month.

Wheat above expectations, corn and beans within expectations

Corn, wheat and soybean futures are firmer to start the week. Cattle futures are mildly weaker and hog futures are choppy.

Corn jumps to seven-month high, soybeans and wheat also up on escalating Russia-Ukraine tensions.

Grain and energy markets had a big price response overnight to escalating tensions between Russia and Ukraine as U.S. markets reopened following the three-day weekend.