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Ahead of the Open | May 26, 2022 Wheat futures lower third straight day as trade monitors Russia/Ukraine; corn near seven-week lows.

Chinese Premier Li Keqiang acknowledged business impact of Covid-19 lockdowns, marking contrast with President Xi Jinping

Old-crop corn export sales were a marketing-year low. New-crop sales were light, too.

Wheat and corn futures faced heavy selling pressure overnight but remained above Wednesday’s lows. Selling in soybeans was lighter.

Soybean basis continues to charge higher and is well above the three-year average.

Winter wheat futures end lower but recover much of initial slump; new-crop corn falls to two-week low on planting progress.

Highest food price rises since 1980 (grocery stores) and 1981 (all food and restaurants)

Wheat tumbles to two-week lows on reports Russia may allow food shipments; corn sinks near six-week low.

Tuesday primaries | Texas school killings; Biden addresses nation | FOMC minutes | Food prices