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Wheat futures led a sharp drop in prices early this morning as news of Russia resuming its participation in the Black Sea grain export initiative hit markets.

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Ahead of the Open | November 1, 2022 Wheat futures mostly lower as Ukraine shipments continue; soybeans rise to five-week high, corn weaker.

Soybeans built on Monday’s gains during overnight trade, while the corn and wheat markets pulled back amid corrective selling.

The SRW CCI rating was also well below average for the end of October.