First Thing Today
Volatility was reduced from recent days in grain and soy complex futures overnight, as corn, soybeans and wheat all traded within relatively tight ranges compared to recent standards.
Wheat futures gapped lower overnight after limit-down closes on Wednesday and sharply extended losses. But wheat filled the gaps and is trading higher this morning, as are corn and soybeans.
Winter wheat futures traded sharply lower overnight but generally held above Tuesday’s lows. Soy complex futures traded sharply higher. Corn mildly favored the downside.
May SRW wheat is higher this morning after extremely volatile trade overnight, but other wheat contracts and corn are lower. Soybeans are firmer.
The most actively traded winter wheat contracts are up their new 85-cent daily trading limit, while May and July spring wheat futures are up their 60-cent limit. Corn and soy complex futures are also sharply higher.
Winter wheat futures locked up their 75-cent daily trading limit overnight, while spring wheat rose its 60-cent limit. Corn traded sharply higher, while soybeans posted just slight gains.
May contracts for all three wheat markets topped $11 overnight, though HRS futures have since retreated below that level. Soybeans are firmer, while corn is mostly higher this morning.
Winter wheat futures are sharply higher this morning in followthrough buying, though well off their overnight highs. Spring wheat is mixed, while corn and soybeans are lower.
Winter wheat futures surged above last week’s highs amid disruptions to Black Sea wheat exports. May corn futures traded near their highs, while soybeans and spring wheat remained well below last week’s peaks.
Grain and soy markets posted strong gains overnight, led by wheat, amid increased anxiety with the Russia/Ukraine crisis.