First Thing Today
Grain and soy markets are trading higher and high-range this morning, led by HRW wheat contracts.
U.S. will release 50 million barrels of oil in a coordinated effort along with releases from strategic reserves by China, India, South Korea, Japan and Great Britain.
Winter wheat futures surged to new contract highs overnight, while spring wheat sharply rebounded from last week’s losses amid tight global supplies of high-quality wheat.
Grain and soy complex futures traded both sides of unchanged overnight but have softened to a weaker tone and session lows this morning amid a rise in Covid concerns.
Wheat futures led gains, pushing above yesterday’s highs, while corn and soybean futures did not clear Tuesday’s highs.
Soybeans led the overnight price rebound from Tuesday’s losses.
Nearby soymeal futures are mildly firmer this morning but failed to push above Monday’s highs overnight.
The strength in soymeal failed to trigger overnight buying in soybean or corn futures.
Two-sided price action was seen in corn and wheat futures overnight, while soybeans were firmer for much of the session, but all three are weaker this morning.
Government offices are closed for the federal Veterans Day holiday. Markets are open.