Soybeans, corn and spring wheat pulled back from Thursday’s gains overnight, while winter wheat futures extended yesterday’s losses.
Grain and soy complex futures were part of a broader selloff overnight.
HRS and HRW futures led the rebound from last Friday's sharp losses as concerns with the new Omicrop strain of Covid eased.
Concerns about a new, heavily mutated variant of Covid-19 produced high anxiety among traders overnight, as global stock markets and oil prices plunged, while bonds surged (yields dropped) amid heavy risk-off trade.
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.