In the overnight trade, we saw all three wheat markets find strength amid a host of concerns including Ukraine, India’s crop, weather issues for HRW and HRS here in the U.S. and more. Double digit gains were seen in Chicago, KC and MN wheat at times. Corn and soybeans wrap up the overnight session mostly lower as we see a great planting window open up this week for much of the eastern Corn Belt. The only exception will be the Northwestern Corn Belt where rain is in the forecast most of the week (especially North Dakota, northern Minnesota and Manitoba). Thunderstorms, some of which could be severe, are in the forecast later today for Iowa, Minnesota and Wisconsin.
Concerns about lockdowns in China will be a headwind once again this week for the market trade. On China’s Dalian exchange, September corn was down 0.4%, July soybeans were down 1.9%, September soybean meal was down 2.5% and September soybean oil was down 0.9%. June Malaysian palm oil is trading up 0.7%.