Grain Futures Markets See Changes Amid Black Sea Uncertainty

The grain and livestock futures markets have seen some changes in their prices over the weekend. On Sunday evening, December corn was unchanged, while November soybeans were down 2 3/4 cents. The wheat market also saw a decline, with September KC wheat, September Chicago wheat, and September MIAX Minneapolis wheat all down by varying amounts.

The current state of affairs in the Black Sea is affecting grain exporting capabilities, leading to increased optimism among traders. Wheat futures jumped last week to their highest weekly close for most-active KC futures. However, the corn and soybean markets are also entering the week with bullish arguments, but may still face seasonal pressure ahead of the U.S. harvest.

Crop weather and geopolitics remain as the primary drivers of price for now. The U.S. Dollar Index is down 0.11, and December gold is down $8.80. September crude oil is also down $0.16, while Dow Jones futures are up 6 points.