Grain Markets Surge Amid Export Sales and Ukraine Conflict
Grain markets are seeing significant gains ahead of the open, with corn and soybeans reversing Thursday's losses to hit fresh contract highs. December corn is eyeing the psychological $5.50 mark as its next objective, while support comes in at $5.33 1/2 and $5.30 on a reversal lower.
November soybeans have charged to contract highs overnight, with resistance standing at $12.85 and $13.00 on continued strength. Support lies at $12.75 and $12.56 1/2. Meanwhile, December SRW wheat has pressed to fresh highs, with resistance at $7.75 on continued strength and support at the psychological $7.50 mark.
The USDA reported a slew of daily export sales for the 2026-27 marketing year this morning, including 182,000 MT of soybeans for delivery to China and 226,000 MT of soybeans for delivery to unknown destinations. Black Sea consulting firm SovEcon further cut its estimate of Russian wheat exports in August by 300,000 metric tons to 1.9 million MT.