Wheat Prices Soar on Drone Attack and Anticipation of USDA Report

The grain and livestock futures markets were volatile on Wednesday as traders awaited the USDA's WASDE report. At midmorning, wheat prices surged due to news of a massive drone attack on Russia's primary export terminals in Ukraine.

December corn was up 9 cents per bushel, while November soybeans increased by 8 cents. September KC wheat and Chicago wheat also rose by 30 cents and 25 cents respectively. The Dow Jones Industrial Average dropped 2.50 points, while the U.S. Dollar Index gained 0.010.

The livestock complex was mostly lower, with October live cattle down $0.13 at $226.20. However, December corn and soybean meal were up 3 1/2 cents per bushel and $1.20 respectively.