Wheat Futures Surge to Five-Week High
Corn: 4 to 6¢ higher.
Soybeans: 4 to 6¢ higher.
Wheat: 21 to 30¢ higher.
Wheat futures surged to the highest prices in over five weeks overnight on reports Russia is reconsidering the Ukraine grain export deal, stoking renewed concerns over supply disruptions. Corn also rose, while soybeans bounced back from an earlier drop to near three-week lows.
Malaysian palm oil futures fell 2.5% to hit a six-week closing low amid concerns over Covid lockdowns in China. Front-month crude oil futures are more than $1 lower, U.S. stock index futures indicate a weaker open and the U.S. dollar index is up more than 500 points after hitting a 20-year high for the third day in a row.