Soybeans Drop, Wheat Shoots Higher as Global Events Influence Domestic Markets

Persistent rainfall in Brazil has dropped U.S. soybean prices, with the market reaction dropping futures by 16¢ on Tuesday and hovering around a dime lower than at open. Corn also dropped just over a nickel lower Tuesday while December futures held at just 2¼¢ lower. South American weather isn’t the only factor influencing markets at home. Wheat prices increased 23¾¢ Tuesday as Russia’s threat to the Ukraine seems to be heading toward reality.

Private exporters announced Tuesday more than 239,000 metric tons of soybeans are heading to Mexico and 126,000 metric tons of grain sorghum are set for export. All eyes continue to fall on South American weather for domestic price influence.

Read more on Tuesday’s market activity and geopolitical factors influencing domestic markets here.