Market Overview
Grain futures started Sunday night with plenty of strength, but much of that enthusiasm disappeared by the day session.
Kansas City wheat was up roughly 20 cents overnight, corn gained 3–4 cents and soybeans were around 8 cents higher. Once European markets opened, sellers stepped in and wheat quickly surrendered most of those gains.
The market is now balancing continued Black Sea uncertainty against hopes that renewed diplomatic efforts could eventually improve grain movement.
Meanwhile, attention is quickly shifting toward Wednesday’s NASS crop estimates and WASDE report, where yields, carryout and export demand will all be closely watched.
🌍 Black Sea Keeps Wheat Volatile
The Black Sea situation remains a major source of uncertainty.
Over the weekend, Ukraine launched drone attacks deep into Russia, escalating tensions even further. At the same time, diplomatic efforts are reportedly underway to try to get Russia and Ukraine talking.
That possibility was enough to take some of the fear premium out of wheat after its sharp overnight rally.
But the fundamental problem hasn’t disappeared: Black Sea grain movement
