US wheat futures fell due to concerns about geopolitical risks stemming from the Israel-Gaza conflict and Russia's attack on Ukrainian grain infrastructure. Iran threatened to attack Israel if ground troops were sent to Gaza, while Israel and Hezbollah engaged in exchanges of fire. President Joe Biden is expected to visit Israel to address the developing humanitarian crisis. Additionally, Russian forces targeted Ukrainian agriculture using advanced missiles, impacting global food markets. As for soybeans, the National Oilseed Processors Association reported a record-breaking month in September, with a significant increase in soybean crushing compared to the previous month and year.
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Iran said on Tuesday it would consider launching an attack on Israel if ground troops were sent to the Gaza Strip. Israel continued to bomb Gaza and the country's forces have exchanged fire with Hezbollah, the Lebanese group backed by Iran, according to media reports. US President Joe Biden is expected to visit Israel on Wednesday to meet with Israeli Prime Minister Benjamin Netanyahu. The administration has said Israel has the right to defend itself but is concerned about the developing humanitarian crisis. In Ukraine, Russian forces attacked ports and other export infrastructure in Ukraine using missiles that were originally designed for high-value targets, according to the UK Ministry of Defense. “Since its withdrawal from the Black Sea Grains Initiative, Russia has used its most valuable weaponry to target Ukrainian agriculture and harm global food markets,” the ministry ...