Global wheat prices rise another 2%

Grain prices were mixed but mostly higher to start the week. Winter wheat prices saw the most upside, snapping a three-day losing streak on a round of bargain buying as traders continue to monitor dismal crop quality in the U.S. and disruptions to fieldwork and exports in Ukraine. Corn prices also trended moderately higher today, while soybeans suffered a moderate setback on a round of technical selling that pushed prices nearly 1% lower. Massive amounts of rain is possible later this week for an area stretching from Kansas down to Texas and through the Mid-South. Some fields could see 4” to 5” or more between Tuesday and Friday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts more seasonally wet weather for the Corn Belt between May 30 and June 5, with warmer-than-normal conditions likely for the eastern half of the country during that time. On Wall St., the Dow took a solid first step at ending an eight-week losing streak ...