The dumpster fire that is the wheat market continued to rage on Wednesday with Paris, CBOT, and KCBT markets all scoring new contract lows. The fundamental reason for the weakness is hardly new – rampant competition from the Black Sea and Europe – but prices in the physical market continue to drift below major psychological benchmarks (e.g., $200/MT) in a signal that traders are indeed scrambling to buy demand. To their credit, the corn and soybean markets have remained insulated from the drama in wheat futures and the corn market posted slight gains at mid-week and maintained their sideways trading pattern. Soybeans were no more interesting with mostly lower trade resulting in a fractionally lower close despite modest gains in...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, Black Sea, North America, South America