Corn, wheat, and soybeans traveled in the red for much of the morning trading before wheat turned higher and old crop corn and soybean contracts reversed losses. No doubt weighing on wheat is tensions with Russia, the crops top global supplier, while economic uncertainty keeps animal proteins sucking for air despite tightening cattle supplies.  Nearby corn, wheat, and soybean contracts remain net up for the past five days of trading as a result of yesterday’s surge, but the overall trend is down.   

Net wheat sales were higher than the recent past and at the top of market expectations. By contrast, last week’s washout in net corn sales achieved a record for being the lowest. Soybean sales were down relative to...