The CBOT largely followed its existing trends into the weekend, which meant rallies in soymeal and soybeans, new contract lows in wheat, and sideways trade in corn and soyoil. Live cattle futures finally posted what WPI views as an overdue correction from Monday’s collapse with steady/firmer trade in the cash market. There was little fresh news for the day to drive markets, but rumors that China is cancelling Brazilian soy purchases added strength to the soy complex while the resumption of Ukrainian shipments pressured wheat. Simmering in the background is the Israel-Gaza conflict, which shouldn’t have direct impact on commodity markets (other than fertilizer) but could very quickly shift risk-on/risk-off trade mentality and add...