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U.S. Grain Futures Make Biggest Strides Since Onset of Ukraine War

The end of the Ukraine grain export deal and an unfavorable U.S. weather outlook sent Chicago-traded wheat and corn futures soaring on Wednesday, causing pain for speculators holding short positions. Most-active December corn gained 9.3% in the latest two sessions, the 2023 contract’s biggest-ever two-day jump and most-active corn’s biggest two-day rise since March 1, 2022. Tuesday’s corn strength seemed largely focused on a hotter, drier U.S. forecast instead of the failed Ukraine grain deal, especially with less decisive early-week trade in wheat.

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