Wheat In the Red | Monday, November 11, 2024 [Video]

The grain markets have turned lower with wheat futures getting hit hard. Last week the corn and soybean markets posted impressive gains after the bullish USDA reports. Wheat futures closed mixed to lower.

The main factor today is the major rainfall event that moved through the dry areas of the southern Plains this weekend. This pressured wheat prices first during the overnight trade, and then weighed on corn and soybean prices.

This morning, December corn futures are down 3¢, January soybean futures are 42¢ lower, and wheat futures are 12¢ to 17¢ lower. Even though corn and soybean prices are lower, the bull spreads continue to work.

The stock market in China is up 2% as the rally continues. Stocks in Japan are 1% higher. European stocks are up 0.1%. 

The U.S. Dollar Index is up 0.43 points at 105.42. Crude oil is down $2.20 per barrel at $68.18. S&P …