$5.95-$6.05 Oklahoma cash wheat prices have held onto a recent rally even after post-holiday grain gains faded, while soybeans jumped toward $12.00 before pulling back.
U.S. weather remains the main brake on further gains: Corn Belt conditions have turned slightly more favorable, and early European wheat harvest reports show lower yields in southern France but generally good quality.
Black Sea competition is still pressuring U.S. wheat exports, with Russia and Ukraine moving grain efficiently and rising crude and diesel costs threatening to lift ocean freight to Mediterranean and North African buyers.
Soybeans retain support from U.S. biofuels and strong soybean meal demand, but South American competition is expected to cap rallies.
For producers, Todd Hubbs recommends selling incrementally in 10%-15% blocks when production is secure, especially if November soybeans return to the $11.95-$12.00 range.