Virginia McGathey of McGathey Commodities breaks down the recent action in grain markets. Soybean futures found support from upcoming China talks and the WASDE report, despite export sales reaching marketing-year lows. In the corn market, export commitments jumped 28% year-over-year, and geopolitical issues surrounding the Strait of Hormuz helped push the December contract toward the $5 level. Meanwhile, Wheat futures saw firm prices driven by northern frost concerns, even as weekly sales dropped 65%. Options activity and CVOL metrics across all three commodities highlight trader positioning ahead of next week's crucial USDA data.
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