The weather story lingered again on Wednesday, but harsher threats from Russia thrust the grain deal into the spotlight. Most-active CBOT wheat futures surged 8.5% on Wednesday, wheat’s largest single-day percentage rise since Feb. 28, 2022, just days after Russia invaded Ukraine. Money managers held a modest net short of 63,052 corn futures and options contracts by that date. Prior to that, grain deal uncertainty failed to spark bullish interest as Ukrainian export volumes far exceeded original expectations. Had the Jan. 3 high stood, it would have been November beans’ first annual high set in January since 1999.

---

Persons: reconnection, Karen Braun, Matthw Lewis Organizations: Funds, Reuters, Thomson Locations: NAPERVILLE , Illinois, Ukraine, Chicago, Russia, India, U.S, Moscow, Western