Wheat: Chicago Wheat futures prices continue to defy gravity, with prices sharply higher in overnight trading, after Wednesday’s limit-up move trapped bears trying to pick a top in the market. Continued strong demand and deteriorating crop prospects in Australia are among the key fundamental reasons behind Wheat’s historic rise. The Australian Bureau of Statistics reported that Wheat stocks in storage owned by the major grain companies fell by 20% in August to stand at 2.8 million metric tons. At the end of the overnight session, December Wheat was trading at $9.35 ¼, up 18 cents.

Soybean Meal: December Soybean meal futures jumped to contract highs in overnight trading, following the strong performance of Wheat and Soybean futures. Asian buyers are substituting Soybean Meal and Corn for use as animal feed, as high Feed Wheat prices are causing users to look for alternatives. U.S. Soybean Meal exports are expected to total somewhere between 75,000 and 150,000 metric tons last week. At the end of the overnight session, December Soybean Meal was trading at $288.90, up $4.10.

Soybeans: New-crop November Soybeans surged in overnight trade, surpassing the $10 per bushel level, as Beans battle it out with Wheat for acreage next season. Brazilian producers are behind in their Soybean plantings so far this season due to dry weather. Traders are looking for strong Soybean export totals this morning, with estimates ranging from between 500,000 to 800,000 metric tons. At the end of the overnight session, November Soybeans are trading at $10.01 ¾, up 11 cents.

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