MN Broker It Was a Wild Week & Ended Where We Started [Listen]
It was a wild week in the grain markets, corn, soybeans and wheat. Maybe saying it was wild would be an understatement? We saw huge ranges up and back down again by late in the week. It was all about Russia invading the Ukraine and concerns about wheat and corn exports from that area of the world. There is a lot of wheat and some corn too produced and exported from the Black Sea Region. On Friday I read on agweb.com that a ship leased to Cargill had been hit by a missile fired from a Russian plane.
I do not understand why the markets were concerned about these events early to mid-week but were not Thursday and Friday when we saw the huge sell off? Then there are the weather problems in South America where some estimates are that they have already lost around a billion bushels of beans? Plus, unless the weather dramatically changes their second crop of corn will be hurt badly too. Remember they are just planting their second crop corn right now.
I suspect it will be another wild week coming up too. Today I saw a news report that Russia's nuclear weapons have been put on high alert. Click on the link and listen to Gordy Kravoletz with Chiodo Commodities talk about the ag market action last week.