Another limit up in wheat overnight

Corn gained 23 cents yesterday while soybeans added only 5 cents as wheat continues to trade limit up. There have been major disturbances in the spreads in wheat as the market scrambles to price in the disturbance between to major wheat producers. Ukraine is closing in on its corn planting season and the farmers there will deal with major obstacles trying get their crop planted. We have not seen any real positive news on the peace front and Russia seems to be escalating their tactics. We also have bullish news in SA as production estimates continue to drop and in the US the West is really dry as well. China continues to buy soybeans. Profit taking today is doubtful but can’t rule out anything in the current environment. NFC Grain Comments 3.3.22 (3)

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