Crude trades over $112 overnight

Grains had another big jump yesterday with corn and wheat limit up and soybeans up 53 cents. Overnight Chicago and KC wheat are limit up on expanded limts while corn is 12 higher and soybeans off 5 cents. Markets were really whippy in the early morning hours so we need to be careful out there. This conflict has a very volatile market even more volatile. Crude is trading above $110 dollars per barrel and touched 112.51 overnight. IEA released 60 million barrels of oil to ease global crude prices but it was really a drop in the bucket as that is 14 hours’ worth of global usage so that did nothing to slow crude down as Russian production has been sanctioned. Ag Resource dropped its Brazil soybean production to 119.5 MMT which is the first we have seen below 120 and China has been buying soybeans from the US daily as SA crop continues to shrink. Markets are getting frothy so pick your spots for some sales because there is a good-sized correction coming. NFC Grain Comments 3.2.22 (1)