Russia/Ukraine still pushing grains higher
Grains are sharply higher again overnight after big gains yesterday. We have $7 corn and $10 wheat due to the Ukraine conflict. Russia has hit more resistance than they expected and have ramped up their efforts to achieve their objectives. Ukraine and Russian are major players in the grain export market and with Ukrainian ports closed indefinitely there is a major disruption in the global grain trade. The countries are to meet tomorrow to continue peace talks. Domestically spring insurance levels were set yesterday at 14.33 for soybeans which is a record and 5.90 for corn that is the second highest will help guard against expensive production inputs this year. Brazil’s soybean harvest is estimated 44% done and the Safrina corn crop is 64% planted into mostly good conditions. Think about taking advantage of some cash pricing if you feel comfortable as these levels won’t be here for long.