Markets are weaker this morning across the board. Corn and wheat are taking the brunt of the selloff as they trade 22 and 85 lower.
Premiums are being taken out of the markets today as traders analyze more repots that the Russian invasion may not last as long as expected. Whether the comments about Russia only being able to sustain its invasion 2 more weeks are real or not, the market is taking a breather. Economic constraints that have been put on Russia are leading the way. They will have no money to fight a war, and the government will head to default, then real chaos will ensue.
For all that has happened in the last two weeks, corn and bean prices are mostly the same. Crude oil and wheat had huge rallies and immediately gave it all back. Governments of the World do not want high energy or food prices, so as producers know these prices will always be transitory. Things are being done here that will have consequences.
The highs may or may not be in, but producers are still able to lock in profitable levels on old and new crop corn and soybeans and should look to add coverage based on percent sold.
Have a Safe Day!