Higher markets to open the week with corn up 14 and soybeans up 7.
Wheat is up 47 of the news of the closing of the export corridor in the Ukraine. In a move that is not surprising, Putin announced on Saturday that the safe exit of grain from the Ukraine will end. This has put the markets up strongly in wheat but is not having the same effect as then the war broke out with limit moves. Traders are aware that some grain can be moved via rail, and you also have to see if new business is booked in the US. Prices out of the US are already high, with the sky-high freight rate and strong US dollar.
I don’t expect todays rally to be sustained as this will continue to be an ongoing event until other countries get more involved. Take advantage of the rallies to get additional fall and spring sales on.
Have a Safe Day!