AM Comments 03/03/14
Monday, March 3, 2014, 7:59 amSubmitted by: Dustin Weiner
Good morning!
Our markets are higher this morning, led by wheat. The obvious story here of course comes from worries that Russia’s military action in Ukraine could slow wheat exports from the area. Those two countries accounted for 13% of all world wheat exports last year (12/13). This would be a big deal if true, but so far we are hearing stories out of Ukraine that there have been no disruptions (yet) in the loading of vessels and it sounds like Ukrainian farmers have been heavy sellers into this rally (sell while can maybe?).
Other than that it is quiet, the outside markets are a little friendly to our grains as the Russian stock market hits 5 year lows, the DOW is called lower, and money runs away from risk and into commodities such as gold, crude oil (and of course corn/wheat).
Opening Calls
Corn 7 to 10 cents higher
Soybeans 8 to 12 cents higher
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