AM Comments 03/04/14
Tuesday, March 4, 2014, 8:10 amSubmitted by: Dustin Weiner
Good morning!
The grain markets had a weaker tone to them last night as news out of Russia calmed a few fears. Russian President Putin pulled back some of his troops in SW Russia and investors feel that Russia is now backing down from the potentially large-scale military confrontation. Putin himself said that Russia’s takeover of the Crimean peninsula will not escalate into war: "We will not go to war with the Ukrainian people. If we do take military action, it will only be for the protection of the Ukrainian people”. This is a fluid situation and will be watched closely.
So… today appears to be acting in direct opposite of yesterday’s trade – gold & crude are lower while the equity markets are all higher. Some of the ‘risk premium’ that was added yesterday is being swiftly removed from the market.
Spring is inching closer… today is Fat Tuesday, the Illinois and Mississippi Rivers should see continued melting as temps warm up later this week, and Brazilian soybean harvest should be half done by the weekend.
Opening Calls
Corn down 4 to 6 cents
Soybeans steady to up 3 cents
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