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Crude oil hit a 13-year high and wheat topped $13. With front-month soybeans soaring past $17, and corn nearing the $8 mark, the crisis in Ukraine means food and fuel inflation fears are also heating up.

Farmers who filed by March 1 but did not file the required Form 7203 have until April 18 to file a Superseding return. This will correct that issue with no penalty.

Wheat buyers from the Middle East/Mediterranean region and North Africa are switching their wheat purchases to various European countries . . .

Russia is the second-largest producer of ammonia, urea, and potash and the fifth largest producer of processed phosphates.

May soybean futures fell 7 1/4 cents to $16.60 1/2 after tumbling from a morning high at $16.88 1/2. The most-active contract still gained 76 cents this week.

Russia’s trade and industry ministry has recommended the country’s fertilizer producers temporarily halt exports, the ministry said Friday, in a sign that sanctions imposed could have a global impact.

Just as wheat prices hit a new all-time high, the March contract was spooked, as profit taking caused the front-month contract to drop more than 80 cents in minutes. Despite that, the fundamental story hasn’t changed.

Market Watch is a weekly overview of factors driving prices of ag commodities. It is not intended as trading advice. For detailed strategy and advice, call Brugler Marketing @ 402-697-3623.

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Russia halts fertilizer shipments