Ukraine
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.
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.
Soft Red Winter (SRW) futures hit an all-time high Friday, as consecutive limit up trading days meant wheat prices topped a previous high set in 2008.
The European Union is facing a shortfall in sunflower oil as war blocks exports from key supplier Ukraine, vegetable oil industry group FEDIOL said on Friday.
UPDATE: 03/02 4:23 pm-EST-There are reports a missile struck a vessel flying under the flag of Bangladesh in Ukraine.
February’s volatile commodity prices added to the final spring crop insurance price scenario. While farmers await RMA’s final numbers, an early look at levels shows soybeans could smash the previous record set in 2011.
Congress returns Monday, but to a very different situation due to Russia’s invasion of Ukraine, which is expected to be one of the key issues President Biden talks about during his State of the Union address.
Chicago wheat futures rose sharply on Monday after hitting 13-1/2 year highs on Friday, lifted by concern that Russia’s invasion of Ukraine and Western sanctions will continue to disrupt Black Sea region grain exports.
USDA’s 2022 supply and demand forecast came out just hours after Russia declared war on Ukraine. And as the crisis continues, USDA Chief Economist acknowledges the situation is impacting world trade and crop prices.