We have some pressure on the grain markets this morning. New-crop futures are seeing some selling on talk of improved weather in the extended forecast. This week won’t be as wet as last week and temps are finally starting to look more spring-like. The outlook for the start of May is also more favorable. The heaviest pressure, however, is being seen in old-crop soybean futures. Listen to the “Monday Morning Wake Up Call” for more details on what’s in store this week.
Pro Farmer’s Monday Morning Wake Up Call
Traders are removing risk to start the week.
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Oliver Sloup Blue Line Futures, says wheat prices skyrocketed adding risk premium on concerns about the escalating Black Sea war and the disruptions it is causing in the export market. It could have more upside left.
Wheat futures were up 30 to 35 cents early Wednesday adding risk premium as Russia and Ukraine attacks have escalated says Jamie Gieseke with Paradigm Futures.
Rich Nelson, chief strategist for Allendale says row crops are pausing right now until the weather story is really decided, while wheat is concerned about rising tensions in the Black Sea region.
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