March 3, 2014
Producer Marketing Manager
My calendar is marked that March did indeed come in like a lion!! A really…..cold……lion.
CORN: As of 7:45 – UP 10
Russian actions in Ukraine are definitely influencing markets this morning. How will occupation impact grain exports out of the Black Sea region? Below is a chart of Russian and Ukrainian corn exports and their share of world corn trade (Ukraine is the #3 corn exporters). Final spring base crop insurance price for December 2014 corn futures is $4.6168.
SOYBEANS: As of 7:45 – Old crop UP 13, NC UP 6
The bean market is also seeing some influence from what is going in the feed grain pits. Final spring base crop insurance price for November 2014 soybean futures is $11.3633. South American weather looks OK as harvest continues.
WHEAT: As of 7:45 – UP 24
Ukraine exportable bushels also come into play for wheat as well, especially with them being the #6 exporter in the world. May Minneapolis Wheat trading at the highest point since early December.