MN Broker Ag Markets Last Week Nuts!
Commodity Broker Gordy Ktalovetz with Chiodo Commodities said the ag markets were nuts after a tweet near the close about the U.S. sending troops to the Ukraine. There was plenty of action before the markets closed for the week Friday afternoon. Wednesday at 11:00 the USDA released the February Supply Demand report. The USDA did cut Brazil's soybean crop but not nearly as much as many private analysts have cut it. Overall the report was called maybe slightly bearish because many of the USDA numbers were slightly above trade guesses.
Then there was the action just before the close Friday afternoon. Apparently there was a tweet that the U.S. was going to send troops to the Ukraine to get our citizens out or in case Russia invaded the Ukraine. President Biden said that would be an act of war that that is why we would not be sending troop to the Ukraine. I guess there was a reporter that sent out the tweet before the President said that is why we are not sending troops.
Right after the tweet the DOW dropped a few hundred points and the grain markets shot sharply higher. Then the markets began going the other way as the whole story began to come out. Click on the link an listen to Gordy Kralovetz with Chiodo Commodities talk about the grain markets last week!