MN Broker Grains Started Week Under Pressure Then Drifted Higher
Commodity Broker Gordy Kralovetz with Chiodo Commodities said we began the week under pressure but then drifter higher the rest of the week. It was a typical week where we were higher in the overnight session and than opened sharply lower Monday morning at 8:30. But then we worked our way higher the rest of the week! We did not see big moves like some weeks. By the Close Friday afternoon it seemed to turn out to be an okay week!
The outside markers were banging around quite a lot with the turmoil about Russia invading the Ukraine. Ever time we would head lower there was buying under the market likely supported by the bad weather in South America. Local analysts and offical Government agencies in South America have dropped the soybean crop estimate by more than 1 billion bushels. That is a much larger cut than this month's USDA Supply Demand Report.
The corn crop in South America has not been dropped much yet because the major second crop of corn is just being planted now. If the adverse weather does not change soon, there is going to be a huge worldwide shortage of corn too? Click on the link and listen to Gordy talk about the ag market action last week.