MN Broker Says It Was Another Week of Big Swings In Markets
Commodity Broker Gordy Kralovetz with Chiodo Commodities said it was another week of big swings but we are still about in the middle of the wide trading range we have been in for quite some time. It seemed like one day we would trade higher and then the next day go back down lower. It was disappointing that mid-week we were up near the highs only to sell off again.
The war in Ukraine continues and it sure looks like the acres planted there will be down maybe 50 percent from normal. Plus, will production be reduced in Russia too? Remember 30 percent of the worlds wheat supply comes from the Black Sea region and 12 percent of the corn. Then there are the weather issues in South America as they just finished their bean harvest and got the second crop of corn planted.
Then you have to consider what U.S. farmers are dealing with, inflation, supply chain problems, and shortages and or very high prices for inputs. Plus, then the biggest unknown is what will the weather be like this growing season? The U.S. drought monitor does not look very encouraging. Click on the link and listen to Gordy talk about the ag market action last week.
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