Analyst says new Ukraine deal impacted markets
The agreement allowing Ukraine grain shipments to resume is having an impact on commodity markets.
John Heinberg with Total Farm Marketing tells Brownfield, “It’s definitely having some impact on that wheat market today so that’s part of it, and that’s spilling over into corn. It’s a good day in the bean market. We finally got some reversal action there, but wheat is pushing thirty down and hasn’t put a new low in yet but it’s sure trying.”
Heinberg says today will be a key day on the grain markets but, “I’m not sure it’s going to do anything. You know, the exports coming out will be at a minimum if they even come out at all, but just the fact that it’s off the news headlines will keep the computer traders maybe at bay.”
Heinberg thinks there will still be limits on the amount of grain coming out of the Black Sea region.