Ukraine Grain Exports Slam Grain Futures

I have been looking at corn futures and wheat futures charts this week and asking myself why such a dramatic down-turn in these commodity futures markets.  Just today it’s come to my attention the country of Ukraine had exported over 1.5M tons of grain just last month.

Two-thirds of the shipment was corn bound for a couple of Middle East countries and South Africa.  The rest was wheat shipped also to Middle Eastern countries and Spain.

While the commodity futures markets digest the current supply vs. demand after this news, I must say soybean futures and soymeal futures have been resilient in their uptrends.  I cannot say the same for corn futures and wheat futures – no real direction, or follow-through.

I am going to let the dust settle in most of our commodity futures markets before initiating new futures positions.  We’ve been involved with some choppy markets lately, and this is usually a prelude to changing commodity market trends.

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