MN Broker Wednesday Pivotal Day and Grains Came Back [Listen]
Early in the week the grain markets were under pressure and working lower. Early in the day Wednesday corn and wheat got hit really hard but then all the grains came back. Commodity Broker Gordy Kralovetz with Chiodo Commodities said Wednesday was a key day as "we got thumped and then came back." Maybe the market or traders figure out they were a victim again of fake or false news?
Early in the week there were many headlines about Russia allowing wheat and other food shipments out of the Ukraine. Gordy said that was the headline but then you read the story Russia was willing to negotiate food shipments if the United States and other countries took off their sanctions. Just last week the Biden Administration announced more banking sanctions on Russia.
Maybe the weather helped support the grains later in the week too? Granted a lot of corn and soybeans got planted in the U.S. last week. However, it sure looks like there will be a lot of prevent plant corn acres in North Dakota. Maybe as much as 1 million acres of corn will not be planted in North Dakota? Click on the link and listen to Gordy discuss the ag market action last week.