Wheat markets moved sharply to the downside on Friday after the Ukraine grain export deal was signed. After nearly two months of negotiations between Russia, Ukraine, Turkey and the United Nations; the deal will allow grain exports to resume out of three ports including Odessa. It will still take time for this to begin and there are many moving parts to watch. Wheat saw losses of 40-50 cents across all three complexes though on the news. Soybeans and soybean oil were higher on the day and corn was caught in the middle. Cattle and hogs had a strong day ahead of Friday afternoon’s Cattle on Feed, Cattle Inventory and Cold Storage reports from USDA.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis on the markets with Chad Hart of Iowa State University and Jesse Allen on today’s Market Talk below. Plus a conversation about the fertilizer market with Josh Linville of StoneX.