Wheat led grains higher on the day Tuesday amid more rising tensions between Russia and Ukraine over Russia’s talk of annexing parts of eastern Ukraine. That shot Chicago Wheat along with KC and Minneapolis higher on the day with war premium coming back in. That spilled over into corn and soybeans as well with sharp gains seen there. Livestock trade was fairly choppy on the day. Traders are anxiously waiting on the two day FOMC meeting to wrap up on Wednesday as they fully expect a 75 basis point rate hike from the Fed.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
More analysis with Jim McCormick of AgMarket.net and Jesse Allen on today’s Market Talk below: