PM Comments 8/28/2014
Thursday, August 28, 2014, 4:08 PM
Submitted by: Joel Pudenz
News from the Black Sea had corn, soybean, and wheat futures trading higher most of the day. Reports out of Eastern Ukraine indicate Russian boots on the ground and increasing tensions between Ukrainian soldiers and separatist fighters. Spillover support from wheat and fund buying pushed corn 3 to 4 cents higher. However, this price gain will be short lived unless Black Sea exports are hindered – they have not been to this point. Soybeans closed 4 to 5 cents higher on much of the same news. Some areas are seeing pressure from soybean diseases, which the bulls are trying to run with. At this point, most aren’t worried about the effect of disease on the crop as a whole.
Have a good night!