Wednesday

Humpday trade firmer across the grain room and there is a sense that we have priced in a decent crop but not really given enough credit to weather risks or other geopolitical issues that could spike prices.  There are simply too many hotspots that can affect pricing to me to be this complacent about supply chains not being disrupted anywhere throughout the globe.  I would also note that anyplace that imports oil and has an export of grain is looking at that grain on a best use case moving forward, not just a food use.  Corn and beans for biofuel and ethanol in SA and rice in India for ethanol.   The long-term effect of the Straight conflict may very well be those countries dependent on crude and crude products will accelerate plans and processes to reduce that dependency.  Sept corn up 6 cents, 422 3/4.  Beans pick up 6 3/4 to 1135 1/2 and wheat gains 10 3/4 cents, 6 bucks even.  Rice up 5 1/2 to 1324 1/2 and the buyer was there, but patient. Dow off 2 points, 52,668 and bonds off 27 tics, 112.21.