Highlights
Russia said the sanctions the West has levied against them are “a barrier” to Russia’s continuation of the grain corridor for Ukraine exports. The current deal ends March 19th.
Russia, the world’s largest wheat exporter, raised their wheat export tax 3.5% (~US 8¢ per bushel or $2.90 per mt) effective for February 15-21st.
Ukraine’s marketing year-to-date corn, wheat and barley exports are down 28.7% from a year ago. While that is no surprise, it is a lot of grain removed from the world’s marketplace. How many months will pass before price must ration the smaller world supply?
The USA Consumer Price Index will be released at 7:30 AM Central Time this morning. It could move commodity prices sharply either way initially.