Grain market fundamentals have been pushed aside by speculative trading in light of the Russia, Ukraine war. StoneX market analyst John Payne says that makes this market very unpredictable. “The first week I think froze everyone in the market. We haven’t seen a lot of trade going on, and that means we don’t have a lot of transparency to prices. At this point in time, there’s a brick wall between Russia and the Mediterranean. You can’t cross into the Black Sea.” Payne says there is a massive amount of speculative interest in the wheat market. “For the last 10 years, the retail speculators have had a lot to play with. They’ve had a lot of stock market and crypto-currency markets to play with. Now comes commodities. Commodities is the true story.”
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