Summit Commodities market analyst Tim Marsh says there are a number of factors dragging down the grain markets on Tuesday. “One would be the potential agreement between the Russians and Ukrainians to open up export corridors through the Black Sea,” says Marsh. “Even if the countries sign off on that, it would take awhile for that to get underway. It would result in food like wheat and sunflower seed oil may move before corn.” The better weather in the northeastern two-thirds of the Corn Belt is another factor, but it’s being mostly ignored. The U.S. weather may be an ongoing concern, keeping commodity prices lower for a while. Egypt also canceled a wheat tender, but that doesn’t concern Marsh. “U.S. wheat is fairly priced in the world. Given last week’s export sales report, that was the biggest weekly sales total in almost 10 years for wheat. Speculators are being weeded out a bit at a time.”
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