Morning Comments February 21, 2022

July corn

Markets closed higher Friday on continued concerns over what is happening between Russia and Ukraine. Mixed messages continue this morning as announcements of attempts to continue towards a diplomatic resolution are punctuated with stories of bomb blasts and concerns over drinking water supplies in the contested region.

Reports overnight indicated President Biden and Russian President Putin would hold a 'summit,' meeting in person with other world leaders to discuss each country's position. However, the Biden administration says intelligence indicates Russia has already instructed its troops to invade Kiev, adding no summit of any kind will take place if military aggression is seen. 

Other world leaders continue to push Putin to stand down, warning of painful sanctions. 

With tensions near a fever pitch, it is likely the market tonight into tomorrow will trade on developments and headlines. 

South American weather looks to be turning wetter in the driest parts of the region this week into next, with above normal rainfall forecast to fall along a stalled front in the region. While the GFS, Canadian, and Euro don't necessarily agree upon where the heaviest rain falls, they all agree there will be moisture. Questions now of course will continue to center around how much crop potential can be salvaged.