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Spike in futures prices crushes buying in grains as markets panic
Wheat Prices Soar on Ukraine Fears but U.S. Growers Can't Cash In
By Julie Ingwersen and P.j. Huffstutter
Reuters
Monday, March 21, 2022
CHICAGO -- After Russia's invasion of Ukraine sent global wheat futures soaring, U.S. farmer Vance Ehmke was eager to sell his grain.
Local prices shot up roughly 30% to nearly $12 a bushel, about the highest Ehmke could recall in 45 years of farming near the western Kansas town of Healy.
Instead of reaping a windfall, Ehmke found a commodities market turned upside down.
He and his wife, Louise, told Reuters they couldn't sell a nickel of their upcoming summer wheat harvest for future delivery.
Futures prices for corn and wheat had rocketed so abruptly that many along the complex chain of grain handling -- local farm cooperatives, grain elevators, flour millers, and exporters -- stopped buying for fear they couldn't resell at a profit.
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Others couldn't afford an industry-wide risk-management strategy known as hedging that keeps global commodities markets moving. Missiles falling in Ukraine had rocked that system, sending middlemen scrambling to shore up positions in the futures market that were costing them millions of dollars per day.
"The market is just in a panic," Andrew Jackson, a Kentucky grain merchandiser, told Reuters. ...
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