This sort of action by the Russian and Ukrainian governments allows wheat traders to declare force majeure and invalidate previous contracts, allowing them to then sell new contracts at the higher price.
Well, well, well. Wheat prices in Texas were rock bottom during our harvest. Some sold for little to no profit, some held and got a little more and the very few that are still holding are setting pretty. It was a good crop and storage was a problem. But we never understood why the price was so low.
A buyer from ADM had a relative that we know call us to see how much elevators here were paying so the buyer would know how much they had to pay. We gave the relative a message for the big boys.
The prognosis was a world wide glut, much stored wheat, blah blah blah. My prognosis is market manipulation by traders. The thing turned around too sharply way too fast.
Hoping we can get a marketing coop to deal with these big boys better.