Geopolitics Remains Front and Center

We've spent a lot of time the past several weeks discussing global trade developments and are going to continue that theme this week.

The focus in the agricultural space has remained on South America over the past week, where near-perfect weather since October has allowed record crop production estimates to remain intact. However, geopolitical tensions around the globe have grown and are having a larger impact on price discovery than normal.

In addition to the ongoing conflict in Ukraine, the Middle East unrest and the situation between China and Taiwan, there are now fresh hostilities in South Korea and Romania.

Recent headline news has centered on South Korean President Yoon Suk Yeol's attempt to issue a martial law order last ...