A main question on grain traders’ minds is whether the geopolitical uncertainty/anxiety factor has peaked, from a markets perspective, regarding the Russia-Ukraine conflict. Remember that markets many times overreact to major geopolitical events in the early stages of those events. Traders tend to factor into market prices a worst-case scenario, only to see that scenario typically not occur. Still, in this particular geopolitical situation another major “shoe could drop,” such as a full-blown Russia invasion of Ukraine, to further destabilize the grain markets. Stay tuned—Jim Wyckoff