Chicago’s three major agricultural futures were mixed on Tuesday (8th), with wheat futures (WCON) tumbled 10% a few hours following hitting a new intraday high, before closing down 1.1% to 12.80 Dollar. The downturn in the market is due to the fact that Ukraine no longer insists on joining NATO, which is an opportunity to ease the relationship between Russia and Ukraine. Soybean and corn futures rebounded stronger.
Teucrium Wheat ETF tracking wheat futures (WEAT-US) The trend is also highly volatile, turning black and falling and closing down 9.53% at 11.11 Dollar。
Ukrainian President Volodymyr Zelensky said on Tuesday that he would no longer insist that Ukraine join the North Atlantic Treaty Organization (NATO) and was willing to compromise on the issue of recognizing the independence of pro-Russian regions, softening his attitude towards Russia significantly.
Zelensky said that “NATO is afraid of controversy, afraid of confrontation with Russia.” He also called on Putin to start a conversation with him, not just live in an information bubble without oxygen.
Front month Chicago Corn (CCON) rose 0.3% to $7.53 a buck; front-month Chicago soybeans (SCON) closed up 1.8% at 16.8975 a buck Dollar。
Related Teucrium Corn ETF (CORN-US) fell 1.2% to 26.27 Dollar; Teucrium Soybean Price Index ETF (SOYB-US) rose 1.32% to 27.56 Dollar。
