Prices had been largely unchanged this week on escalation tensions between Russia and Ukraine. Russia’s invasion on Thursday changed the market calculus significantly and many buyers and sellers remain sidelined for the short term, watching to see how the conflict will unfold and what the impacts will be on the global markets.

In early US trade this morning, ags and energy futures were up sharply while the equity markets turned lower. Corn and wheat were up limit in early trading but pared back gains early in the morning. Soybean oil prices are higher on tight global vegetable oil stocks, prospects of limited South American harvest and yields, and strong energy prices.

Australian and New Zealand prices are flat with last week’s market. Limited supply continues to be a driving factor in both regions. Domestic trading in Australia was quiet with March tenders underway and on limited supply.

Trading in the EU was quiet and indicated sideways through most the week…