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Russia attacks Ukrainian grain ship, reports say

Tensions between Russia and Ukraine have escalated this week.

Jim McCormick with AgMarket.Net says Russia recently attacked a grain ship in the Black Sea.

“A Russian missile hit a wheat carrying ship in the Ukraine and that’s kind of ratcheting up the tensions,” he said. “Some people say it was kind of a prelude of Putin trying to set a signal.”

He tells Brownfield the attack caused grain futures to jump higher.

“That seems to bring in what I call war premium back into the wheat market,” McCormick said. “We’ve seen a lot of volatility in wheat a few years back at the beginning of the war, and then for a while it didn’t seem to have a big impact, but people are getting a little bit nervous.”

McCormick says it could also have a bullish impact on corn.

INTERVIEW: AgMarket.Net’s Jim McCormick 9-13-2024