By Blake Haas

BLOOMINGTON – Commodity prices are on a ‘roller coaster ride’ as futures skyrocket but dipped into negative territory earlier this week.

After jumping to an all-time high on Tuesday, Wheat dropped almost 4% as Russia invades Ukraine.

Curt Kimmel, Owner of Bates Commodities in Normal, said prices have been all over the map throughout the trading week.

“It was initially bullish from the standpoint about 29% of the world wheat is exported out of that Black Sea region, that includes Ukraine and Russia both. As you know as we watch the news here, those exports have come to a complete halt here.”

According to Kimmel, around 16% of the world’s corn crop comes out of the region.

Amid bombing in Ukraine, Kimmel said the biggest worry is that Unkrainin farmers would not get into their fields. As a result, prices are all over the map.

“One thing to remember is when you go back on history, it’s hard to remember history, but when you look at past price charts, you have sharp straight up, straight up, straight up, but the thing is it comes right back down. So Mr. Gravity comes in once in a while, so as a producer, you have to kind of sell a little as you go and take advantage of these ups.”

On a different note, Kimmel said fertilizer prices, such as potash, could rise due to the war.

Blake Haas can be reached at [email protected].