Major farm stocks slipped sharply on Tuesday as wheat prices receded to levels not seen since the initial stages of Russia’s invasion of Ukraine.
The steep decline adds to pressure on major agricultural stocks like Archer Daniels Midland (NYSE:ADM) and Bunge (NYSE:BG), which have been hit hard by both wheat and corn price declines in recent weeks. In fact, wheat futures have fallen precipitously in the past month as industry experts have advised demand has rapidly evaporated. Corn, meanwhile, has been hit by adverse weather impacts and general recession fears rippling across the agricultural industry. The same logic has applied to soybean prices (SOYB) that endured a deep decline on Tuesday.
Other stocks impacted by the action include Deere & Co. (DE), Adecoagro (AGRO), Cal-Maine Foods (CALM), Lindsay Corporation (LNN), and CNH Industrial (CNHI).
Read more on the issues encountered by major grain facilities based in Ukraine.