Charts suggest corn and wheat futures could continue to rise due to Russia-Ukraine war, Cramer says
CNBC’s Jim Cramer on Tuesday said corn and wheat prices could continue to rise due to Russia’s invasion of Ukraine, leaning on analysis from Carley Garner, senior commodity market strategist at DeCarley Trading. “The charts, as interpreted by Carley Garner, suggest that both wheat and corn prices are headed higher here. Maybe much higher. And that is the last thing we want to see, but we might have to get used to it,” the “ Mad Money ” host said. Cramer said that Ukraine and Russia account for a third for the world’s wheat production, and while this year’s crop was planted before war broke out between the two countries, harvesting and shipping could be a challenge due to high energy costs and safety concerns. Wheat futures Current prices are the highest they’ve been since 2008, when a slew of factors including high oil prices and unusually dry weather in the United States led wheat to leap to $13 a bushel from the $3 to $6 it hovered around for decades prior, Cramer said. Garner bel