May cotton is trading above $140, with October closing in on $130. Darren Hudson with Texas Tech University says cotton futures aren’t trading at record levels, but it’s rare to see prices this high.

Concern over Ukraine’s loss of export capacity has shaken the corn and wheat markets. Since the start of the war 50 days ago: July corn is up over a $1 per bushel, December corn is up nearly $1.25 per bushel and July wheat is up more than $2.25 per bushel. Jon Scheve discusses the variables impacting the markets right now from a bullish and bearish point of view.

Here is a guide to the products available in the corn and soybean markets.

What could be on the horizon for the U.S. economy? One global banking firm is weighing in, in today's AgDay Minute.