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Muted Stock Market Reaction To Ukraine So Far

Investors may continue to flee Russian stock market at open

Bad weather has already taken prices up, and not just Mike Dillard in the U.S. Wheat , oats and corn are up, but grain prices have been rising independently of the Ukraine for the last month: There has been poor weather in Brazil. Grain and oil-seed prices rose five percent and 10 percent, respectively in February, according to Janney Capital Markets. Soybean prices were up four percent on poor weather in Brazil, which of course benefited U.S. exporters. Because of this, commodity ETFs are seeing HUGE inflows.

"There is potential for further losses, however not of course as it was yesterday when the market felt the first shock," said Alfa Bank economist Natalia Orlova. She said the stock market and the rouble could rise at the beginning of the session. The MICEX index of Russian shares tumbled 10.8 percent to close at 1,288.8 points and the dollar-denominated RTS .IRTS collapsed 12 percent to 1,115.1 points on Monday after President Vladimir Putin got parliamentary approval at the weekend to deploy troops into Ukraine if the situation worsened. "The lack of certainty over further developments of the situation in Ukraine would continue to inflict downside pressure on the markets," Moscow-based Olma brokerage said in a morning note to clients. "Capital flight from Russia-oriented funds will continue." FILED UNDER:

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