Corn is up 10 and soybeans are up 14 to start the week.
The top stories from the weekend are all about the Russian/Ukraine war. Russia maintained gas flows through key pipeline routes into Europe on Monday, despite uncertainty over payment terms and as European leaders called for more sanctions against Moscow after war crimes allegations in Ukraine.
Global outrage spread on Monday at civilian killings in north Ukraine, including evidence of bound bodies shot at close range and a mass grave found in areas retaken from Russian troops, as fighting raged on in the country’s south and east. Ukrainian President Volodymyr Zelenskiy said on Sunday that the West would impose a new package of sanctions on Russia over the killing of civilians in Bucha and other Ukrainian cities, but he said that was not enough of a punishment.
The overnight markets were up due to the shelling and attack of the primary grain port of Odessa. This port is the most important one in the Ukraine and handles most of their export grain. To cripple this port will set rebuilding in Ukraine back a long time. A capture of this port would be devastating.
Ukraine’s new ag minister raised his estimated total grain (corn, cereals, sugar beet, sunflower, etc.) planted area expectations to 33.1 million acres vs. the previous ag ministers estimate of 17.3 million acres. This compares to 41.8 million acres last year. No breakdown by commodity or reasoning for this higher acreage was provided.
Have a Safe Day!