Markets are sharply lower to start the week with corn down 15 and soybeans down 50.
Market initially opened higher last night and quickly ran into selling. The first grain ship has left the port of Odessa and is headed to Africa. Another vessel is said to be hung up clogging up a shipping lane. Over the weekend Russia attacked and killed the owner of Nibulon, the largest grain exporter in the Ukraine. Ukrainian presidential officials have said 17 ships are docked in Black Sea ports with almost 600,000 tonnes of cargo, mostly grain. More ships would follow, Kubrakov said.
This morning we have the tale of two forecasts to contend with. The first is the GFS that shows a dome building and pushing rains to the East over Indiana, Ohio, and Michigan. The second is the EU model that shows more than just general rain across the Midwest, it has 2-3 inches across large areas. This is much wetter than was even advertised yesterday. Temps are going to heat up this week with 100 degrees coming to the Plains and Western Midwest. We knew there was weather risk for a map change when we left on Friday and that’s how it’s starting out this Monday. The GFS says little rain, the EU says a lot.
Have a Safe Day!