Corn is up 3 and soybeans are up 13 to start the day with a ridge in the forecast and continued conflict in Ukraine.
Ukraine announced a “humanitarian corridor” on Thursday to let dozens of cargo ships trapped in its ports since the outbreak of war last year sail into the Black Sea, where shipping routes are under scrutiny since Russia quit a deal to allow grain exports. At least initially, the corridor appears to apply to vessels such as container ships that have been stuck in Ukrainian ports since the Feb. 2022 invasion and were not covered by the deal that opened the ports for grain shipments last year.
The Ridge setting up in Texas pushing heat up North is causing a major shift in what the models look like this morning. The rain is getting pushed up into the Northeast, which is the opposite of yesterday. This makes sense and would verify that this ridge will develop.
Look for the markets to chop sideways today with the USDA crop report out tomorrow. Early estimates do not look for any big changes although the August report often has them.
Have a Safe Day!