Corn is down 5, soybeans are down 15 and wheat is down 11 to start the day with better weather and lack of concern over the Russian-Ukraine conflict.
Russia again struck Ukraine’s inland port on the Danube River this morning, damaging a grain silo on Ukraine’s main alternative route for grain exports without the Black Sea deal. The port is just across the river from NATO member Romania. Meanwhile, officials in the Kremlin today restated their position that Russia would return to the Black Sea deal “immediately” when their “interests are upheld”, meaning all restrictions on Russian grain and fertilizer exports are cleared—including payments, logistics, and insurance.
The forecast maps have quite a bit of rain in them this morning. Very heavy rains to the West and the Southeast. Temps look to be normal over the next 10 days.
Markets were higher across the board initially last night but have since sold off. The weather forecast has the Funds convinced that we can achieve better than trendline yields in soybeans and that the corn crop is getting much better.
Producers should be cleaning up sales on any old crop corn and soybeans that they have left in the bins. With each day that passes, new crop harvest will be making its way north and demand is dwindling.
Have a Safe Day!