Corn is down 3 and soybeans are down 4 to start the day. We are seeing weakness in the wheat market again this morning as that is trading 15 lower.
Russia is likely to remain on a diplomatic track with Kyiv and the West for at least two weeks but will continue efforts to destabilize Ukraine, Ukrainian Foreign Minister Dmytro Kuleba said on Thursday. Russia has massed troops near Ukraine’s border but says it does not plan to invade its neighbor.
The United States said on Wednesday it had set out a diplomatic path to address sweeping Russian demands in eastern Europe, as Moscow held security talks with Western countries and intensified its military build-up near Ukraine with new drills.
In a written response to Russia’s demands delivered in person by its ambassador in Moscow, the U.S. repeated its commitment to upholding NATO’s “open-door” policy while offering a “principled and pragmatic evaluation” of the Kremlin’s concerns, Secretary of State Antony Blinken said. (Reuters)
Many think any action taken by Russia will wait until after the Olympics have completed.
The weather pattern for Southern Brazil and Argentina looks to go dry over the next 10 days. Some light rain did fall in this region overnight and amounts were less the .25 inches with spotty coverage. Heavier rains are forecast for Northern Brazil over the next 10 days where they are already harvesting crops. So far it looks like the beans in Mato Grosso are coming in light on yield with most field averages down 20% from normal. This is worse than expected and is probably the reason for yesterday’s new high price movement. The high-pressure ridge has all but disappeared and temps have moved back to more normal.
Have a Safe Day!