Markets have turned and are trading lower after yesterday’s nice rally. Corn is currently down 7 while soybeans are down 9 and wheat is down 7.
Yesterday’s reversal in the markets was a result of “attempted attacks” in Russia. Russia accused Ukraine yesterday of attempting to assassinate President Vladimir Putin in Moscow after two drones crashed into the Kremlin’s Senate Palace early in the morning, promising retaliation. No injuries or major damage were reported, and officials said Putin was not at the Kremlin at the time. Ukrainian officials denied the accusations while noting the statement provided Russia with a reason to escalate the conflict.
The markets are giving back some of the gains from yesterday, normally you like to see some follow-through after a key reversal. Meeting will take place with Russia tomorrow about the grain corridor, which we will guess only stays open if Putin needs it open.
Weekly export sales came in at a negative 12.4 million bushels for corn. This compares to the 10-week average of 41.9 million. With last weeks cancellations of sales to China, this should not come as surprise. We are now 144 million bushels behind pace to meet the USDA’s projections for the year.
Have a Safe Day!