Wednesday May 18, 2022

• A rare feeling of optimism from the Black Sea region pressuring the wheat market lower today after an aggressively higher start the week 
• Russian wheat production estimates are coming in high at 85 million MT with 39 MMT of that slotted for export 
• Adding weight to the wheat market this morning, Untied Nations is reportedly going to work with Ukraine to help restore grain shipment activities
• The Wheat Quality Council Tour began their assessment in Kansas pegging yields at 39.5 bu/ac – compared to average estimate of 46.9 bu/ac 
  • Though these numbers are low, it is not a surprise to the market as we have been expecting disappointment from the U.S. wheat crop all spring