Friday June 3, 2022

  • Volatility continues to be the name of the game with markets mixed as soy and wheat have been unable to hold onto the recovery made yesterday
  • Russia reiterated yesterday the possibility of Ukraine exports being released through the Black Sea through a “humanitarian corridor” solidly placing the ball in “the Wests” court, with this only being a possibility IF sanctions are lifted on Russia 
  • Australia gearing up to plant a record 37.5 million acres  up 14 million from last season 
  • France wheat conditions slipped slightly this week from 67% good/excellent to 69% g/e putting the entire crops condition down 20% over the month of May and compared to last seasons crop being rated at 80% g/e at this same point 
  • Argentine wheat planting estimated at 16.1 million acres, down slightly from previous estimates due to dry conditions 
  • Weekly U.S. export sales came in on the disappointing end of expectations across the board for corn, soybeans and wheat this week