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