Friday June 10, 2022

Markets lower this morning going into the USDA S&D report a couple hours away
- Historically an uneventful report with more attention focused on the end of month quarterly stocks and acreage report but this year has been full of surprises
Poor CPI numbers this morning provide support for money flow out of stocks and into commodities should we get bullish news today
The corn belt has a hot and dry 10-15 day forecast providing worry to traders that this may be the trend for the remainder of the growing season
Ukraine accused Russia of stealing 600 000 mt of grain and shipping it out of occupied ports, and Ukraine has been stepping up their own export efforts. This provides support for the belief that much of the grain in Ukraine will make it out of country one way or another before storage is needed for this years harvest. A deal is currently being discussed to sell Ukrainian grain to Turkey providing fuel to the rumors of the Ukrainian ports being de-mined
The market is expecting slightly tighter carry-outs to be released today so watch for confirmation full estimates were on yesterdays Update