Wednesday June 22, 2022

• Corn and beans are lower this morning with much focus still on the cooling forecast outweighing recent condition decreases due to previous heat and wheat bouncing off March lows. Weakening crude prices haven’t helped either
• The current forecast shows favorable weather coming into the critical corn pollination period in the USA, some 11+ day forecast show returning heat 
• SovEcon raised their Russian wheat estimate 0.6 mmt to 89.2 mmt a new record
• Russia and Turkey continue to discuss the safe passage of Ukrainian grain through the currently mined black sea region with the main starting point being the removal of western sanction
• Agroconsult raised their Brazilian safrinha crop 1.7 mmt bringing total production to 114.8 mmt and beans up 2.3 mmt to 126.9 mmt