Monday June 27, 2022

Markets lower this morning with beneficial rains in key states weighing them down
USDA acreage and quarterly stock report out thursday, this has the potential to be a big market mover
Egypt had to cut imports from India to 180k mt from an initial agreement amount of 500k mt due to short supply
Ukraine grain exports are still roughly half the normal amounts but many countries are providing and promising support to help boost export efforts
Current stock estimates for Thursday’s report looking for an increase to corn and beans with a decrease to wheat. Average estimate also calling for a 0.5 million acre shift from beans to corn.
Originally some corn acres lost to bean was expected due to he poor early conditions for planting but as things dragged on and conditions improved strong corn prices have incentivized US producers to plant corn as late as possible. Thursday will give us more insight
The estimated sub 90 million acres of corn would still be the lowest on record since 2018 and will potentially do little to help the currently tight supply