Friday July 8th, 2022

  • Markets continue their rebound today with wheat leading the charge due to Russia indicating they intend to continue the war until their goal is achieved and resisting demands to allow Ukrainian exports
  • The upcoming week shows moderate temperature but the long term trend is expected to bring heat again.
  • Some countries are refusing to buy wheat citing high prices as the cause
  • Ukraine has begun harvest and is 3% complete and July exports are 59% of last year so far
  • Another ag agency; Conab, has raised their corn production estimates for Brazil. Corn is now at 115.7 up 0.5 mmt
    • Conab also cut bean production 0.3 mmt to 124 mmt
  • Argentinian wheat planting was reduced 0.1 million hectares due to unfavorable record with 85% planted so far. Eyes will also be on the planted wheat to see how the weather effects it
  • Export sales this week were disappointing with most coming in on the low end of expectations and corn significantly lower with some cancellations for old crop
  • Demand in China is beginning to slow again as people prefer to stay home rather than risk testing positive and then placed in a government quarantine facility