Wednesday July 20, 2022

• Rains were disappointing here in Ontario last night but hope remains that they will materialize into something more substantial later today and into the end of the week 
• Mixed markets this morning with wheat attempting to stay on the plus side despite the weight of the corn and bean markets 
• Better forecasts with more chances for rains across the Midwest are weighing on the corn and soybean markets today 
• Ukraine, Russia and Turkey continue to work towards an export agreement for Ukrainian goods – however skepticism seems to be an overarching tone over the whole negotiations progress 
• Egypt canceled their tender for wheat yesterday taking some wind out of the sails of the wheat prices 
  • Why is a potential purchase from Egypt making headlines? Egypt is typically a purchaser of Black Sea wheat, so the fact that they are searching out American, Canadian, South American or Australian wheat is indicating that maybe Russian supplies are becoming more difficult to obtain