Friday July 22, 2022

• Markets reversing the trends we have seen this week with wheat being the wet blanket this morning and corn and soys sitting in the green
• Ukrainian export deal is set to be signed today allowing the Ukrainian wheat access ot the global market place
  • Ukrainian supplies have not been available by port since February 24th and there is an estimated 20 MMT of grain at the Odessa port
• International Grains Council updated their monthly global production estimates
  • Corn cut by 1 MMT due to losses in the European crop, total production estimate stands at 1.189 billion MT (1.22 last year)
  • Wheat production gained 1 MMT to a total of 770 MMT 
• Corn and beans are bouncing off lows this morning after pricing in an overall beneficial 10 day forecast over the last week – we will see if the rains continue to materialize as needed