Friday August 19, 2022

  • Mixed markets this morning with wheat seemingly to have found a bottom after a drastic turn lower mid week 
  • Wheat futures seeing 10+ month lows as wheat continues to flow out of the Ukraine 
  • Ukrainian 2022 grain production overall down to an estimated 50 MMT compared to 2021’s 86 MMT
    • Wheat harvest now 91% completed at 17.4 MMT
  • International Grains Council cut their 2022/23 world corn production estimate by 10 MMT to 1.179 Billion MT due to reductions in the European and American crops, despite seeing increases from South America 
  • Forecasts continue to look beneficial for U.S. summer crops coming into the weekend