Making headlines today has been statements about food export corridors out of Ukraine. However, Russia is asking for export corridors in exchange of a drop of sanctions, an unlikely scenario in the foreseeable, but has contributed toward what has been another pull back in global grain markets.
Rainfall in the US has started to arrive once again across large parts of the US winter wheat area, further alleviating what has been drought conditions. Wheat remains in poor overall condition, but the rainfall has been welcome.
Rainfall forecasts for Europe have also become somewhat more encouraging for Germany and Poland. Northern France remains dry, but there is rainfall forecast further south.
EU wheat export data continues at a sluggish pace, and has now fallen behind the 2020/21 export pace. The EU Commission continues to estimate exports to be greater this season than last, but with slowing export data, this is in question.
Tomorrow will have the USDA release their weekly export data, with what has been a continued strong demand both corn and soy.