Highlights
Yesterday morning, the USDA announced the sale of:
392,000 mts of soybeans to China
198,000 mts of soybeans to unknown
230,000 mts of soybean cake and meal to the Philippines
This is a repeat from yesterday:
Russia has submitted its objections to the United Nations about the Black Sea agreement of Ukraine grain exports and is prepared to reject renewing the deal next month unless its demands are addressed according to Russia's U.N. ambassador when speaking to Reuters yesterday.
With corn and wheat in the toilet yesterday, obviously no one believes Russia (or insurance companies) will close the export corridor. The only thing more certain than the grain export corridor being shut down in the coming weeks or months is the sun coming up this morning.
What will corn and wheat prices do when the news breaks there will be no more Ukrainian grain shipments until further notice? A little common sense should kick-in here some place.