Highlights, Russia-Ukraine & Grain Corridor, Rain Days Update 10/30/22
Highlights & Commentary
When the market opens this evening, we expect:
Wheat to be sharply higher, possibly up the daily limit (see daily limits below)
Corn 10 to 25+ higher
Soybeans 5 to 20+ higher
If we are wrong, it will be much higher for corn and beans. Keep reading for the reason below.
The Russians just removed 12 to 18 million mt of wheat and 30 to 35 million mt of corn from the world marketplace. That is 16% of the world carryover of wheat (not counting China’s carryover, which will never come to the world market) and 32% of the world corn carryover (minus China).
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