Russian and Ukrainian Foreign Ministers met in Turkey yesterday. It was a waste of jet fuel and time.
CONAB (Brazil’s USDA) lowered their soybean production estimate from 125.471 million mt to 122.77 million (USDA at 127 million), but kept soybean exports steady at 80.2 million mt.
The Rosario Grain Exchange lowered their Argentine bean estimate a half million to 40.0 million mt (USDA at 43 million).
Corn basis at the Gulf was sharply higher for Mar/Apr/May delivery and bean basis was slightly firmer yesterday.
On the price break, Algeria reportedly purchased 600-700,000 mts of wheat and Iran purchased nearly 240,000 mts of wheat.