Yesterday was an economic gloom and doom day made even more negative because it might rain in Kansas. The G7 and several market analysts, according to the news media, said the Ukraine grain corridor deal will be renewed. Russia's Lavrov said again the sanction issues are not being resolved and the deal will not be renewed. The market seemed to be calling his bluff.
Export deal or not, new crop Ukrainian wheat production is expected to fall nearly 40% with exports down 6 million mt from the current marketing year.
Turkey announced tariffs on imported wheat, barley and corn will go from zero to 130% on May first to protect local farmers. Turkey has been the main beneficiary of cheap Ukrainian corn and wheat. We are sure Turkish consumers will not be happy with 130% tariff on food grains.