Russia's Foreign Minister confirmed mid-day yesterday the Ukraine grain corridor deal was extended to July 18th. No one has said anything about sanctions against Russia being lifted. It is illogical Russia would back-down so easily. After all that tough talk that sanctions must be lifted to extend the grain deal, it appears Putin was willing to embarrass himself in order to keep his buddy, Turkey’s President Erdogan in office as he faces a run-off election May 28th against a candidate who wants to shun Russia and buddy up with the EU.
Yesterday morning, the USDA reported the cancellation of sales of 272,000 mts of old crop corn to China. There are 2.54 million mt (100 million bushels) of corn sales to China still on the books.
Those two items coupled with good planting weather where needed and improving growing weather where needed along with gloom and doom economic predictions were the reasons for the huge sell-off in the corn, wheat and beans yesterday.
Our long term technician, Alan Bonifas issued this message at 12:41 PM Central time yesterday: