Tidbits, Ukraine Talks, Fertilizer, Crude Oil Stocks, Eggs, Broiler & Ethanol 10/22/26
Tidbits
Ukraine:
U.S. Envoy Steve Witkoff met with Russia’s President Putin early yesterday morning as planned. Witkoff had met with Ukraine’s President Zelensky and several European leaders in Oslo on Tuesday. Putin asked Witkoff what was discussed in Oslo. After Witkoff answered the question and presented Zelensky’s peace plan, Putin said, “We do not need a ceasefire agreement.” Putin proceeded to say Russia wanted to restore economic ties with the U.S., that he was willing to help Trump in dealing with Iran, Russia could provide large quantities of fertilizer to U.S. farmers, and suggested Trump, Chinese President Xi, and he meet in November.
The fact that Witkoff was trying to make progress on a peace plan continued to pressure wheat and corn. The good news was December corn settled 9¾¢ above the low for the day and up 1¼¢ for the day. Both are significant in that they were the first positive technical factors for corn in more than a week. The 14 day relative strength index was 22 points when corn was near the low. Anything less than 30 is considered oversold and ripe for a correction move higher. At the end of the trading day, the 14 day RSI was 26.
Ukraine 2026/27 export forecast was lowered by Russian SovEcon agency by 3.8 million to 17.2 million mts and wheat exports by 1.2 million to 14.4 million.
The recent pullback should enable U.S. wheat to be more competitive in the global marketplace.
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