The USDA numbers were very neutral. There were no changes to the national average prices expected to be paid to farmers for corn, wheat or soybeans.
The USDA did not reduce corn exports and did not raise Russian wheat production. Big surprise!
The UN is negotiating a year long deal for the export of Ukrainian grain and the market actually thinks it will happen and speculators are selling wheat. Big mistake!
Russia said it is withdrawing troops from west of the Dnieper River in Ukraine to “redirect”. Take a look at the map: