In a surprise move, UN suggested World should accede to Russia request to be allowed back to access to Swift and drop sanctions against Banks that finance Russia exports. Still, G7 suggested ban on Russian exports. Russia said that would guarantee end of Ukraine export corridor deal.
Agricultural markets were mixed as prices appear to be seeking levels that attract slumping export demand.
Time will tell if the expected rains are able to salvage much of a HRW wheat crop. Forecast for much of the Midwest are shifting to a cooler/drier pattern into early May.
The macro mood is bearish; Crude Oil, CNY, and BRL lost ground last week. Lower Brazil FOB cash offers are undercutting U.S. Corn and Soybean prices. Better U.S. Plains forecasts and cheap Black Sea flows are bearish for Wheat.
Last week, Chic July traded to lowest level in 23 months, slow export demand and lower Russia and EU prices offers resistance.
Cold US south plains weekend temps is offering support to futures overnight, It will take a few days to access the extent of damage to US HRW crop.
US north plains and western Canada remains wet and cold
The market still seems confident that North American corn and soybean crops will get planted in a timely enough fashion, even though May is approaching quickly. Forecasts remain cold but dry enough going forward for fieldwork to pick up.
Shipping data late last week showed a total of almost 80k tonnes of Brazilian soybeans set to leave for U.S. ports in the next week, in two separate cargoes.
Ukraine’s Ag Ministry reported cumulative grain exports at 40.7 MMT, down from 45.7 MMT on the comparable date last year, and including 13.9 MMT of wheat, 24.0 MMT of corn, and 2.4 MMT of barley. Grain exports in April so far stand at 2.8 MMT.
The head of the Russian grain union sees record grain exports this season of around 60 MMT, including 50 MMT of wheat.
Mpls wheat +4
KC wheat -1
Chic wheat +0
Matif wheat +0
Soybean oil -11