Another 3 ships are cleared to depart Ukraine’s seaports and are all caring corn which is a sum of 58 thousand metric tonnes. Ukraine is now petitioning Russia to include other Ag productions, beyond agreed to grain, in the agreement.
French corn crop ratings dropped 5% to 63% good to excellent this week after a run of hot and dry weather. The government estimated the crop this year at 12.4 mmt which is 19% lower than the previous year.
The wheat market ended the week closing lower and giving back part of yesterday’s gains. Wheat will continue to trade a bearish story until the end of August or September when trade determines the amount of wheat that is getting exported in the Black Sea by both Ukraine and Russia with more focus on the corn and soybean market for the short-term market moves as was seen by the price action Thursday. Technically the market is vulnerable for another leg down, if futures cannot hold the lows made in July, and the fundamentals continue to focus on the supply side with new crop planting in the Northern Hemisphere the next item for the trade to think about.