Grain Express 05/26/22
Posted: May 26, 2022, 8:26 a.m.
Headlines had grain markets weaker overnight: Russia 'ready to set up corridor' for Ukrainian food ships - with conditions. -Reuters
Corn (July)
Fundamentals: Corn futures were weaker early in yesterday’s session but rebounded to finish the day near unchanged. The strong afternoon session was short lived with futures gaping lower on the 7pm open last night. This weakness came on reports that Ukrainian ports may be opening back up for grain shipments. This will continue to be monitored closely. This morning’s weekly export sales report showed net sales of 151,600 MT for 2021/2022--a marketing-year low--were down 63 percent from the previous week and 73 percent from the prior 4-week average. Net sales of 58,300 MT for 2022/2023.
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Soybeans (July)
Fundamentals: This morning’s weekly export sales report showed net sales of 276,800 MT for 2021/2022 were down 63 percent from the previous week and 48 percent from the prior 4-week average. Net sales of 443,000 MT for 2022/2023.
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Wheat (July)
Fundamentals: This morning’s weekly export sales report showed net sales reductions of 2,300 metric tons (MT) for 2021/2022--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average. Net sales of 246,300 MT for 2022/2023. News that ports in Ukraine could be opening up has added a headwind to the wheat market in the overnight/early morning trade.
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