The market was mixed all week as supply and demand was called into question at the benefit of the bulls and bears. Early on in the week rain in South America seemed to be a well timed moisture event. Then towards the end of the week conditions set up for Argentina farmers to finish planting their corn and soybean crop. The moisture meanwhile slowed Brazilian soybean harvest. However early indications are that yields are above pervious trend lines in Brazil.
On the other end of the scale was a high ranking USDA official calling Russia out on their 100 MMT of grain in production estimates. Then Ukraine noted they would likely need to trim production estimates with the war ongoing. So global supply was called into question. That was further amplified with India starting to try and increase their state held reserves of wheat to help calm food inflation.
Darrell Holaday highlights the good and bad of the week and what it may mean for next week’s commodity trade: