Grain markets are focused on the weather in the US and Europe- and it has been a very mixed bag for the Northern Hemisphere.
European crops are suffering under extreme heat with the corn crop declining around 15 millions tons in the past 3 weeks (yes, that is a big number).
In the US, things have improved with good rainfall in the eastern corn belt, largely offsetting heat and dryness in the western corn belt.
The Russian wheat crop looks like it's going to be a bin-buster with growing confidence it will be well over 91 million tons.
Chinese demand for feed grains has been slower than forecast, as the impacts of COVID zero policy continue to roll on.
The Ukrainian grain corridor has been talked up by so many world leaders- but so far -it has practically had little difference on the overall global supply of grains.
With so many variables and unknows – what are the prices of grain going to do?
Prices are largely stable this week and will likely stay that way in the short term.