Grain Markets Commentary
Cargill will stop exporting Russian wheat
Cargill will stop exporting Russian wheat starting July 1st. Now Russia claims it is no big deal because Cargill will only account for 4% of Russian exports and Cargill’s facilities will continue to operate under different management. Regardless of what you believe, we don’t believe it is insignificant for the world wheat market long term. Are we going to see more international entities pull out of Russia? China was back in for another 204K tons of corn this morning, and some think they are only 50% done with purchases as Argentina crop shrinks and a chunk of Brazil’s 2nd crop corn has been planted past the ideal time frame. More supportive fundamentals coming from the Northern Plains as snowpack remains with some more snow and low temperatures forecasted this week. It is looking like a slow spring in the part of the growing region. For today. We will use 6.40 & 14.52 for support and 6.55 & 14.80 ½ as resistance.