Grains are mixed to close out the day:

July Corn -4 ½ cents/bu (7.78 3/4)

July Soybeans +14 3/4 cents/bu (17.05 1/4)

July Chi Wheat -31 3/4 cents/bu (11.68 3/4)

CDN $ -0.00320 (77.810 cents)

WTI Crude Oil +1.02/barrel (113.23)

As the clock strikes-five we are officially heading into the Canadian long-weekend. Wishing everyone a safe and fun few days as we collectively pray for the rain to subside so farming can continue. In the words of Dean Brody, “It’s Friday”.

Since Victoria Day is a Canadian holiday, markets will be open on Monday and Floyd is planning on being in the office.

This afternoon, sources have reported that Ukraine’s Ammonium and Urea production plant has been struck by a missile. This could be a major issue for Ukrainian farmers who were already struggling with a lack of access to inputs and other world flows. Given the war, Ukraine is still managing to plant and export (by rail not boat) much more than the trade was initially expecting which is putting some pressure on the corn and wheat markets (Ukraine’s biggest crops).

Reuters also published an article today highlighting the potential frost risk Brazil farming regions face on Saturday. Early frosts were a contributing factor to the Safrinha corn crop harvested in Panara, Brazil last year.

StoneX put this week’s wheat movement very eloquently, “With the rug pulled out from under the Indian ban story, the multiday exit by the recent wheat bulls is ongoing”.

Monday we will see another planting progress report to see how the American crop is getting in the ground. Since planting conditions have been favourable for much of the Midwest, we are expecting to see improvements (even in North Dakota).

Funds were thought to have been mixed today with corn and wheat as sellers and soybeans as a buyer. On Tuesday, the funds were shorter than expected. Corn was 10,000 contracts shorter (long 312,000), soybeans were 29,000 contracts shorter (long 142,000), and wheat was 60,000 contracts shorter (31,000).