05/19/2023 Grain Selling Binge Finally Subsides in Overnight Trade.

On the Grains: Grains are just a little firmer in overnight trade after three straight days of selling on rapid planting progress, horrible results from the Kansas wheat tour, and Russia’s surprising 2-month renewal of the Black Sea corridor deal. Yesterday brought another double-dose of bearish news beginning with horrible export sales numbers. Corn and wheat sales were both negative numbers, with cancellations in excess of new sales. Soybean sales of only 17,000 tonnes were near the bottom of the expected range. The other bearish news came from NOAA’s new long-term weather forecasts. In overnight news, any thought there must have been some “secret” relaxation of sanctions that Putin had demanded were laid to rest. To the contrary, the focus of the G-7 conference beginning in Hiroshima, Japan will be on unified support for Ukraine. President Biden will announce over 300 new sanctions against 70 new entities that include countries, banks, and companies that are helping Russia sidestep existing sanctions. Ukraine’s President Zelenskyy will even address the group in person this weekend to urge the other countries to follow the U.S.’s lead on new sanctions and continue their support. (All this will surely rankle Putin after just agreeing to extend…