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0:00 Intro + Black Sea Attack / Rally
2:11 Rail Crossings Reopened
4:55 Brazil Update / Early Harvest
6:26 "The Funds"
7:24 US Grain Shipment Update
8:36 Cattle on Feed Report
🇺🇦 Ukraine reported destroying a Russian warship in Crimea, with conflicting reports on damage and casualties. The ground war between Ukraine and Russia is at a near standstill, with aid packages stalled in Washington and Europe.
🚆 US-Mexico railroad crossings at Eagle Pass and El Paso, TX, have reopened after being closed due to a surge of migrants. Nearly 10,000 railcars were held up on both sides of the border during the closures.
🌱 Early soybean harvest has started in Brazil, with Mato Grosso farmers harvesting about 1% of the crop. Drought conditions have forced early harvesting, and yields are expected to be the lowest in 40 years.
📊 Large money managers increased their net short position in the corn market while reducing their positions in soybeans. They were net buyers of SRW wheat.
🌽 US soybean shipments were weak last week, down compared to the previous week and the same week last year. Corn shipments increased, while wheat shipments saw a significant increase compared to the previous week and last year.
🐄 Friday's Cattle on Feed report was seen as neutral to bearish for the cattle market, with cattle on feed at 103% of year-ago levels, placements at 98%, and marketings at 93%.
