Russia attacks Ukraine's grain stockpiles

The latest information shows that Russia is attacking not only fuel inventories throughout the country, but also decides to destroy food stockpiles. Ukraine reports that Russia has destroyed six grain silos. As one can see, any prospects regarding Ukrainian exports of wheat or corn become very unlikely.

Meanwhile, in the United States, the quality of winter wheat for the start of the summer season was rated the worst in a decade! The share of wheat in excellent and very good condition corresponds to only 30%. This shows that the prospects for an increase in wheat prices may reappear on the horizon.

The wheat price returns above 1,000 cents a bushel. Wheat came under pressure after the first bullish wave due to the large diversification of wheat production around the world. It turns out that one cannot count on any wheat exports this year from Ukraine, and the amount of wheat from the USA may also be limited. Source: xStation5

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