Wheat markets fell in early trading yesterday before rallying late in the day and dropping on the close. This feels like market exhaustion / demand destruction at the moment. Bulls need feeding and with the war slowing and Ukraine holding the Russian forces at bay we are seeing some calm in the ag commodity markets. Overnight the US wheat markets are down and French wheat looks a little weaker.
This does not mean that the rally is over, Putin may well move up a gear as he gets angrier and this will push market back up. In addition the destruction of infrastructure in Ukraine will only add to issues as we get nearer to the spring planting window and ultimately harvest.
Oilseeds markets continue to rally and its hard to see how some businesses/ consumers will cope with these increases.
There is a USDA report today on World Supply & Demand, it almost seems irrelevant but markets may react a bit.