Corn: Oil rose to a four-week high of around $7.7 per bushel, closing in on its highest level since May 2021, after the latest WASDE report showed that exports from Ukraine were once again revised lower to 23Mt, down from the 27.5Mt estimate in March.
Meanwhile, US corn supply and demand estimates were left nearly unchanged. Since the war in Eastern Europe, Ukraine suspended commercial shipping at its ports while Russia paused grain trade following the West’s trade sanctions on Moscow.
The two countries together account for 20% of world supplies. On the flip side, the report forecasts larger global supplies, with increases for Brazil, Indonesia, Pakistan, and the EU.