Cash Strategist 11-23-2022
Black Sea Corridor agreement extended
The big story of recent trade was the extension of the Black Sea export agreement for another 120 days. While positive, Ukraine had been hoping for a one-year extension.
The agreement only covers three of Ukraine’s major ports, while it was hoped to cover all terminals. Even with these differences, we will continue to see exports from the region at sizable discounts to the U.S. The United Nations hopes that by the end of the extension, a longer agreement can be reached that will cover more goods, including Russian fertilizer.
The USDA recently released its baseline data, which is the government’s long-range outlook on agricultural supply and demand. While mostly for budgeting purposes, this information is monitored for what the government is expecting for balance sheets.
Corn production for the ...
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