Markets Question Russia’s Commitment To Ukraine Exports

Wheat recovered relatively well from morning losses. The three July contracts saw anything from -45 3/4 to -38 cent lows in the morning. The mixed close was quite positive. The trade may have over-reacted to hopes about Russia's willingness to allow Ukraine grain exports. At this time we don't see any agreement by western nations to remove some or all of sanctions against Russia, a key demanded provision.

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