5/20/24: Wheat futures getting back everything they lost on Friday.  All markets up 20-25 cents first thing this morning.  Dryness in Russia persists with the 2-week forecast showing little rain and private analysts lowering expected production to a range of 80-85 Million Metric tons.  In addition, Ukraine has cautioned that 20-30% of its crops were affected by the previous weeks freeze events.  Australia has been dry, and the market is concerned that its canola output will be affected.  US weather remains wet through the Midwest slowing down planting we will get updated reports this afternoon on conditions and progress.  Weather markets are feeding the bulls through the weekend, and we are currently 20 cents off the highs reached last Monday.  We will see if the trend from last week of selling off big gains seen early on the day trade continues but doesn’t feel like it today.  Macro markets also on edge this morning after it was reported Iran’s President and Foreign Minister were killed in a helicopter crash on Sunday.  War in Ukraine continues and overnight a Ukrainian drone struck Russia’s Novorossiysk port, no damage but viewed as an escalation.  Lot of bullish inputs to start the week on the supply side of the ledger. 

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