Technical Tuesday, call it what you will. The market was happy to buy a little back yesterday after some sharp moves lower in recent sessions. US wheat futures found buying support mainly from the short covering side of the market, profit taking, but also from reports that Russian drones continue to bomb the major export port of Odessa in Ukraine.

Activity out of Odessa remains strong with the grain corridor agreement still intact. While scrolling through the boats at port to be loaded I noticed the name of one, Lucky Trader, befitting the times no doubt.  Around 5.3mt of agricultural products have left Ukraine under the corridor deal. With seven more ships leaving on Sunday and another 9 on Tuesday. On Tuesday, the largest cape size ship to leave since the war began in February, the Maran Excellence, left Ukraine water in the Black Sea with 115kt of wheat on board destined for Turkey.
Russia continues to complain that the deal was struck in order to ensure food security for poorer countries, what a humanitarian Putin must be !!!   -_-  . To date Ukraine exports have been mostly to their normal import customers.

China plans to hold its first wheat auction for the season, offering up 40kt of milling wheat to the local flour mill industry. The reserves will be drawn down from stocks on hand from the 2014 – 17 seasons. East China remains very dry. Rain predicted for the NE but not the parched SE.

An outbreak of Avian Flu in the US has seen the price of turkeys jump by 30%, how convenient, Thanksgiving is Nov 24th.