The New York Stock exchange saw an unusually large number of company shares being suspended from trade on Monday. The failure of Silicon Valley Bank and subsequent bail out sent a ripple through the market place.
This does tend to muddy the water significantly for grains as outside market influence and the potential change in money flow sends mixed signals to fundamental and technical traders.
There was talk of further government intervention on social media and MSM platforms, Mr Powell doesn’t need people talking about a good old fashion bank run, well not until the big money is out at least. There’s going to be a lot of financial analyst saying “I told you so” over the next 12 months. Banks like JP Morgan and Citibank reported being hit hard with transfers from smaller institutions by EFT as cash holders looked for a secure parking spot.

US corn futures were 7c/bu higher this morning. Not much considering the confirmation of a 612kt sale to China. This is the largest US corn sale to China since April last year.
Russia is still yet to formally object to the automatic extension of the Black Sea Grain Corridor. There has been talk of Russia wanting to extend for just 60 days, not the existing 120 days. Without a formal objection this deal will be renewed on the 18th for another 120 days.
Paris milling wheat futures continued higher, the December slot up E2.75. Once again Paris rapeseed did not follow the lead from corn, milling wheat and feed wheat futures. Nearby rapeseed at Paris closed E2.50 lower. Taking the move between the AUD and the Euro into account this fall is roughly worth about AUD$5.00 lower on yesterday’s conversion. Winnipeg canola futures were also sharply lower, shedding another C$10.20 in the May 23 slot.