Weather trouble in U.S. wheat country, developing weather issues in Brazil, the ongoing war in Ukraine, and the crop report behind us all helped to bring the bulls back with a risk-on attitude.
The USDA's Quarterly Stocks and Prospective Plantings reports had an important impact on the market.
Wheat had a strong rally on Monday but spent the rest of the week in a quiet, sideways pattern.
Ever-changing headlines about the Russia/Ukraine war have created so much tension and risk in the marketplace that traders are simply standing aside, with trading volumes sharply lower.
As the war drags on, the market is still trying to figure out the implications of the absence of Ukraine and Russian exports of major and minor grains and oilseeds.
While the conflict could stretch out in time and affect new crop supplies, right now it is about the swift pivot of buyers who expected to have wheat, corn, and sunflowers delivered.