There was little new to guide the markets today. The foundation involves some big supply limits like droughty farm fields and suppression of Black Sea supplies. At the same time demand is ample as economies slog through varying risks but no evidence of outright faltering.  Yesterday’s correction that was generally lower continued today. However, these moves are modest, involving some profit-taking and de-risking. The war in the breadbasket of the Black Sea is not going away, and neither is the heat and uncertainty around rainfall. The trend lower prior to the latest heatwave has stalled and it is now mostly sideways, as evidenced by the largely modest volumes being traded.  

Without doubt, buyers are watching more i...