After a wild week, the final trading session featured lower volume and measured moves. The result of the five days of trading included small gains for corn and soybeans, and a 9 percent fall in May SRW. Still, cash basis remains strong, and speculators reduced their short positions in wheat while increasing their long positions in corn. They shed 7.7 percent of their long positions in soybeans. 

The market took a head-fake from Vladimir Putin, who implied progress was being made in peace negotiations. He also said he would not invade Ukraine. The Ukrainian grain industry says it is short fuel and fertilizer and will likely plant less exportable crops like sunflower, rapeseed, and corn, while instead focusing on domestically needed c...