Corn Morning Update

<font face="verdana"><b>Corn Morning Update</b><br><br><u>QT News - Top News</u><br>-- Ukraine and neighbor Poland have recently signed agreements to add inspectors as means to help simplify and boost volume of Ukraine grain exports through Poland<br>-- APK-Inform on Tuesday said the national railway of Ukraine has imposed corn transporation restrictions to Danube River port Reni.&nbsp; The ban begins May 18th and will be in effect until cancelled.&nbsp; There have been a large number of train cars accumulated at the Reni port.<br>-- Mexico's government on Monday announce 1 year waiver for import duties on most foodstuffs and other household staples.&nbsp; The move is to curb inflation.&nbsp; The list of food stuffs include corn, wheat, wheat flour, beef, chicken, pork, eggs, milk, fruits and vegetables.&nbsp; Duties on live cattle, hogs, and chickens will also be suspended.<br>-- Moscow said Russian fertilizer producers are trying to fulfill their contracts, complaining sanctions have blocked them.&nbsp; The UN yesterday proposed working to allow Russian potash exports in exchange for safe export passage of Ukraine grain via Black Sea ports.<br>-- Analysts and traders say high energy prices are prompting Brazilian sugar mills to cancel sugar export contracts and in turn are pushing production towards Ethanol output.&nbsp; Some say the washouts are being accepted by mills when the price of cancellation is less than the higher margins for ethanol.<br><br><u>USDA Weekly Progress/Highlights</u><br></font><ul><li><font face="verdana">USDA Monday weekly crop progress report: Corn planting progress at 49% complete compared to last week's 22% and year ago week 78%</font></li><li><font face="verdana">USDA Monday weekly crop progress report: Corn emerged progress at 14% complete compared to last week's 5% and year ago week 38%</font></li><li><font face="verdana">USDA Monday weekly crop progress report: Sorghum planting progress at 26% complete compared to last week's 22% and year ago week 26%</font></li></ul><font face="verdana"><br><u>Pending Tenders</u><br>NA<br><br><br>-- Euronext Paris June corn futures on Tuesday are trading -4.75 euros lower at 367.50 euros/mt<br>-- Dalian Sept corn futures on Tuesday traded +16 yuan higher ending at 3,008 yuan/mt<br>-- Outside markets. Crude Oil +$1.14 ; Gold +$15.50 ; Silver +26.9c ; US $ index -77 pts<br><br><br><u>QT News Cash Markets</u><br><br></font><div><font face="verdana"><img src=""></font></div><div><font face="verdana"><br></font></div><div><font face="verdana">LJ<br></font></div><font face="verdana"><br></font>