Friday February 11, 2022

  • After markets took a sharp turn mid day yesterday – getting spooked off fresh highs with the first sight of trouble for the Ag industry – markets are starting to creep back higher 
  • Argentina’s Buenos Aires Grains Exchange came out with their own production cuts yesterday – this time to the Argentine corn crop
    • from 57 MMT to 51 MMT 
    • Rosario Exchange had previously slashed their prediction to 48 MMT 
    • Further cuts in production are possible as early yields remain disappointing
  • Escalation in Russian conflict this morning as their invasion of Ukraine feels imminent 
  • Overall story remains the same – concern over South American production, concerns over the impact a Russian/Ukraine conflict would have on export market (specifically wheat, corn and fertilizer), and watching how these stories will impact the U.S. acreage battle