Tuesday February 15, 2022

• Markets lower again this morning after being able to close near unchanged yesterday 
• The red start to the week – though unsettling – feels more like profit taking after huge gains in the first half of the month than a fundamental shift in the market place 
• Russia’s SovEcon increased their estimate for their 2022 wheat production by 3.6 MMT to 84.8 MMT total due to favorable weather
• Cumulative Russian wheat exports from July 1, 2021 to Feb 10, 2022 are down 28.5% compared to the same period last year 
• Today we will get January’s NOPA soybean crush numbers – expecting to see 186.7 million bu – which would replace the record set for crush in a single month set in December