Thursday February 24, 2022

• The Russian-Ukrainian conflict dominates headlines today and is expected to continue to be the top story so long as the escalation continues
• Russian advancement into Ukraine overnight sent markets through the roof on the overnights – with cooler heads prevailing as we get into day trading this morning
• Ukraine’s military has shut down port operations in the Black Sea this morning shutting off the tap of grain movement from their country 
• China seems to be talking out of both sides of its mouth this morning as they call for peace in the Ukraine while simultaneously approving wheat imports from all regions from Russia – giving Russia a market as trade sanctions from the West are imposed 
• Looking at more fundamental news for the grain markets:
• US Ag Forum released its initial 2022 planted acres estimates
  • Corn pegged at 92.0 million acres – above estimates of 91.8 million but below 2021’s 93.4 million 
  • Soybeans pegged at 88.0 million acres – below estimates of 89.2 million but above 2021’s 87.2 million