Wednesday March 9, 2022

• Markets lower again this morning heading into the USDA report out at noon today
• Report not expecting to have a grand impact on the markets beyond today
  • Will be watching any changes to South American production estimates
  • There will be no reflection of the current state of the world in this report as the information would have been gathered pre-war – so all the numbers on the supply and demand side should be taken with a grain of salt
• The Russian-Ukrainian war – in its current state –  seems to be showing signs of being priced into the market seeing the prices settle off highs made earlier in the week 
  • Any changes in the situation overseas will give further direction as they come 
• Ukraine has announced a ban on wheat exports along with other food stables in attempts to prevent a food crisis in 
• President Biden did ban the import of Russian energy yesterday causing domestic oil prices to surge