Monday March 21, 2022

• Markets back up getting into the week after further escalation in the Ukrainian war with Russia seemingly advancing with a “win at all costs” attitude the feeling in the marketplace is that the war will get worse before it gets better
• Ukraine still intends to grow the crops they will need to prevent any sort of food shortage but it is looking like this will be all they will be able to produce as it becomes more unlikely they will produce enough to export 
• Argentina raised their export tax on soybean meal and oil by 2% to 33% to attempts to fight inflation 
• U.S. soybean values dipped back below Brazilian prices – hoping to see this drive export sales back North 
• Estimates should continue to roll in over the next 10 days for the U.S. spring planted acreage numbers 
  • The chart below shows the acreage changes we have seen from the February Ag Forum to the first official USDA estimate over the last 15 years as well as the Feb numbers compared to “final” planting