Tuesday March 22, 2022

• Wheat market putting in work to get back to their highs made two weeks ago as Russian aggression in the Ukraine escalated 
• Everyday the war goes on there is less and less certainty on what the Ukrainian crop year is going to look like, and what the global export market will look like without their supplies 
• Currently is is predicted that one third of Ukrainian farm land will be unfit for planting – whether that be due to damage from the war, occupation of Russian troops, land mines or other side effects of war 
  • Unfortunately the longer the war goes on the larger the area expected to be effected 
• Informa lowered their estimate for 2021/22 Ukrainian wheat exports from 22.5 MMT to 18.3 MMT – exports so far this marketing year were already 18.1 MMT pre-war 
• AgRural estimating Brazilian soybean harvest at 69% completed