Thursday March 24, 2022

• Markets overall lower this morning after corn forged new highs yesterday
• U.S. weekly export sales were on the disappointing end of expected range for all three commodities this week 
• We have reached one month since the Russian war on Ukraine began, and the markets – unfortunately so – have adapted to this as a known at this point, and not breaking news with every new escalation sparking a reaction 
• Markets focus now shifting to how the war will affect planting both in the Ukraine and world-wide
• Prices are coming in high into the March 31 USDA initial planting projections – if total planted acres are not maximized in the report the prices are encouraging the American farmer to do so
• The Buenos Aires Grains Exchange updated their Argentine production estimates – lowering corn from 51 MMT to 49 MMT – soybeans remained the same at 42 MMT