Tuesday March 19, 2022

• Markets pushed fresh highs yesterday, retreating slightly this morning as the war intensifies in Ukraine and no real planting window has opened for the heart of the Midwest 
• Corn prices are approaching 2012 highs, coming into planting season with what the market deems to be just barely enough acres for 2022 and a cool forecast pretty much dashing the hopes of much April planting in the corn belt 
• Weekly USDA crop progress and conditions report came out Monday
  • Corn planting 4% complete – average pace is 6% for this week 
  • Soybean planting is 1% complete – average 2%
  • Winter Wheat conditions fell this week to 30% good/excellent – still well behind average of 51% g/e
• Ukraine also began planting this last week with 2% of their corn crop in – not huge progress but showing their planting window has begun 
• Chinese customs data showing January – March corn imports up 5.5% from this same period last year, wheat up nearly 5% for same period
• March NOPA soybean crush number came in on Friday at 181.8 million bu – slightly below estimates but still making a new record for the month