Thursday April 21, 2022

• Markets turned around yesterday and ended up closing mostly higher – we are backed off the gains so far this morning 
• Although U.S. planting didn’t get an April start to planting, markets are digesting that early May planting is still very much on the table and can produce a great crop 
• Buenos Aires Exchange updated their estimates for Argentine crop production as early yield indications are better than expected 
  • Soybean production from 40.0 MMT to 41.2 MMT 
  • Corn production from 47.7 MMT to 49.2 MMT 
    • Initial production estimates at the beginning of the 2021/22 season were 45.0 MMT  and 56.0 MMT for soybeans and corn respectively 
• Overall disappointing U.S. weekly export numbers – other than the one silver lining of higher than expected 2022/23 soybean sales 
  • So far corn and soybean export sales are on seasonal pace to meet USDA expectations
  • Wheat has slipped below pace to meet USDA expectations