Friday April 22, 2022

• Markets under pressure as we come into the last trading session of the week
• Vegetable oil futures skyrocketed overnight as Indonesia (the worlds largest palm oil producer  and exporter) said they would effectively ban exports beginning April 28 as an effort to fight local inflation and ensure they do not face a domestic shortage 
  • All veg oils pushed higher on the overnights as a result adding support to the overall soy complex 
• Ukraine planting continues on – corn planting pace is on track with average so far 
  • Estimates range from 60% of crop land to be planting all the way up to 80% 
  • We are likely two months away from seeing where the final planting number ends up on this scale 
• Large export sales this morning of U.S. corn to both China and Mexico 
• SovEcon increased their production estimate for Russian wheat due to a less than anticipated amount of winterkill – production went from 86.5 MMT to 87.4 MMT 
• International Grains Council updated their global production estimates for 2022/23
  • Corn at 1.197 billion MT – up 13 million MT from last season
  • Wheat at 780 million MT – down 1 million MT from last season