Wednesday April 27, 2022

• Soybeans leveling off this morning with veg oil markets remaining near record highs as Indonesia changes its mind again on the palm oil ban today – swinging back to more strict restrictions after it seemed to be loosening at the start of th week 
• Overall the markets are lingering near highs as we close out the last week of April with no clear opening for Midwest planting in the forecast 
  • But as we get into the first two weeks of May, this is where we typically see some of the most drastic progress that is where we may see more concern come into the corn market if progress continues to drag
  • Overall the U.S. crop can be planted in 10 good days – so there is still the opportunity for the crop to be planted in prime time and conditions – but each day the forecast is cool and wet that chance gets slightly smaller 
• Stories starting to circulate over dryness in the safrinha corn crop in Brazil
  • So far nothing to concern the market too drastically but something we will keep an eye on as they get further into their season 
• The European Union has cut their wheat yield estimate from 89.5 bu/ac to 88.5 bu/ac – down 1.5% from 2021