Wednesday May 4, 2022

• Wheat attempting to lead the markets higher this morning but beans and corn struggle to push higher looking at a pretty decent 10 day stretch for planting ahead of us
• Continued market uncertainty in Black Sea region fueling wheat with Russia’s latest strategy to go after Ukraine grain industry targeting grain storage facilities as well as bridges and rail lines used for transporting grain 
• The Ukrainian grain traders union reported 31% of spring planting completed – a total of 11.6 million acres 
  • The total expected spring planted acres are 28.3 million – which would be about 9-10 million acres less than last year 
  • Corn planting at 3.1 million planted out of an expected 9.6 million
  • Overall corn expected to be down 23% year on year with wheat down 16%