Thursday May 5, 2022

  • Markets continuing higher today as wheat leads as escalations in the Ukraine continue to add uncertainty over the supply chain
  • Concerns brewing in the energies sector helping to support commodities this morning as well with Europe considering ramping up bans on Russian imports
  • India expecting a 5% decline in wheat production for 2022 due to severe heat stress on the crop 
    • They also announced they have no intention on placing restrictions on wheat exports 
  • Ukrainian Ag Ministry says they have enough domestic grain stocks to feed its people, and has enough fuel and fertilizer for spring planting 
    • This comes after Russia was accused of stealing 400,000 MT of grain from occupied regions 
  • Brazil expecting to see a 4.1% increase in planted acres for soybeans for the 2022/23 season at 100.8 million acres 
  • Weekly U.S. export sales report 
    • Lower end of expectations for corn sales, soybean sales surpassed expectations, wheat fell in mid-range