Monday May 16, 2022

• Wheat continues to dominate the news cycle, soaring to new highs this morning bringing the other commodities up with it 
• India banned wheat exports on Saturday as a heat wave across the country sparked fears of production losses 
  • The ban is intended to secure domestic supplies as production comes into question 
  • They will be honoring all sales needed to meet food security needs – such as with sales to Egypt 
• Ukraine is reportedly 70% completed spring planting with activities slowing down now as farmers face fuel and fertilizer shortages 
• We are expecting some fairly aggressive progress in this afternoons U.S. planting progress 
  • We will see if good progress is enough to spook markets back off their highs