Tuesday May 17, 2022

  • Wheat off highs as there seems to be some uncertainty about the severity of the export ban in India
  • Corn and soybeans taking a good jump in planting across the U.S. in stride this morning as field activity will be halted for a day or two before the American farmer is back in the planter after scattered rains 
  • The specifics of the ban India placed on wheat exports continue to unfold 
    • India intends on honoring any shipments waiting on customs clearance and will continue to allow sales to Egypt as part of a pre-existing arrangement to ensure that countries food security needs are met 
      • This was enough of a loophole to get wheat off highs, but still will leave the global market tight enough to support the price 
  • U.S. Crop conditions and planting progress
    • Corn – progressed from 22% to 49% in the last week, still well trailing the average pace of 67% planted but the best week of progress we have seen this year
    • Soybeans – progressed from 12% to 30% in the last week, also still trailing the average of 39% but that gap closed significantly 
    • Winter wheat conditions ratings fell 2 points to 27% good/excellent compared to the average rating of 51% g/e