Monday June 6, 2022

• Markets attempting to start the week on a higher note after an ugly last week – wheat leading so far this morning 
• Active precipitation this week is beneficial to the already planted U.S. crop, however not helping the late planting push to finish up across the Midwest 
• Uncertainty still prevailing over the possibility of Ukrainian exports as negotiations continue
  • However any progress on Russia’s “humanitarian” actions towards the Ukraine have been completely undermined by recent attacks on Kyiv and Mykolaiv 
• Another update on crop progress and conditions will come this afternoon 
  • As we get to the final 10% or so of the planting progress numbers start to get a little unclear
  • For example, if a farmer initially intended to plant 100 acres of corn at the beginning of planting, as he got 10, 20, 30 acres in they would count at 10, 20 or 30% complete – so they may end up getting 90 acres in and be sitting at therefore 90% complete – then decide they are not going to end up planting the last 10 acres because it is too wet or some other reason – there planting progress goes from 90% to 100% completed still at the total of 90 acres
  • Overall as we get to this point in the progress the trade is not giving the percent plant numbers as much weight as the beginning of the season and is much more focused on what the final numbers will be on the June 30 report
• We have the monthly USDA supply and demand report out Friday as well 
  • Not expecting major changes
  • Estimates will start rolling out this week