Wednesday September 21, 2022

  • Mixed markets today after major gains yesterday led by wheat
  • Mid-day yesterday news broke of Russian intentions to annex approximately 15% of Ukraine’s land area, as well as calling up an additional 300 thousand reserve soldiers – the unexpected escalation in the Russian-Ukrainian conflict flung markets higher 
  • Ukraine Ag Ministry updated estimate for the 2023 wheat crop to 16-18 MMT – down from 2022’s 19 MMT due to a reduced planted acreage 
  • Corn and soybean harvest in the U.S. has been moved to the back burner with this new Black Sea development – harvest will be on hold in much of the U.S., like Ontario due to rains