Good morning,


Markets are mixed this morning with corn up 6, soybeans down 20 and wheat up 38.

60 Minutes had an interview with Ukrainian President Zelenskyy last night. The Ukraine is not going to give up or concede any territory to the Russian, but he badly wants this to be over.  He says they are going to need help and not just in weapons.  A no-fly zone would go a long way, but he is going to run out of people to fight.  Money and weapons will not win this war and that’s the aid the Ukraine has gotten to this point.  The Western World is afraid that standing up to Russia will cause WWIII.  Russia is mounting up more troops and even recruiting older people to add to what they believe will be an even longer retracted war.

Ukraine’s grain traders’ union said the country is only able to export 600k tonnes of grains and oilseeds at this point, but “may increase capacity” to 2 MMT; that compares to 6 MMT per month pre-war. In March, the country only exported 300k tonnes combined. They see 2021/22 wheat exports at 10 MMT with corn at 20 MMT, down from 19 MMT and 23 MMT estimated by the USDA. They see 2022 wheat output at 18.2 MMT, down from 30.3 MMT in 2021, with corn at 23.1 MMT, compared with 37.6 MMT LY.
NASS will report winter wheat conditions this afternoon. Look for ratings to fall again for the hard wheat by 1-2% down to 28-29% good to excellent.  Dry conditions persist in the hard wheat growing region further deteriorating the crop.  Corn planting should be 4-5% complete and Spring wheat should be 5-6%.


Have a Safe Day!


Garry Gard