Markets are higher to start the day with corn up 5 and soybeans up 15.
The USDA will release their April WASDE at 11am today. Estimates are listed below.
USDA Ending Stocks (million bu)
|USDA 4/8||Average Est.||USDA Previous||USDA Last Year|
For Friday’s USDA Report the trade is looking for reduced stocks in US carryout for both corn and beans. Export sales are strong and with the Ukraine and Russia out of the market, most think that more will flow to the US. Switches from China out of the Ukraine could amount to an increase in US purchases at a time when there would usually be almost none as South America takes over Chinese business.
European Union nations have frozen some 29.5 billion euros ($32.1 billion) in assets linked to Russian and Belarusian individuals and entities since the bloc adopted its first sanctions over Russia’s invasion of Ukraine.
The frozen assets include boats, helicopters, real estate and artwork valued at almost 6.7 billion euros. Additionally, the EU has blocked approximately 196 billion euros worth of transactions, it said.
Japan will ban imports of Russian coal, Prime Minister Fumio Kishida said, adding to pressure on Moscow after the EU announced its own halt to the fuel.
The coal plan signals a policy reversal for Japan, which had previously drawn a line at cutting energy ties to Russia because of its heavy dependence on fuel imports. Russian coal imports make up about 13% of Japan’s power-generating supply and are also used in steel-making and the cement industry.