Weaker markets to open the day with corn down 2 and soybeans down 4 while wheat is up 25.
The lead headline this morning are the increased sanctions by the EU against Russia. The EU has proposed and phased oil embargo against Russia. The EU would phase out Russian supplies within the next 6 months and refined products by the end of 2022. The EU has yet to target Russian natural gas, used to heat homes and generate electricity across the bloc.
The Federal Reserve on Wednesday is expected to raise interest rates by half of a percentage point and announce the start of reductions to its $9 trillion balance sheet as U.S. central bankers intensify efforts to bring down high inflation.
Ukraine’s grain traders union UGA yesterday reported the 2022 spring planting campaign at 31% complete, or 4.7 million hectares (11.6 mln acres); the planned 11.45 mln ha (28.3 mln ac) would be 3.5-4.0 mln ha less than last season. Corn planting stands at 1.27 mln ha out of 3.9 mln ha expected.
The 7 day forecast for US weather is finally a little less wet than its been. Some holes are opening up in the weather pattern and the rain to the North looks much lighter overall. The 10 day forecast is still wet and only some areas will see heavy rain. The extended model dries out a bit as well in the 11-15 day.
Have a safe day!