Yesterday afternoon's Pig Crop Report showed a 2% decline of All hogs, Breeding Stock, and Market hogs; less corn and meal needed this spring and summer.
At 11 AM Central time today the USDA will release its Intended Plantings and the Grain Inventory as of March first. This is the second most important set of USDA numbers of any year.
Below are all the expected numbers courtesy of Benson-Quinn Commodities.
What makes this report especially interesting is the high prices we already have, the war in Eastern Europe, inflation at a rate not seen in 40 years, and people in charge of our government that truly only care about staying in power, getting rich as quickly as they can, and trying to cover their crimes to keep from losing their pension and perhaps going to prison. Now we see the results first hand of the problems most government officials around the world have caused for centuries.
Russia’s currency is called a “ruble or rouble”. When the sanctions started piling on the Russians, the ruble declined in value to as low as 132 rubles to buy one US dollar on March 21st. It has strengthened since then to 84.5 rubles per US dollar today. The exchange rate before the war started was in the 79 ruble per US dollar range. If the economic sanctions that we were told would cripple the Russia economy worked, why is the ruble firming up so much the past ten days? Somebody is buying a lot of Russian natural gas and crude oil. Really, no surprise there.
The US fourth quarter of 2021 GDP growth was adjusted down 0.1% to 6.9% yesterday. With inflation at 7 to 8%, the US economy is not growing at all.
People Down Under are talking about North America’s Crop Outlook. Thomas Elder Markets is an Australian grain market consulting firm. This is what they sent their clients yesterday: