USDA announced yesterday morning the sale of 132,000 mt of old crop soybeans to China.
Yesterday’s mid-day weather updates predicted rain next week to move north from Texas into Oklahoma, Central Kansas, and Eastern Colorado.
The US Producer Price Index (PPI) is the measure of inflation at the wholesale level of an economy. In March, the US PPI was up 11.2% from a year ago. That is getting close to the 13.9% CPI gain in 1979.
CF Industries is one of the world’s big three fertilizer manufacturers and probably the largest nitrogen producer. Union Pacific told CF to reduce its shipments by nearly 20% effective immediately as UP was mandating certain shippers reduce the volume of their privately owned rail cars on its railroad. Apparently UP wants their cars to haul the fertilizer. The problem is UP does not have enough cars.
Affected products include urea, urea ammonium nitrate, and DEF. CF's top dog CF Industries will ask the US government to prioritize fertilizer shipments so that spring planting is not harmed.