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Indian Wheat, About Corn, Rain Days Update 5/15/22

Highlights


On Saturday, India banned all wheat exports immediately.


Here is the big picture:

India is the world's third largest oil importer. India has booked at least 16 million barrels of Russian oil since the February 24 invasion of Ukraine by Russia. That is almost as much as India bought from Russia in all of 2021. India is getting oil at a discount because of sanctions on Russia to export oil to its traditional buyers.


Ukraine’s old crop wheat and soon to be harvested new crop wheat cannot be exported through the ports. Only about 10% of normal export pace is flowing west by train to be loaded on ships at Baltic and Western Black Sea ports.


The media and politicians are telling everyone there will be millions of people starving because Russia will not allow Ukraine’s wheat be exported.


Russia’s wheat exports in March 2022 were triple of the March 2021 exports. Then India started selling wheat in April.


India comes to rescue of the world in early April by announcing it has plenty of wheat to easily replace the wheat Ukraine cannot export.


Hot weather in late March reduced India’s wheat crop about 5.3 million mt to 105 million mt.


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