Corn and beans made highs last Wednesday. Everyone knew then that the USDA would issue one of the most important crop reports tomorrow. That meant the market would be headed lower no later than Monday on profit taking, classic "evening-up" of futures positions. It also meant the market would overdue the sell-off to the downside and, therefore, recover some of the losses before the report was released mid-day Thursday. While it is entirely possible news from Ukraine and Russia could upset the traditional market action, so far everything the markets have done since Wednesday have been predictable and, believe it or not, pretty routine for late March. The USDA Intended Planted Acreage and Quarterly Grain Stocks reports are always issued the last business day of March. ten minutes after the report on Thursday and the we will be back to weather and demand.
Global shipping giant Maersk says the COVID lockdown of Shanghai, China will cause delays and drive up transport costs, making shipping containers more difficult to access. The oceans carry more than 80% of the world’s traded goods, most of which sail inside 40-foot-long steel containers.
Poland banned coal imports from Russia.
The world’s largest beer producer is Ab Inbev with a global market share of ~28%. They produce the Anheuser-Busch family of beers as well as Stella Artois, Corona, Castle, Beck's, Leffe and Hoegaarden beers. Ab Inbev announced no more beer to Russia. Does Putin drink beer?
US Secretary of State Blinken believes that Russia's announcement of reduction in hostilities around Kyiv could be a "means by which Russia is again trying to divert attention and deceive people into thinking that it is not doing what it is doing." The leaders of the USA do not want this war to end. Even if Russia is lying, it does not help negotiations when the President of Ukraine and the lead US diplomat kick sand in the face of the Russian negotiators when they say something that indicates they are willing to slow down their war effort.