Highlights
There were 7 natural gas or crude oil drilling rigs and 4 shale fracking rigs added last week in the USA. There are now 670 natural gas or crude oil rigs and 270 fracking rigs drilling in the USA as of last week.
USA national security adviser Jake Sullivan said on Sunday the USA is committed to providing Ukraine with “the weapons it needs” to defend itself against Russia, as Ukraine seeks more military aid from the West. Speaking later Sunday on “Meet the Press", Sullivan said the USA was “working around the clock to deliver our own weapons... and organizing and coordinating the delivery of weapons from many other countries.”
Russia’s Finance Minister said today Russia will take legal action if the West tries to force it to default on its sovereign debt.
"Of course we will sue, because we have taken all the necessary steps to ensure that investors receive their payments," Siluanov told the newspaper in an interview.
Russia faces its first sovereign external default in more than a century after it made arrangements to make an international bond repayment in rubles, even though the payment was due in US dollars.
Europe has imported and paid Russia 37 billion euros for mostly oil & natural gas during the 40 days of the war while giving Ukraine weapons and money to fight Russia.
Healthy Food Ingredients (HFI) has added a specialty mill in Valley City, North Dakota and another in Watertown, South Dakota.
The Valley City mill will process a range of gluten-free pulses, ancient grains and seeds into custom-milled, consumer-ready flours. The mill in Watertown offers cereal grain ingredients, including whole, finely milled and blended. The facility processes such cereal grains as wheat, rye, barley and sorghum.
The first chart is actual planted US acres 2015 to 2021 with the 2022 USDA Outlook Forum acreage numbers presented in February.
The second chart is the same chart with 2022 March Intended Plantings acres replacing the 2022 Outlook forum projections.
Market Data
This morning:
Crude oil is at $96.18, down $2.08
The dollar index is at 100.03, up 0.23
July palm oil is at 5,789 MYR, up 50. The contract high was made March, 9th at 6,531 MYR. Palm oil owns 36% and soybean oil owns 28% world market share.
December cotton is at $115.41, down $0.07 per cwt. The contract high was made April, 8th at $115.98 per cwt. Cotton competes with soybeans and corn for acres.
July natural gas is at $6.428, up 0.008. The contract high was made April, 8th at $6.678. Natural gas is the primary cost to manufacture nitrogen fertilizer.
July ULSD is at $3.0913 per gallon, down 0.0454. The contract high was made March, 9th at $3.7675. ULSD stands for Ultra Low Sulfur Diesel.
Rain Days Update
The Western Corn Belt has 1 more rain days in the 10 day forecast than yesterday and the Eastern Corn Belt has 4 less rain days than yesterday.
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