Russia's government is expected to “officially” default on May 4, when the 30-day grace period on its dollar-denominated bonds expires. Russia failed to make $650 million of interest and principal payments due on April 4 in dollars because the US Treasury blocked American banks from processing the transactions. Russia paid the debt service in rubles through the National Settlement Depository to cover the debt service obligation, which was not considered a payment because it was not in dollars. While no one is saying what happened with those rubles, we are guessing the rubles were not returned to Russia.
The money people on Wall Street say their source at the Federal Reserve say after a 50 basis point (half a percent) interest rate increase in May, 75 basis points increase s coming in June and again in July.
Friday afternoon Cattle On Feed Report Expected Actual On Feed: 100.4% 101.7% little more corn for feed than a year go Placements: 92.3% 99.6% Marketings: 98.1% 98.0%
Russia plans to export grain from the newly occupied regions of Kherson and Zaporizhzhya in southeastern Ukraine. Locals in Crimea report trains are heading to those regions and all the cars are empty hopper bottoms.
Planalytics increased US 2022 winter wheat yield to 49.5 bushels per acres; USDA is at 49.1. Kansas estimated at 44.4 bushels and Oklahoma at 31.1 bushels per acre.