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Tidbits, Trade Embargo, Planting Progress, Wheat, ENSO, Export Inspections 5/29/24

Highlights


Deputy Assistant to President Biden for National Security Affairs, Dalip Singh, said the United States may introduce a trade embargo against Russian goods.

“The history of the embargo is not great, but as Russia completely transforms its economy into a factory for the war machine, we will come to a point where that is what we will get,” Singh said. “The military-industrial complex in Russia may now be stronger than before the outbreak of hostilities.”

Singh called the situation "sobering." The West's response will require increased efforts, he explained. He left out that Russia is one of the world’s leading fertilizer exporters.

 

On May 18th, we reported Nutrien Ag Solutions, one of the top two nitrogen fertilizer manufacturers, said they see US 2024 corn acres at 87 million vs. USDA March Intentions of 90 million acres and 94.6 million acres of corn in 2023. If Nutrien is correct, that will be bullish with a capital “B.”

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