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Tidbits, USDA S&D, Put Options, Export Sales, Markets & Rain Days Update 5/13/22


Nothing in yesterday’s USDA numbers changed the outlook other than wheat looks less likely to get below $6 or $7 and old beans should get higher than we previously expected. More details this weekend, but take a look at the attached S&D for a lot of interesting details. All three wheat futures and new crop corn made new contract highs. Beans will catch up.

Yesterday morning, the USDA announced the sales of:

68,000 mts of old crop corn to China

544,000 mts of new crop corn to China

After opening a month ago Federal Lands for oil and gas leasing, the Biden Administration cancelled pending oil and gas leasing opportunities in Alaska’s Cook Inlet, citing a “lack of industry interest,” and halted two leases in the Gulf of Mexico. Another leap higher yesterday in diesel and gasoline prices.

The producer Price Index (PPI) is the measure of inflation at the wholesale level. For the month of April, PPI was up a half percent from March and up 11% from a year ago. The market expected a rise of 10.7% for the past 12 months.

Southwest region of Goiás is expected to lose about 40% of the safrinha corn after 30 days without rain.

US Secretary Antony Blinken:

Ukraine is a critical source of agricultural products and a key link in the global food supply chain. Russia's blockade is preventing these goods from leaving and threatening millions of people around the world with malnutrition and famine. The blockade must end.

Sounds like fighting words.


Attached is our simplified version of the USDA wheat, corn and soybean S&D:

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