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Ukraine & China Grains, USDA Inspections, ENSO, BC Vote, Markets Update & Rain Days 03/08/2022

Yesterday morning USDA announced the sale of:

66,000 mt of old crop soybeans to China.

66,000 mt of new crop soybeans to China

 

The next potential shock in the wheat and corn markets could be the Ukrainians burning their own corn and wheat inventory to keep the Russians from getting it. Reportedly, the Russians will attack Odessa this week, the largest grain exporting port on the Black Sea, located in Southeast Ukraine. I can't see Ukraine letting Russia get control of the grain in the event the Russians are able to occupy Odessa's port.

Ukraine and Russia heads of foreign affairs are scheduled to meet in Turkey on March 10.

Ukraine is organizing rail delivery of grain to the tune of 150 cars per day to Romania, 45 to Poland, 17 to Hungary, and 60 to Slovakia; each car will contain 70 mt of grain. Nice gesture, but not nearly enough to change the big picture.

Ukraine told its farmers in the military to go home and get the crops planted; the farmers who wanted to join the military were told, “Thanks, but no thanks. We need you farming more than we need you fighting Russians.”

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