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World Food Supplies, Broilers & Ethanol, Put Options, Markets & Rain Days Update 5/12/22

Highlights


CONAB will update their Brazil production estimates this morning. How much will they reduce Brazil's corn production? April 27th was the last day there was any rain in the ten day forecast for Rondonopolis, Mato Grosso and that was after the driest April in Mato Grosso in 17 years.


The USDA will release their May WASDE report at 11 AM Central Time today. How much will they reduce Brazil's corn production?


Yesterday India received from Turkey a purchase order for 50,000 mt of wheat. Yet, the rumors persist India will restrict wheat exports.


France’s Ag Ministry raised their wheat ending stocks estimate by 200,000 mt to 3.2 million and reduced exports by 250,000 mt to 9.25 million mt.


The US April Consumer Price Index (CPI) was up 8.3% from April a year ago. The market was expecting an 8.1% increase. CPI is the measure of inflation at the retail level.


HPAI, avian flu, only one report of an infection the past six days. It was a commercial flock of 20,000 turkeys in Wisconsin. We all thank the warmer weather for fewer bird flu infections.

 

The G7 leaders told Putin to stop blocking Ukrainian grain exports. The written statement said that if Putin did not stop blocking Ukrainian ports for food exports, it would be seen as an attack on food supplies to the world. This is another part of laying the groundwork to prepare us emotionally for a major expansion of the war. We are going to war to save the world from starvation; what a noble cause.

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