USDA report on grains stocks showed mixed results. Soybeans, sorghum, and soybeans all higher while wheat, oats, and barley lower. Consistent with price action. All grains higher since the beginning of the Ukraine War, but prices off their intra-month highs. Suggests US does not have the supplies to meet demand of Ukraine and Russia re not exporting. Tightness will be strong in wheat.
Estimated corn planting lower while soybeans higher based on relative prices from last year. Wheat unchanged. Farmers cannot react that quickly to Ukraine-Russia export situation.
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