3/21/2022

A slow start at the overnight open turned into a grind higher throughout the session.  Daily highs were set around mid-day and faded lightly from there into the close.  Markets were off at the end of last week following what looked to be a progress in peace between Ukraine and Russia but the fight is raging on and so are our markets.  We have the opportunity again at some big numbers for cash and new crop corn and soybeans and if you missed out at these levels a couple weeks back, we recommend you get sell orders working to grab these values this time around.  South American weather was our first big premium priced into our futures followed by the armed conflict between Ukraine and Russia.  The prolonged dryness in Brazil allowed them to sweep through their first harvest quickly and plant their second crop almost entirely in the ideal window.  The unknown is still U.S. weather but South American weather can only be viewed as bearish at this point.  The extended outlook shows above average precipitation in the U.S. to begin April.  The armed conflict between Ukraine and Russia is an extreme wild card with anything possible.  Tomorrow might see an end to it all or the start of something even bigger.  Anyone trying guess where we are heading is doing simply that: guessing.  The Canadian-Pacific railway workers were locked out beginning today after no agreement was reached between management and the union.  Fertilizer and grain shipments could be severely affected if they are unable to compromise.

December corn blasted its way to new contract highs today. New crop deliveries now have a small cushion above the $6 level

May soybeans traded through the 1700’0 mark and failed to hold again but did post its highest daily close on the contract today.