LAST WEEK MARKET COMMENT

US farm markets posted some of their largest weekly gains ever, past week.?

Chicago Board of Trade wheat futures, indeed, ended with record weekly gains (up near 41%), setting new all-time highs at $13.48 a bushel.

Russia's invasion of Ukraine choked shipments from the region that supplies nearly a third of global wheat exports.

That means decreasing food availability and unaffordable grocery prices for millions of people around the world.?

Thus, we can expect to see even higher grocery store bills soon, as elevated commodity prices, (oil's relentless climb, hitting almost $140 on this morning, means another turbulent start to the week for world markets) send, the fallout from Ukraine’s humanitarian crisis, across the world in the coming weeks, rippling it.

Once again, our thoughts go first of all to the civilian population of those places, which most of all are paying the price of this war.

We hope that this conflict can immediately cease.

Let's move on to our usual "LAST WEEK MARKET COMMENT'S" report.

May corn prices busted up past week, posting a 98.5 cent/bu rally or by 15.02%.

Soybeans May contract, posted a 76 cent gain or by 4.8%.?

Soybean meal was up $17.70/ton or by 4%.

Soybean oil, rallied 387 poits or by 5.61% for the week.

Wheat prices had a historical week full of expanded limits with Chicago as the leader, rallying $3.49 ? or by 40.62%.?

KC was not too far behind, with a $3.23 ? jump or 36.31%.?

MPLS tagged along for the ride, posting "only" a $1.86 ? gain or 19.45%.?

In energy market, oil surged last Friday, ending the week at multi-year highs.

Traders were barely able to sell Russian oil all week, with Shell PLC on Friday the only notable buyer of a Russian cargo, which was sold at a steep $28-discount to physical Brent crude.

Indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal were close to reaching an agreement.?

However, analysts said such an agreement could add only another 1 million barrels of daily supply to the market, which would not be enough to offset declining supply from Russia.?

In this context, past week, crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%.?

On Friday, Brent futures rose $7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $8.01, or 7.4%, to end at $115.68.

That was the highest close for Brent since February 2013 and for WTI since September 2008.?

During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.

Despite the oil price surge, U.S. energy firms cut the number of operating oil rigs last week, underscoring supply concerns.?

In Libya, the closure of the El Feel and Sharara oilfields resulted in the loss of 330,000 barrels per day (bpd), the National Oil Corporation said on Sunday, more than 25% of its output in 2021.?

Thus, Brent crude soared near $130 a barrel on this morning.

Brent crude futures, indeed, jumped $10.88, or 9.2%, to $128.99 a barrel by 07:23 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $9.80, or 8.5%, to $125.48.

In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50.

Monday's intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27.

But, what are the reasons?

The United States and European allies are exploring banning imports of Russian oil, Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban.

However, the scramble for additional barrels to fill what could balloon to a 3-4 mb/d Russian export deficit, could prove to be a tall order, as immediate OPEC spare capacity (currently Saudi Arabia, UAE, Kuwait, and Iraq) could only bring on between 2.0-2.5 mb/d in the next 30-60 days.

Russia is the world's top exporter of crude and oil products combined, with exports at around 7 million bpd, or 7% of global supply.?

Some volumes of Kazakhstan's oil exports from Russian ports have also faced complications.

Also, remains to be seen how many countries will join a formal Russian oil embargo.

Global oil prices have spiked more than 60% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation.?

Fuel prices have surpassed 2008 records with U.S. gasoline at a high of $3.890 per gallon and heating oil futures at $4.237 per gallon.?

On this wake, analysts at Bank of America said if most of Russia's oil exports are cut off, there could be a 5 million barrel or larger shortfall, and that means oil prices could double from $100 to $200 a barrel, while JP Morgan analysts said this week oil could soar to $185 per barrel this year.

On the freight market, last Friday the Baltic Exchange’s dry bulk sea freight index rose on gains in the panamax and supramax vessel rates that also countered a small dip in the capesize segment.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, indeed, rose 44 points to 2,148 points.

The index rose for a second straight week, gaining 3.5%.

Particularly, the capesize index dropped 4 points to 1,635 points and fell about 3.3% past week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $36 to $13,560.

The panamax index was up 86 points, at 2,785 points and posted for the week 127 points gains or by 4.78%.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $768 to $25,061.

Among smaller vessels, the supramax index rose 66 points to 2,586 points and went home with 169 points gains or by 6.99% for the week.

In equities markets, last Friday MSCI's broadest index of Asia-Pacific shares ex-Japan tumbled as much as 1.5% to 585.6, the lowest level since November 2020, taking the year-to-date losses to 7%.

MSCI's gauge of stocks across the globe closed down 1.65%.

Stock markets across Asia were in a sea of red, with Japan losing 2.2%, South Korea 1.1%, China 0.9% and Hong Kong 2.5%, while commodities-heavy Australia was down 0.6%

Russia said it will keep its stock market closed until at least March 9.??

That would be the longest the Russian stock market has ever been closed.??

The ruble on Friday fell to a new record low and closed near 1.2291 rubles/USD.

European stocks sank to near one-year lows, with the pan-regional STOXX 600 index sliding 3.56% to increase losses for the week to 7% - its worst weekly decline since the depths of a pandemic-fueled sell-off in March 2020.

The euro tumbled below $1.10 for the first time in almost two years and hit a fresh seven-year low against the safe-haven Swiss franc.

Particularly, the euro fell 1.17% to $1.0934.

European bond yields fell along with the euro as investors worried that higher commodity prices will dent growth in the European Union.?

Meantime, Friday’s plunge of -4.96% in the Euro Stoxx 50 to a 13-month low undercut also U.S. stock indexes, with the Nasdaq 100 falling to a 1-week low.??

Particularly, on Wall Street, in the end week session, the Dow Jones Industrial Average fell 0.53%, the S&P 500 lost 0.79% and the Nasdaq Composite dropped 1.66%.

For the week, the Dow Jones fell 1.30% to close at 36.614,80,

the S&P 500 lost 1.27% to close at 4.328,87, the Nasdaq Composite?

closed at 13.313,44, dropping by 2.78%.

The dollar index on Friday gained 0.878 points (+0.90%) to close at 98.671.

For the week, gained 2.052 points or 2.12%.

U.S. stock indexes saw some support after Feb nonfarm payrolls rose more than expected, and the U.S. unemployment rate fell to a 2-year low.

Particularly, U.S. Feb nonfarm payrolls rose +678,000, showing a stronger labor market than expectations of +423,000.?

Also, the Feb unemployment rate fell -0.2 to a 2-year low of 3.8%, showing a stronger labor market than expectations of 3.9%.

U.S. Feb avg hourly earnings were unchanged m/m and up +5.1% y/y, weaker than expectations of +0.5% m/m and +5.8% y/y.

Also, Chicago Fed President Evans said Friday that the Fed needs to be moving toward a more neutral policy and a 25 bp rate hike at each of the FOMC's 2022 meetings gets policy close to neutral.

If it were not for Russia's invasion of Ukraine, the Federal Reserve would likely raise interest rates by 50 basis points.

Meantime, on this morning Japan’s benchmark Nikkei 225 dipped 2.94% to 25.221,41, Hong Kong’s Hang Seng dropped 3.87% to 21.057,63, while South Korea’s Kospi slipped 2.29% to 2.651,31.?

Australia’s S&P/ASX 200 shed 1.02% to 7.038,60, while the Shanghai Composite lost 2.17% to 3.372,86.

Markets worldwide have swung wildly recently on worries about how high prices for oil, wheat and other commodities, inflaming the world’s already high inflation.

Higher fuel costs are devastating for Japan, which imports almost all its energy.

China reported Monday that its exports rose by double digits in January and February before Russia’s attack on Ukraine roiled the global economy.

However, on this wake, China, world's No. 2 economy, is already targeting a slower growth of 5.5% this year.?

On the weather side, the Northern Plains and Upper Midwest has seen cooler temperatures after spring-like conditions past weekend.?

A winter storm system in the Rocky Mountains pushed a snow-ice-rain mix across the Upper Plains and Midwest.

Severe thunderstorms and instances of flash flooding possible for much of the eastern third of the country today.

However, record-breaking warmth expected to continue throughout East Coast today.

Cold front entering the Northwest will generate heavy snowfall over the Northern Rockies through Tuesday.

As of last Tuesday, 91% of land in the High Plains was classified in abnormally dry to extreme drought condition.?

Drought also gripped the Midwest, with over 45% of acreage in abnormally dry to severe drought ratings.

These conditions could delay or stunt corn and soybean planting progress across the U.S. Heartland.?

The National Agriculture Statistics Service (NASS) released state-based Field Crops Report past week.?

In Texas, the report rated winter wheat conditions as 8% good, 38% fair to poor, and 54% very poor.?

Statewide, topsoil moisture was rated 49% very short and subsoil moisture rated 48% very short.?

In Oklahoma, conditions were 11% good to excellent while 48% was rated fair to poor and another 41% very poor.?

Topsoil in Oklahoma is 45% very short compared to 3% last year, but 9 points better than last week.?

Subsoil moisture is 47% very short.?

In Kansas, winter wheat conditions are rated 25% good to excellent, 37% fair, and 38% poor to very poor.?

In Colorado winter wheat is 21% good to excellent and 62% fair to poor.?

In Montana, winter wheat is rated 21% good, 21% fair, 35% poor and 23% very poor.

On the demand side, Weekly EIA data showed ethanol producers cutting back 27,000 barrels per day on production to 997,000 bpd as of 2/25.?

Stocks were a sharp 574,000 barrels lower to 24.993 million.?

Weekly FAS export sales data showed 485,118 MT of old crop corn was sold during the week that ended 2/24.?

That was a 7-week low and below the range of expectations.?

Corn export shipments fell 18% lower week-over-week but stayed 7% above the prior four-week average.

Shipments, indeed, were +1 MMT for the 8th consecutive week with the 1.55 MMT shipped bringing the season’s total to 25.77 MMT.?

That still trails last season’s pace by 2.5%.?

New crop business came in at 223k MT, which was in line with estimates.?

USDA had 1.9 MMT on the books for 22/23 as of 2/24.

As for sorghum, the weekly report showed 101,994 MT were sold for 21/22 delivery, with no new crop business.?

China is still the main buyer.?

Accumulated milo commitments sat at 6.667 MMT as of 2/24.?

As for soybean, data showed soybean bookings were 857,029 MT for old crop and 1.386 MMT for new crop.?

For the old crop sales, that was inline with expectations, while new crop was above the range of estimates.?

USDA also reported 750,961 MT of shipments.?

That was down 40% from last week at a 23-week low.?

Accumulated shipments reached 40.776 MMT as of 2/24.?

For the products, USDA also reported 95,351 MT of soymeal was booked during the week that ended 2/24.?

That was just below the expected range.?

The week’s soymeal exports were a 25-week low of 143,005 MT.?

For soybean oil, FAS data showed 6,588 MT were booked and 13,657 MT was shipped.?

That left the season’s BO commitments at 565,098 MT as of 2/24.?

As for wheat, data had 299,967 MT of wheat, sold during the week that ended 2/24.?

That was down 42% from the week prior, but was up 36% from the same week last year.?

New crop wheat sales came in at 69.8k MT.?

USDA reported 364,776 MT were exported during the same week, which was a 6-week low and down 11% from the same week last year and 15% below the prior four-week average

Accumulated wheat shipments reached 14.15 MMT as of 2/24, with 18.28 MMT of total commitments.?

Meantime, last Friday, private exporters reported to the USDA sold 106,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.

Also, reported a sale of 108,860 metric tons of soybeans for delivery to Mexico during the 2021/2022 marketing year.

And sales of 125,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.

The weekly Commitment of Traders report, tallied specs in corn futures and options at a net long 349,222 contracts as of 3/1.?

That was a drop of 5,214 contracts from the week prior.

As for soybean data showed managed money firms were closing positions through the week that ended 3/1.?

That left the group 4,613 contracts less net long at 175,721.?

Soybean commercial hedgers also closed out 51,019 contracts (7% of OI), reducing their net short by 9.8k contracts to 305k.?

For products, report showed managed money activity was more bullish for soymeal through the week that ended 3/1.?

Funds closed 2.8k shorts and opened 1.6k new longs for a 94,829 contract net long.?

In soy oil, managed money was 2,231 contracts more net long on short covering to 81,431 contracts as of 3/1.?

As for wheat, Friday’s CFTC Commitment of Traders report showed spec funds in CBT wheat futures and options slashing 11,017 contracts from their net short position during the week of March 1.?

That took the net short to 7,036 contracts.?

In KC wheat, they added another 4,701 contracts to their net long position as of Tuesday to 45,481 contracts.

From South America, Argentina’s government said it would establish a mechanism to control domestic wheat prices and keep food inflation low.?

The government announced it had set up a “trust” with exporters and flour millers which they said will keep food prices lower.?

The ongoing war in Ukraine sent prices 19% higher week-on-week in the Argentine grain market.?

A representative with CIARA, a professional grain organization, said that the measures were “coercive.”?

Farmers, who were not included in the government discussions, were said to be opposed to the measures.?

In Europe, Euronext ended an historic week, with another strong bullish performance, especially on its closest contracts.?

Particularly, Friday's session was again marked by extreme volatility, with unprecedented peaks both for wheat and corn at 426 and 420 euros per tonne respectively on the March deadline, the closest.

However, by the close, corn price finally stabilized, down 29 euros, at 350 euros per tonne on the March deadline but was up 15.5 euros on the June deadline, at 343 euros per ton.

Wheat price was up by 12 euros to 393.75 euros per tonne for the March deadline and by 5.50 euros per tonne, to close at 371.75 euros for the May deadline.

For rapeseed, the May 2022 contract gained €11/t on Friday evening, to €820.75/t.?

Thus, the March wheat contract rose 103.75 euros for the week, while the May contract was up 82 euros per tonne.

That represent a weekly gain of 35.77% and 28.3% respectvily.

Corn prices soared 60.75 euros for the week, bouncing 21%.

For rapeseed, the May contract closed past week, up €93.75/t.

That was "only" a 12.89% gain week on week.

Markets remain in turmoil.?

Many countries are asking themselves the question of their food security, either by considering the establishment of quotas or export taxes.?

On this wake, Bulgaria plans to beef up its grain reserves and buy enough grain from local producers to ensure domestic needs for a year ahead.

Grain producers said the state plans to buy about 1.5 million tonnes of wheat out of 3 million tonnes that are still in the country's silos and might restrict wheat exports until it has carried out the planned purchases.

Extra customs checks by Bulgaria earlier past week were slowing grain vessel loadings, which producers said was an unofficial attempt to halt exports.

On Friday, Hungary banned all grain exports due to price increases.

"We need to prepare for the worst case scenario. We have grains for two years in the country, while the state reserve has wheat stocks for 60 days," deputy Prime Minister Assen Vassilev told pubic BNT television late on Friday.

Romania ports are loading boats and can theoretically sell wheat, but the shipping premium would be impressive.

Meantime, FranceAgriMer leaves its winter wheat crop rating unchanged at 93%, judged as good to excellent, but revises that of winter barley to 90% against 92% the previous week.?

36% of spring barley would be sown on February 28 against 28% the previous week.

From North Africa, harvest in Morocco is expected to fall sharply, given the water deficit of recent months

The Algerian agriculture minister said on Sunday that Algeria has enough grain reserves to last until the end of the year, the state news agency APS reported.

"Algeria has taken all precautions to ensure that the national market is covered and fully satisfying all citizens needs for grains ..." minister Mohammed Abdelhafid Henni was quoted as saying.

The General Authority for Supply Commodities (GASC) is considering importing wheat from the European Union countries in 2022, deputy supply and internal trade minister Ibrahim Ashmawy told Reuters.

The authority will not exclude other exporters such as the US, Kazakhstan, and Romania, Ashmawy added.

GASC has cancelled two tenders for buying wheat since the Russian-Ukrainian war started.

The first was cancelled due to the lack of bids, while the second aimed at assessing prices.

According to traders, Egypt has two wheat cargos of purchased wheat that are stuck at Ukrainian ports, with other deliveries at risk amid surging prices.

From the Black Sea basin, Russian Ag. Min has amended the export tax for wheat, barley and corn for the week of March 11 - 15, 2022.

Particularly, the export duty will be $86.9 on wheat, $72.3 on barley and $53.9 on corn.

Indicative prices will be $324.2 for wheat, $288.4 for barley and $262 for corn.

That is compared, with prior week (March 3-9) when the tax was $88.2 for wheat, $72.3 for barley and $52.7 for corn, while indicative price were $326.1 for wheat, $288.4 for barley and $260.3 for corn.

In Russia, according to the Ministry of Agriculture, 154.4 Kha have already been sown in spring crops; fertilizers were applied to an area of 2.4 Mha.

Meantime, Russia's Industry and Trade Ministry has recommended the country's fertilizer producers suspend shipments until carriers can guarantee the freight will be completed in full.?

Past week, major international shipping groups suspended nearly all cargo shipments to and from Russia to comply with Western sanctions.?

A Russian fertilizer source said they don’t have any containers and ships are not coming in.

Russia is the second-largest producer of ammonia, urea, and potash and the fifth largest producer of processed phosphates.?

Russia accounts for 23% ammonia, 14% urea, 21% potash, and 10% processed phosphate exports.

Louis Dreyfus Company (LDC), one of the world’s largest agricultural commodity merchants, has suspended its operations in Russia, it said on March 4.

LDC operates a grain export terminal on the Azov Sea, with annual capacity of about 1 mln tonnes, and exports 1.5-3 mln tonnes per year in total from Russia, according to its website.

In Ukraine, where the situation remains serious, sowing has become difficult.?

Nevertheless, farmers have already started the soil preparation work, but it is already clear that the problems of logistics and fuel will not allow the spring sowing to be carried out in full.?

State-run Ukrainian Railways, has said it is ready to organise agricultural exports by rail as a matter of urgency after closure of the country's Black Sea ports, as they might deliver grain to borders with Romania, Hungary, Slovakia and Poland, from where it can be delivered to ports and logistics hubs of European countries.

However, earlier on Sunday Ukraine suspended exports of several agricultural commodities of which rye, oats, millet, buckwheat, salt, sugar, meat and livestock.

Also, Ukraine has introduced export licences for its key agriculture commodities wheat, corn and sunflower oil, Interfax Ukraine news agency said on Sunday.

The document said that traders would also need licences to export poultry and eggs, the agency.?

From the Middle Kingdom, the condition of China's winter wheat crop could be the "worst in history", the agriculture minister said on Saturday, raising concerns about grain supplies in the world's biggest wheat consumer.

A survey of the winter wheat crop taken before the start of winter found that the amount of first- and second-grade crop was down by more than 20 percentage points.

Meantime, wheat prices in China soared to a record past week.

China's wheat prices last Thursday, indeed, topped 3,000 yuan per tonne.

Wheat prices across several key demand hubs in China, have jumped by more than 100 yuan in a week, with bids as high as 3,250 yuan per tonne in the south, data from Shanghai Intelligence Consultancy showed.

To address the issue, the National Development and Reform Commission's (NDRC) report said China will ensure that grain acreage for the year stays above 117.33 million hectares (289.93 million acres).

China will also increase the production of soybeans and other oilseed crops, the NDRC said, reiterating top policy priorities in the farm sector.

The country will also build up momentum to increase corn output, it said.

China will guarantee the supply-demand balance of grain, edible oil, cotton, sugar and fertilisers through the effective use of reserves and imports, the NDRC said.

China will allocate 41.639 billion yuan ($6.59 billion) in subsidies in 2022 for agricultural insurance premiums, up 30.8% from a year earlier, the finance ministry said in another report.

Meantime, China's soybean imports in the first two months of 2022 rose from the previous year, customs data showed on this morning, beating market expectations.

Particularly, China brought in 13.94 million tonnes of the oilseed in the Jan-Feb period, up 4.1% from 13.41 million tonnes in the same period in the previous year, data from the General Administration of Customs showed.

($1 = 6.3188 Chinese yuan renminbi).

From South East Asia, India is set to export a record 7 million tonnes of wheat this year as a rally in global prices gives the world's second biggest producer of the grain an opportunity to gain market share, a top government official said.

"By the end of February, we had already exported 6.6 million tonnes of wheat. Still one month is left."

Traders last week said India's wheat exports were expected to accelerate with a flurry of enquiries from buyers seeking alternatives to Black Sea shipments.

India will also send 50,000 tonnes of wheat to Afghanistan, Pandey said, in a bid to help the country facing poverty and hunger since the takeover by the Taliban last year.

New Delhi has already sent 4,000 tonnes of the grain to Afghanistan via an infrequently used land route through Pakistan.

India will send 8,000 tonnes of wheat in March to Afghanistan, the government said on Saturday.

From Australia, Australia exported 709,570 tonnes of canola in January, up 146 per cent from the December figure of 288,761t, according to the latest export data from the Australian Bureau of Statistics (ABS).

The January 2022 figure is up 28pc on January 2021 canola exports of 555,206t.

Belgium on 196,618t followed by Germany on 185,682t were the two biggest markets for January 2022 canola shipments, followed by France on 127,417t.

Australia’s 2021-22 (Oct-Sep) canola exports are expected to peak in March at around 1.1 million tonnes (Mt).

USDA forecasts Australian canola exports at a record 4.4 million tonnes (Mt).

ABARES last week lifted its forecast for current-crop production to 6.35Mt from 5.73Mt forecast in December.

Meantime, local markets rounded the week out stronger.?

Wheat values rose over A$25-30/t over the week, and barley gained $30-35/t.??

Canola markets along the east coast and in South Australia went from strength to strength, and SA values hit $1000/t.

On the weather side, the east coast continues to get smashed with heavy rainfall which is bringing more supply chain disruptions at some ports and up-country sites.

On the international trade scene, Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 60,000 tonnes of soymeal.

The deadline for submission of price offers in the tender is Monday, March 7.

The soymeal was sought for arrival in South Korea around June 30.

The soymeal was sought in one consignment between 50,000 to 60,000 tonnes.

Shipment was sought for April 23-May 22 if sourced from South America, for June 11-June 30 if from China, for May 25-June 13 if from the U.S. Pacific Northwest coast or for May 3-May 22 if from the U.S. Gulf.

Iraq is buying wheat and put its hand up for 400,000t after wheat’s limit-up move on Friday.

Watching this week's market, USDA will release weekly export inspections data on this afternoon.?

On Tuesday, Census will put out trade data from January.?

EIA will give their weekly update on Wednesday.?

On Wednesday, March 9, the market will also be updated on the US and World balance sheet via the WASDE reports.

Analysts expect to see a 74 mbu trim to corn U.S. ending stocks.?

If realized that would leave the national carryout at 1.466 bbu.?

Global corn supplies are estimated 2.7 MMT tighter to 299.5 MMT.?

For South America production the pre-trade estimates are seeking a 1.4 MMT cut for Brazil and a 2.1 MMT cut for Argentina corn.?

For soybean, analysts are looking for a domestic soy carryout cut of 45.6 mbu.?

The full range is to see between no change and a 143 mbu cut to between 325 and 182 mbu.?

For global soy stocks, traders are looking for 88.7 MMT on average, or a 4.2 MMT trim from Feb.?

South American production is expected to be cut 2 MMT in Argentina on average and 5.1 MMT in Brazil on average.?

The lowest estimates are 40 (-5 MMT) and 121.2 (-12.8 MMT) respectively.?

As for wheat, estimates are expecting a 16.7 mbu stocks cut for the U.S. on average – with many private analysts citing the Russia/Ukraine war as justification for increased U.S. exports.?

The full range of estimates is to see between a 10 mbu bump and a 79 mbu cut.?

For world wheat stocks, the trade is looking for 277.5 MMT on average, or a 700k MT cut from the Feb report.?

Wednesday is also the last trading day for March cotton futures.?

Fast forward to Thursday morning and FAS will release the Export Sales report.?

That's all.

To all of you I wish you a good day and a good start to the week.

Author:?Sandro F. Puglisi??

"Make love ... not war ..."

To read more, check for free??www.bancadelgrano.it?