LAST WEEK MARKET COMMENT

The upcoming USDA Grain Stocks and Planting Intentions reports, will out on Thursday March, 31.??

As we know the end of quarter reports from NASS tend to be accompanied by big price swings (though there are some exceptions).?

Operators last week questioned all along the week, about if staying or cashing out at so highest prices.

USDA will let us know somethink more on Thursday.

In this context, US farm markets, although had seen plenty of volatility, turned back into the green last Friday due the lingering concerns about export potential from Ukraine and Russia.?

The results were variable, as corn picked up gains of 0.77% and soybeans prices rose 0.56%.?

Soybean meal ended the end week session up 0.41%.

Soybean oil was 0.62% higher by the close.

The wheat complex fared even better, with contracts tracking between 1.5% and 2% higher.

Particularly, May Chicago SRW prices gained 1.52%.

May Kansas City HRW prices added 1.44%.

May MGEX spring wheat prices rose 1.99%.

For the week, corn prices rose 1.66%, that means another $0.123 per bushel, to add to the prior week's gains.

Soybeans jumped $0.422 per bushel past week, or 2.53%.?

Soybean meal gained 2.28% for the week

Soybean oil was repaid for by a 3.4% weekly rise.

Wheat prices recovered more than they lost the previous week in 2 out of 3 markets.?

Chicago indeed, was up 3.62% for the week, but was still 5 cents shy of where it closed 2 prior weeks.??

KC HRW was up 3.76% for the week, and had a two week gain of 22 cents.??

MPLS was up 22 cents for the week, almost exclusively last Friday, and up 13 cents for the two week period.?

For the week was up 2.12%.

Meanwhile, we have a lower pre-open, in Chicago on this morning, however.

In energy markets, crude prices rose more than 1% to over $120 a barrel past Friday.

Oil prices had slipped earlier in the session as exports from Kazakhstan's CPC crude terminal partially had resumed and the EU held off on imposing an embargo on Russian energy as members remained split on the issue.

However, a missile attack by Yemen's Houthis, targeted an Aramco's fuel distribution station in Jeddah in Saudi Arabia on Friday, rising concerns on oil supply disruption.

Saudi Arabia, indeed, said it will not hold responsibility for any shortage of oil supplies in global markets caused by Houthi attacks.

The attack, came just five days after the Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery.

Thus, on Friday Brent crude settled up $1.62, or 1.4%, to $120.65 a barrel and U.S. West Texas Intermediate (WTI) crude ended $1.56, or 1.4% higher, at $113.90.?

Both had dropped $3 earlier.

Both benchmarks notched their first weekly gains in three weeks as Brent rose more than 11.5% and WTI gained 8.8%, past week.

With global stockpiles at their lowest since 2014, analysts have said the market remaine vulnerable to any supply shock.

Consequentially, the Biden administration is considering another release of oil from the Strategic Petroleum Reserve that, if carried out, could be bigger than the sale of 30 million barrels earlier this month, a source said.

Meantime, the U.S. oil rig count, an early indicator of future output, rose seven to 531 past week, its highest since April 2020, thougth the increases have been small and slowed down recently because many companies focus on returning money to investors rather than boosting output and are facing supply constraints.

Meantime, oil prices tumbled more than $5 on this morning, as fears over weaker fuel demand in China grew after financial hub Shanghai launched a two-stage lockdown to contain a surge in COVID-19 infections.

Thus, Brent crude futures slid as low as $115.32 a barrel and were trading down $5.15, or 4.3%, at $115.50 at 07:31 GMT.

U.S. West Texas Intermediate (WTI) crude futures hit a low of $108.28 a barrel, and were down $5.30, or 4.7%, at $108.60.

OPEC+, will meet on Thursday.

In this context, the group will be "less likely to raise oil output at a faster pace than in recent months".

Meantime, according to a statement of United Arab Emirates energy minister Suhail al-Mazrouei released on this morning, "Russian oil is needed by energy markets and no producer can substitute its production".

"OPEC+ need to stay together, stay focused and not allow politics to distract the group", he added.

In the freight market, the Baltic Exchange Dry Index went down 0.9% to 2,544 last Friday, extending losses for the second day in a row.?

For the week, the Baltic Dry Index declined about 2.3%, the second consecutive weekly fall on a pullback in the larger capesize vessel segment.

Particularly, the capesize index, which tracks iron ore and coal cargos of 150,000-tonnes slumped 4.2% to 1,887.

The Capesize market had to contend with volatile bunker concerns once again as the 5TC lost $5956 week on week to close at $15,648. It was also a tough few days for Atlantic owners.?

The basin plunged a little over 40% in value, with the transatlantic C8 settling at $11,897 on Friday as ample tonnage outweighed the dearth of cargo in the region.?

The Pacific basin, following relatively healthy activity, saw timecharter rates put up more resistance.?

However, the transpacific C10 still lost approximately 20% of value under sustained pressure to settle at $19,400.?

Voyage rates all slid slightly throughout the week, but as the bunker values made another strong rebound a dampening effect was felt on absolute freight rates.?

The West Australia to China C5 lowered 0.595 over the week to $11.641. Meanwhile, the Brazil to China C3 dipped 1.79 to $26.35.?

The situation in the Atlantic has seen smaller Panamax stems lifted by Capesize vessels as the spread between the two sectors has widened considerably with smaller vessels well in demand.

Meanwhile, the panamax index which tracks cargoes of about 60,000 to 70,000 tonnes of coal and grains, advanced 1%, to 3,413.?

An emphatic transatlantic market for Panamax vessels past week, indeed, saw rates climb dramatically.?

Asia was more moderate in comparison, with slower growth limited to pockets of resistance on certain trades.?

The Atlantic saw healthy demand from East Coast and North Coast South America, which pushed rates forward in the north. An 82,000-dwt delivery Continent was rumoured to be fixed at $32,000 for a transatlantic grain round.?

Meanwhile, further south, the focus on ex EC South America was predominantly transatlantic centric.?

Asia, overall, appeared passive except for some premium rates paid up on the Australia to India coal trips.?

This was alongside grain clean/decent spec tonnage open in the North for NoPac grain rounds as demand advanced rates.?

An 82,000-dwt delivery north China achieved $30,000 in midweek for a NoPac round trip.?

Indonesia, after recent strong coal activity, lacked any real replenishment and rates largely remained stagnant.?

Period activity appeared moderate and there were reports of an 82,000-dwt delivery Vietnam achieving $32,000 for short period.

The supramax index, on its part, sheded 13 points to 3,020.?

Overall, a strong week was had in this sector.?

But as it finished there appeared to be some slowing down in certain keys areas.?

The Atlantic saw strong demand from South America for transatlantic runs and Ultramax vessels were seeing in excess of $50,000 for trips to the Mediterranean.?

From the US Gulf, sentiment weakened as demand returned to the Mediterranean and Continent regions. This meant the recent premiums were less forthcoming.?

From the Black Sea, a 63,000-dwt was heard to have fixed a trip to China at $29,000.?

It was a story of two halves in Asia.?

The beginning of the week saw strong demand for Indonesian coal business, which buoyed rates.?

However, this waned as the weekend approached.?

Further north, backhaul activity helped sustain sentiment.?

A 61,000-dwt open Zhoushan fixed a trip to the US Gulf at $44,000.?

The Indian Ocean remained fairly subdued.?

A 63,000-dwt fixed a trip delivery Port Elizabeth, trip to the Far East at $27,000 plus $700,000 ballast bonus.

On week 12, accelerated growth of freight rates continued in the Azov and Black Sea region.?

Past week, indeed, the rate for a of 3k parcel of wheat from Azov to Marmara Sea ports reaches $62 per ton, an increase of $9 compared to prior week’s rates, Sea Lines shipbrokers report.

This trend can be explained by unfavorable weather conditions in the Black and Azov Seas at the end of the previous week, which led to a shrtage of spot tonnage.?

In addition, there was a huge demand for grain crops and coal in the market, which contributes to the agiotage for vessels in the region.

According to Sea Lines, shipowners agree more often to work from the northern ports of the Sea of Azov, although for some owners cargoes from Temryuk and Kavkaz still remain a priority.?

As for destinations, same as prior week, charterers considered cargoes to a variety of destinations, such as Turkey, Israel, Italy or Egypt.

According to Sea Lines, on week 12, freight rates for wheat parcels from Azov made $60 to the Black Sea, $62 to Marmara, $75 to Mersin and $77 to Egypt.

Freight rates from Rostov AB (after bridge) was $1 above, from Rostov BB (before bridge) the same, from Yeisk and Taganrog $1 below, and from Temryuk $3 below those from the port of Azov.

In the Caspian, freight rates from some ports of origin went down.

On week 12, freight rates for shipping corn by 3,000 dwt bulkers to Iran make $21 from Aktau, $25 from Makhachkala, and $30 from Astrakhan.

In equity markets, the S&P 500 ended higher last Friday as financial shares rose after the benchmark Treasury yield jumped to its highest level in nearly three years.

Ten-year Treasury yields, indeed, were last at 2.492% after earlier rising above 2.50% for the first time since May 2019.

The Nasdaq ended lower, and tech and other big growth names mostly declined, but they finished off session lows following a late-session rally.

Investors had assessing how aggressive the Federal Reserve will be as it tightens monetary policy .

Thus, on Wall Street, the Dow Jones Industrial Average rose 153.3 points, or 0.44%, to 34,861.24, the S&P 500 gained 22.9 points, or 0.51%, to 4,543.06 and the Nasdaq Composite dropped 22.54 points, or 0.16%, to 14,169.30.

Friday’s U.S. economic data was bearish for stocks after U.S. Feb pending home sales unexpectedly fell -4.1% m/m, weaker than expectations of a +1.0% m/m increase.??

Also, the University of Michigan’s final-March U.S. consumer sentiment index was revised downward by -0.3 to a 10-1/2 year low of 59.4.

However, for the week, the Nasdaq and S&P 500 registered solid gains of 2% and 1.8%, respectively, and the Dow was nominally higher with a 0.3% rise.

MSCI's gauge of stocks across the globe was up 0.11%, adding a second consecutive week of gains for the first time in 2022.?

The pan-European STOXX 600 index also inched up 0.11%, but was down on the week.

Meantime, Asian shares were mixed on this morning.

As we can image, Shanghai's lockdown prompted a fresh sell-off from disappointed investors as they expected such a lockdown would be avoided.

Inflation and the war in Ukraine also weighed on market sentiment, kickking off another week of uncertainty.

Thus, the Shanghai Composite index edged 0.2% lower to 3,207.10.

Japan's benchmark Nikkei 225 slipped nearly 0.7% to 27,966.51 in afternoon trading, while Australia's S&P/ASX 200 gained 0.1% to 7,412.40.

South Korea's Kospi inched down less than 0.1% to 2,728.95. Hong Kong's Hang Seng surged 0.7% to 21,546.16.

In currency markets, the U.S. dollar index was substantially unchanged past Friday, up only 0.02%.

However, for the week, the dollar index bounced 0.6% to close at 98.822.

The euro fell 0.07% to $ 1.0983 on Friday, and was under pressure after the German Mar IFO business climate fell -7.7 to a 20-month low of 90.8, weaker than expectations of 94.2.?

The yen gave up a 0.16% on Friday to close at 122.06 vs. US dollar, after BOJ Governor Kuroda said that a weaker yen is a plus for the Japanese economy, but the decline in the yen can cut disposable household incomes.

On the weather side, widespread rain benefitted most U.S. winter wheat growing areas past week, except for much of Texas.?

In the Southern and Central Plains, heavy rain fell across central and eastern Oklahoma and northern Texas supporting drought improvements to those areas.?

Central and eastern Kansas, southeastern Nebraska and eastern Colorado also saw improvements after receiving significant rainfall.?

In the Dakotas, a lack of seasonal snow cover, higher than average temperatures, and high winds have expanded extreme and severe drought categories.?

In the west, northern Idaho, western Montana, and northern Oregon saw some improvement but longer-term drought remains entrenched across the region.

For the coming days, Plains should stay completely dry while parts of the eastern Corn Belt could gather a little more moisture.

Much below average temperatures expected from the Great Lakes into the

Northeast, with records possible.

Lake effect snows to remain active off the eastern Lakes, beginning to diminish on Monday.

An Elevated to Critical Fire Weather Threat for the Southern Plains, the Southeast and portions of Florida.

Much needed precipitation to move into California Sunday night, the Southwest, Great Basin and Rockies on Tuesday.?

The agency’s 8-to-14-day outlook predicts a return to drier-than-normal conditions in parts of the upper Midwest and Northern Plains, with seasonally cool weather likely for most of the U.S. between April 1 and April 7.

The latest updates to the U.S. Drought Monitor indicate that 71.9% of the country is experiencing some level of drought, down from a seasonal peak of 75.1% earlier this month. In the Northern Plains, 86.7% of the region is affected, while in the Midwest, 40.9% is affected.

The National Agriculture Statistics Service (NASS) updated its Field Crops Reports past week.?

In Kanas, topsoil moisture was rated 31% very short, 8 points better than last week, and 33% adequate.?

In Oklahoma, topsoil moisture was 39% adequate, 32% short, and 28% very short.?

In Texas, soil moisture was 89% very sort.?

In Colorado, topsoil moisture was 53% adequate or surplus and 47% short or very short.

Seventy-three percent of the US winter wheat crop was under drought conditions.?

Over half of the wheat crop in Kansas was under extreme drought.

The crop rating increased slightly to 25% Gd/Ex.?

In Texas, winter wheat was 18% headed.?

NASS reported Oklaoma conditions as 21% good/ex.?

Meantime, state planting data from Texas had 42% of corn planted as of 3/20.?

That was 5 ppts ahead of last year and 7% points more than the 5-yr average.?

Milo was 30% planted, which was 1ppt ahead of their 5-yr average.?

On the demand side, on Friday private exporters reported to the USDA sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.

On the other hand, Michigan corn growers want Congress to increase ethanol content in gasoline from 10pc to 15pc to fight the current impact of higher crude prices.

Data from the U.S. Commodity Futures Trading Commission on Friday showed that money managers increased their net long position in CBOT corn futures and options by about 11,000 contracts in the week ended March 22.

The resulting net long of 384,101 contracts is funds’ most bullish corn view since April 2021 and nearly identical to the year-ago levels.?

As for soybean, money managers added about 3,500 CBOT soybean futures and options through March 22 to their net long, which reached 174,192 contracts.?

That coincided with a 2.3% rise in most-active futures.?

Funds’ soy position has not changed much in over a month.

For products, money managers cut their net long in CBOT soybean meal futures and options by about 2,000 contracts through March 22, but the resulting 101,164 contracts is still among the all-time highest.?

In the same week, funds reduced their net long in CBOT soybean oil by just over 5,000 contracts to 84,078.

In Chicago wheat, money managers trimmed their net long to 19,511 futures and options contracts through March 22 from 22,945 a week earlier.?

That was largely on the addition of new shorts, which although light, was funds’ first increase in gross wheat shorts in five weeks.

Open interest in CBOT wheat increased 1% through March 22 but remains below average compared with most previous years.?

Corn and soy open interest rose 3% and 2%, respectively, and are above average.

Meantime, corn basis bids were mostly steady to firm last Friday after rising 3 to 6 cents higher at four Midwestern locations.?

An Ohio river terminal bucked the overall trend after sliding 6 cents lower.

Soybean basis bids were mostly steady across the central U.S., but did tilt 3 cents higher at an Ohio elevator.

The funds were net buyers on Friday for 4,500 lots of corn, 4,500 lots of soybeans and 6,500 lots of wheat.

From South America, favorable weather is boosting Brazil's second corn prospects, consultancy Safras & Mercado said last Thursday, a boon to farmers and traders who can profit from soaring in global prices.

With more supplies on the way, Brazil could raise corn exports to 34.5 million tonnes in 2021/2022, a nearly 66% increase from the previous season, Safras predicts.

Safras has pegged Brazil's Center-South second corn output at 83.3 million tonnes, a 44% rise from the previous cycle, when second corn suffered from drought and frost.

Farmers in Mato Grosso, Goias, Sao Paulo and Minas Gerais may have planted more second corn than initially projected, encouraged by higher prices.

Farmers in Matopiba states, considered Brazil's new agricultural frontier, could also reap a record harvest.

Safras has pegged Brazil's total corn production this season at 115.7 million tonnes, an unprecedented volume.

In Europe, hesitant at the start of the end week session, Euronext grain prices ended the week on a new marked upward thrust.?

Rapeseed prices, meantime, showed divergence between quotations close to deadlines in decline but remaining firm in the 2022 harvest.?

FranceAgriMer posted an unchanged crop rating past week for wheat at 92% judged as good to excellent.?

In winter barley and durum wheat, the crop rating is 88% good to excellent.?

Spring barley sowing was complete.

Thus, the weather will affect the markets this week.

Beneficial rains are expected from Wednesday in France, thougth low temperatures could affect early rapeseed crops whose flowering has just started.

From the Black Sea basin, according to regional agribusiness management bodies, as of March 23, 2022, the average Russian prices for the 3-class wheat were 15 824 rubles/ton (+2,5% within a week);

for the 4-class wheat – 14 960 rubles/ton (+1.1% within a week);

for the 5-class wheat – 14 470 rubles/ton (+2,2% within a week);

for feed barley – 14 096 rubles/ton (+1,7% within a week);

for corn – 13 895 rubles/ton (+0,5% within a week).

As of March 24, 2022 FOB Novorossiysk prices:

For the Russian 4-class wheat (protein 12,5%) was at 420 USD/ton (-20 USD/ton within 2 weeks).

Barley was at 425 USD/ton (no change).

Corn was at 350 USD/ton (+20 USD/ton within 1 week).?

As of March 25, 2022, the volume of the grain is 60.5 thousand tons for the amount of 620.2 million rubles.

During the sales of grain from the reserves of the Federal intervention Fund in 2020 – 2021, the total volume of exchange transactions as of March 25, 2022, amounted to 1 621,7 thousand tons in the amount of 19 358 million rubles, including the 3-class wheat – 810,5 thousand tons, the 4-class wheat – 690,8 thousand tons, wheat of the 5-class – 92,1 thousand tons, barley – 28,3 thousand tons.

Meantime, the Russian Ag. Min has amended the export tax for wheat, barley and corn for the week of March 30 - April 5, 2022.

Particularly, the export duty will be $87 on wheat, $75.6 on barley and $58.3 on corn.

Indicative prices will be $324.3 for wheat, $293.1 for barley and $268.3 for corn.

That is compared, with prior week (March 23-29) when the tax was $86.4 for wheat, $79.6 for barley and $53.2 for corn, while indicative price were $323.5 for wheat, $298.8 for barley and $261.1 for corn.

In Ukraine, field work is observed despite the situation, but it is difficult to accurately measure the real impact of the war on the upcoming 2022 harvest.?

As of March 23, the Ministry of Agrarian Policy of Ukraine forecasts the planted area under major spring crops of the harvest-2022 on territories controlled by Ukraine at 5.99 mln ha, down by 1.689 mln ha y/y.

11 oblasts of Ukraine have already started spring planting campaign.?

As of March 24, farmers of Ukraine planted 150 thsd ha with spring crops.?

Particularly, farmers have planted 22.5 thsd ha with spring wheat (forecast – 157.4 thsd ha), 74.8 thsd ha with spring barley (1.037 mln ha), 1.6 thsd ha with rapeseed (23.9 thsd ha), 15.2 thsd ha with oats (134 thsd ha), 21.1 thsd ha with peas (172.2 thsd ha), 3.3 thsd ha with sugar beet (201.9 thsd ha), 2.2 thsd ha with sunflower seed (4.811 mln ha), 2 thsd ha with soybean (1.041 mln ha).

Farmers will plant more peas, barley and oats.?

These crops used to be niche.?

However, they are easier to cultivate and are important for diets.?

So, Ukrainian farmers are moving from export crops to food crops for domestic consumption.

Meantime, farmers continue applying nitrogen fertilizers on winter crops.

According to the Ministry, winter crops for grain were planted throughout 7.7 mln ha, up 0.4 mln ha y/y, including 6.5 mln ha under wheat and triticale (+0.4 mln ha), 159 thsd ha under rye (+34 thsd?ha), 1 mln ha under barley (+45 thsd ha).?

Moreover, farmers planted 1.024 mln ha with winter rapeseed (+143 thsd ha).

Exports from the Black Sea origins, are stopped as far as Ukraine is concerned.?

Only a few exports via train are observed.

Difficulties with logistics persist, supply still prevails over demand, but prices have stopped falling.

APK-Inform, indeed, said Ukrainian corn DAP (Delivered At Place) prices for buyers from Poland and the Baltic States were $250 to $265 per tonne and $275 per tonne for Slovakia.

Ukrainian transport authorities have said as much as 600,000 tonnes of grain per month could be exported by trains from Ukraine to Europe.

But, APK-Inform said last week Ukraine's grain exports could total only 44 million tonnes in the 2021/22 July-June season.?

It expected, only 1 million tonnes of grain to leave the country from March to June due to logistics problems.

Meantime, the government of Kazakhstan is currently considering three options of possible restrictions to prevent the risks of mass grain exports from the country amid forecasts of a decline in global production.

?The head of the Ministry of Agriculture of Kazakhstan, Yerbol Karashukeev, indeed, proposed three possible optionsfor restrictions: quotas, export customs duties or a complete ban.

The final decision will be made on March 31.?

It is also necessary to determine which grains will be subject to quotas, and the volume of quotas.

From the Middle East, Jordan's Cabinet on Sunday decided to lower the sales tax on vegetable oil to zero per cent instead of 4 per cent until the end of May.

The decision, aims to reduce oil prices in the local market due to their hike in international markets.

Bahrain's wheat reserves are sufficient for about 4-1/2 months of consumption, local newspaper Al-ayam reported on Monday citing Marwan Tabbara, the chairman of Bahrain's flour mill company.

From the Middle Kingdom, China sold 546,015 tonnes of wheat, or 98.41% of the total offer, at an auction of its state reserves on March 23, the National Grain Trade Center said in a statement on Monday.

The average selling price of the wheat was 2,884 yuan ($453.05) per tonne, according to the statement.

($1 = 6.3658 Chinese yuan renminbi).

From Australia, local wheat markets relaxed slightly into the weekend, selling liquidity remained light and consumers noted the lack of offers.

Consumers have reasonable open positions from June to November.?

Their level of comfort regarding coverage is building.

NSW early forage and long season grazing crops are looking for another shower of rain to link planting and subsoil moisture profiles.

Fluctuation in planting intentions is certainly amplified this year.?

On one hand there are record prices and traditionally good moisture profiles whilst on the other there are extreme input costs and escalated risk.?

In general growers are leaning towards lower input crops such as cereals.?

Some are willing chase high-value, high-input crops and their choices will evolve over coming weeks.

On the international trade scene, Turkish grain board TMO provisionally bought about 175,000 tonnes of corn last Friday in a tender for supplies already at warehouses in Turkey.

The reported purchase was in line with the volume TMO had sought in the tender.

Delivery is sought between April 8 and May 5.

The lowest price paid in Friday's tender was said to be $389.75 a tonne ex-warehouse to the port of Bandirma.

TMO has also issued an international tender to purchase and import a total of 325,000 tonnes of feed corn, with a closing date on this morning, March 28.

Watching this week's market, the week has a typical start with the weekly Export Inspections report released on this afternoon.?

Skip ahead to Wednesday EIA will publish their weekly ethanol production and stocks report.?

We will also get the quarterly Hogs & Pigs report on Wednesday afternoon.?

The USDA weekly Export Sales data will be released on Thursday morning.?

Thursday will also see the important NASS quarterly Grain Stocks and Planting Intentions reports.

Trader estimates, show an average trade guess for corn stocks at 7.880 bbu as of March 1st.?

The full range of estimates is between 7.630 bbu and 8.087 bbu.?

Prospective plantings are estimated at 92m acres.?

Last year’s corn acres were 93.4m.?

The full range of estimates is between 90m flat and a 100k acre increase.?

As for soybean, the trade is looking to see 1.897 bbu of soybeans were counted on March 1.?

That would be up from 1.562 bbu last season and carries a +/- range of 433 mbu from the high estimate to the lowest estimate.?

As for new crop acreage, also to be released next Thursday, the trade is looking to see between 86 and 92.2m acres of soybeans.?

The average pre-trade estimate is 88.9m acres compared to 87.2m planted in 2021.?

As for wheat, the trade is looking for NASS to show 1.039 bbu of wheat stocks.?

That comes between analysts’ estimating as low as 998 mbu and as high as 1.302 bbu.?

Last year, NASS had 1.311 bbu as of March 1st.?

All wheat acreage is expected to be 47.9m acres, with 34.4m from winter wheat and 11.8m from spring.?

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 ...

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