March Grain Update

Mar 04, 2022

Grain bins

March Update.

With the worst of the cold weather behind us, we are one step closer to warm weather and planting season. We have seen strong markets through the crop insurance spring pricing period and some good opportunities for further old and new crop sales. It is an incredibly volatile time, first pushed by South American drought and the Russia-Ukraine conflict has now created shockwaves. Ukraine is a major player in both the wheat and corn export markets which lead to a bullish initial reaction followed by a sharply lower reaction. Uncertainty is widespread in most global markets and grains are no exception. 

Brazil’s soybean production was trimmed by the USDA in February to 134 million metric tons with many private analysts estimating lower than 130 mmt. Argentina’s crop has been revised lower as well and is expected around 45 mmt. For reference in terms of bushels, 1 million metric tons equals about 36 million bushels of soybeans. 130 mmt is about 4.7 billion bushels, compared to the US 2021 production of 4.4 billion bushels of soybeans. So, keep those figures in mind as production is adjusted in the coming months. The USDA WASDE report is Wednesday March 9th at and the 2022 planting intentions report is on March 31st.

As we move closer to the busy spring season it is a great time to nail down a general marketing plan or pricing goals. We can provide several resources for tracking your data such as cost of production, average sales, and target price calculators that you can easily adjust and keep up to date. I am always happy to spend some time on the farm talking marketing. 

We are putting together an email list of customers who would like to receive periodic grain market information. If you are interested, please sign up. This could include recent market news, location information, or any other pertinent grain department information. Sign up here!

Jory Bossuyt

Grain Lead & Merchandising

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