But Martinson said Ukraine isn’t getting much shipped out due to the invasion of its country by Russia, and Brazil’s soybean crop appears to be “well off of expectations,” which opens up the door for more exports from the U.S.
So with Indonesia out of the market and Ukraine and Russia out of the market for sunflower oil, of which they are the biggest global exporters, “all of the sudden, you’ve got that market squeezed pretty tight,” he said.
Martinson said the system currently moving through the region seems likely to “set the tone for ag in the northern Plains going forward.” Final Risk Management Agency planting dates — meaning the last date for planting with full crop insurance coverage — for some crops are as early as May 15.
dollar also has gained in value, but so far, Martinson said that’s not impacting the market much for any crop but wheat.
Another thing to watch in the markets, Wick said, is the CME announcement that daily trading limits for corn and soybeans have increased.
Martinson said that the feeder cattle market has dropped off some, while fat cattle have hung in there.