Wheat is not limit up overnight & WASDE tomorrow

The May Chicago Wheat contract spent another day limit up on Monday while corn and soybean futures finished slightly lower in May but new crop contracts finished a little higher. Overnight the wheat market went lower on very thin volume but now is up a few cents in May and lower in the deferred contracts. Corn is off overnight while soybeans are higher as volatile gyrations continue to run thru the grain market. USDA will release its weekly WASDE tomorrow and the head economist Seth Meyer said all current situations will be addressed in the report. So they will be evaluating how the Ukraine situation has effected the global grain supplies. This will be alongside production cuts in SA production that is somewhat overdue as everyone else has already made big cuts. This report went from taking a back seat to more relevant with the announcement that the USDA will be trying to surmise the effects of the issues in the Black Sea. Ukraine should be planting in their southern corn growing regions now and in the northern areas in 2 weeks. There is no way they don’t have a dramatic production drop. NFC Grain Comments 3.8.22 (1)