Will today’s WASDE make much of an impact

Crazy wheat volatility continues as we went from 1.30 down on expanded limits to 54 cents higher after Putin announced Russia would ban certain raw material exports which will most likely include wheat. Overnight wheat is 39 cents lower with corn off 7 cents and soybeans up 8 cents. We have the March WASDE report today and expect lower carryouts domestically and lower production for South America. We will be looking to see what the USDA does with the Black Sea situation and how that impacts the world exportable grains. Ukraine will be restricting corn and wheat exports for the rest of the year. They are not banning them but exporters will need a special waiver to ship corn or wheat. We look for mostly supportive numbers but with the wild rise higher since the invasion could get a decent pullback regardless. See last page for estimates. NFC Grain Comments 3.9.22 (1)

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