- Ukraine begins a military backed “anti – terrorist” operation in its eastern region where pro-Russian militants have seized buildings.
- As of 7:00am CDT: Gold is down $22.00, crude oil is down 80 cents, US$ index is 0.087 firmer. Hang Seng was down 1.6% and Nikkei is up .6%.
- USDA reported corn planting at 3% complete vs 6% on average but ahead of last year’s 2%. LA, MS, GA and AR are the leading states, followed by TX, NC and KS. ILL and NE are 1% planted.
- Weather is to remain cold for a few days before a return to more seasonable temperatures.
- Russia declares Ukraine on the brink of civil war. Political uncertainty and economic sanctions could lead to a disruption in exports from Ukraine and/or Russia.
- CK/CN carry trades in 6 x 6 ¼ overnight range.
- CONAB’s recent upward revision of Brazil production to 86mmt was a result of a lower yield but an increase in safrinha soybean acres.
- Recent heavy rains/flooding in Argentina may lead to a production decrease of 1 to 3mmt. USDA is currently at 54mmt while other guesses range as low as 52mmt.
- Spreads: K/N is firm near a 13 ½ inverse, with an overnight range of 14 ¾ to 13. The N/X is 6 ½ firmer.
- News about China defaults/imports is quiet.
- Malaysian palm oil is up 29 ringgits.
- Ukraine/Russia situation causes uncertainty for Black Sea export capabilities.
- As of 6:00am CDT, temps across KS and OK were mainly in the high 20s to low 30s. KS reported 31% of the crop jointed vs 47% average.
- USDA pegged winter wheat conditions at 34% g/e vs 35% last week. They rate the p/vp at 32% vs 29% last week. Winter wheat headed was at 5% and spring wheat seeding was estimated at 6% complete.
- Japan seeks 136tmt in its weekly tender.