The March Prospective Plantings and Grain Stocks reports did little in terms of lasting volatility for the grain and soybean markets as news out of the Middle East continues to spur volatility. It is difficult to give much credence to USDA’s acreage figures given the pricing and availability of nitrogen, which could dictate more late acreage switches than normal. Inflation is beginning to show up in economic reports due to the ongoing closure of the Strait of Hormuz and bets are being placed on what kind of impact that is going to have on monetary policy. China continues to build relationships with South America as Cofco imports Argentine corn for the first time in 15 years. Biofuel use is ramping up across the globe as countries try to mitigate the effects of higher crude oil costs. We cover all this and much more in this week’s newsletter.
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(ProFarmer)