Play Turner’s Take Ag Marketing Podcast Episode 303
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We are back from Commodity Classic and thanks to everyone who came by the StoneX booth to say hello. Participation was better than I thought. I’d wager it was 75% to 80% attendance compared to years before the pandemic. It should be back to 100% next year. As for the podcast, we go over the macro markets, inflation, crude oil, grains, and oilseed. We also have a special guest interview with Cassie Adolf of StoneX about our new Farm Advantage app. Make sure you take a listen to this week’s Turner’s Take Podcast!
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StoneX prominently displayed our new Farm Advantage app at the Commodity Classic booth last week. It was a big hit. I’m positive we had the most booth traffic than anyone in our area by leaps and bounds. The Farm Advantage app was a big part of that. Farm Advantage is a free app and has quotes, charts, research, insurance info, weather, and cash bids based on zip code. For clients you can also access your account and our premium research. Please click here to check it out and download.
Ukraine’s Deputy Ag Minister said they will start planting soon. There is enough grain on storage to feed the population. My personal opinion is Ukraine plants more cereals and less oilseeds to ensure food security this year. Russia is expected to resume wheat exports from their Black Sea ports. Sovecon said that Russia’s Black Sea terminals loaded 400K tonnes last week, and that vessels were coming in and out of the ports. They also noted “full navigation in the Azov Sea is still closed but some vessels are starting to pass through the Kerch Strait (to the Black Sea).” Russian and Ukraine grain and oilseeds will eventually make it to the export market but at a slower pace and a higher cost.
GRAINS & OILSEEDS
Argentina has suspended exports on soybean meal and soybean oil. This is standard operating procedure when Argentina is about to increase export taxes. The market expects Argentina export taxes on meal and oil to increase 2% from 31% to 33% in the coming days. Spain is expected to approve emergency corn import purchases from the US and Argentina now that Black Sea supply is unavailable.
At some point the market is going to have to spend some attention on new crop weather in the N. Hemisphere. The US western corn belt is dry. The Canadian Prairies are experiencing drought in major canola and spring wheat producing areas. With questions about Ukraine production this spring, weather in the EU and China will also be big factor in price direction. The big story in the ag markets is clearly the Ukraine/Russian war but new crop weather should start to get more headlines in the coming weeks.
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If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes! Craig Turner – Commodity Futures Broker 312-706-7610 firstname.lastname@example.org Turner’s Take Ag Marketing: https://www.turnerstakeag.com Turner’s Take Spec: https://www.turnerstake.com Twitter: @Turners_Take Contact Craig Turner
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