Highlights
Russia is negotiating with Georgia, Armenia and Azerbaijan to organize the re-export of Russian products to international markets.
Weekend news reports have Biden Administration officials using much more aggressive attitude toward supporting Ukraine’s effort versus Russia. The US public is being emotionally prepared (brain washed) for US military personnel to become involved in the fighting as $50 billion the latest “aid package” was sent to Ukraine. The US has spent more money “supporting” Ukraine the past 70 days than the US spent for a whole year in Afghanistan.
Ukraine is the country which provided Joe and Hunter Biden with a billion and half US dollars in kickbacks during the Obama years. This war will not end anytime soon.
Saturday was the fifth consecutive day of U.S. retail diesel average prices setting a record high: Saturday at $5.296 per gallon.
Oil prices fell today in Asia as concerns about slowing economic growth in China, the world's top oil importer, outweighed fears of potential supply disruptions from a looming European Union ban on Russian crude.
The COVID lockdown continues in Shanghai, China and is slowing the nation's normally booming meat industry. China is the world’s largest meat importer and Shanghai is the port where most of the meat is unloaded. If you take a look at last week’s beef and pork sales on the USDA Weekly Export Sales which we reported Friday morning, you will see USA meat sales are declining each week.
While some “official” reports from China have said a third of the country’s people are in 100% COVID lockdown, our native China sources tell us that is not true. But there is no question the Shanghai port container log jam is killing those businesses worldwide who need reefer containers to ship food.
On a positive side, the Chinese government on Sunday let Shanghai’s 25 million residents venture outside for light and air after reporting a second day of zero infections outside of quarantine areas.
Market Data
This morning:
Crude oil is at $103.66, down $1.03
The dollar index is at 103.42, up 0.46
July palm oil is at 7,104 MYR, unchanged. The contract high was made April, 29th at 7,229 MYR. Palm oil owns 36% and soybean oil owns 28% world market share.
December cotton is at $122.20, up $0.13 per cwt. The contract high was made April, 29th at $126.15 per cwt. Cotton competes with soybeans and corn for acres.
July natural gas is at $7.572, up 0.217. The contract high was made April, 18th at $8.279. Natural gas is the primary cost to manufacture nitrogen fertilizer.
July ULSD is at $3.6783 per gallon, down 0.0192. The contract high was made April, 29th at $3.8129. ULSD stands for Ultra Low Sulfur Diesel.
Rain Days Update
The Western Corn Belt has 3 more rain days in the 10 day forecast than yesterday and the Eastern Corn Belt has 4 more rain daysthan yesterday.
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