Highlights
Brazil’s soybean basis for export shipment has firmed 92¢ from the end of January to this weekend. At 2¢ under the May futures, the bean basis has never been this firm during April, finishing the last 25% of harvest, and the supply pipeline has always been chock full of soybeans. Not so this year. Where are those 155 million mts of soybeans the USDA sees?
The USA is on high alert and preparing for a possible attack by Iran targeting Israeli or American assets in response to Israel's strike on the Iranian embassy in Syria which killed an Iranian military commander. Iran's Islamic Revolutionary Guard Corps said seven Iranian military advisers died in the strike, including a senior commander in Iran’s elite foreign espionage and paramilitary arm. Iran has said it reserves the right "to take a decisive response."
The Muslim Holy Month of Ramadan ends Tuesday. Any military or terrorist action is most likely to occur after Tuesday.
The war between Russia and Ukraine is getting more violent and far-reaching.