Page 56 - Crop Progress News Today

The markets continue to move based on headlines out of Russia, as well as based on the Prospective Plantings and Quarterly Stocks reports that were released last week.

Bloomberg writers James Poole, Megan Durisin, and Kim Chipman reported earlier today that, "Wheat futures in Chicago extended their climb from the lowest close in a month on Friday on prospects for more sanctions on Russia in response to allegations of war crimes in Ukraine." 

The first crop report for 2022 has been released showing an average of 1.6 workable days in the fields.

The markets currently are not being driven by fundamental or technical action; they are being driven by headlines. That might change next week with the release of some very important U.S. Department of Agriculture reports. But for now, it’s about headlines and money flow.

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

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Weather in both South America and the winter wheat region of North America and continuing tensions between Russia and Ukraine helped propel the markets in recent weeks.

As we go into the winter the market focus narrows to U.S. export demand and South American weather.

Unless you need to move grain due to tax planning, producers should be patient and hold off on making sales right now.