We started off the day with Michigan Consumer Sentiment Final (Mar), Fed Williams Speech, Pending Home Sales MoM & YoY (Feb), Michigan 5-Year Consumer Expectations Final (Mar), Michigan Consumer Expectations Final (Mar), Michigan Current Conditions Final (Mar) and Michigan Inflation Expectations Final (Mar) at 9:00 A.M., Fed Barkin Speech at 10:30 A.M., Fed Waller Speech at 11:00 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M. and Cattle on Feed at 2:00 P.M.

This week we learned that Belarus may aid Russia by joining Russia’s ground game and China may send some warships. If the China deal is real this would be an escalation and China wants a stronger foothold and presence around the globe. We also know the littlest KGB agent is stunned and embarrassed that Ukraine has taken some severe blows but she is still standing and firmly on her feet. Vlad thought this was going to be a walk in the park never expecting the war to last to the second month. Be careful what you wish for.

Photo by Jesse Gardner on Unsplash

On the Corn Front the war is going to keep corn and wheat prices even higher prices levels. The inflation is bad enough and we could see a continued super cycle of inflation. The market in corn futures settled lower yesterday as the corn futures settled lower for the first time in 5-days of higher lows and the market finally took profits. Slower US corn exports and an increase of Brazil corn exports may have started the long liquidation ahead of next week’s USDA Prospective Plantings report. During the last 5-days funds have bought 28,000 contracts as the open interest gained 73,000 contracts. In the overnight electronic session the Mat corn is currently trading at 784 ¼ which is unchanged. The trading range has been 749 ¾ to 742 ½..

On the Ethanol Front Nebraska Ethanol Forum Features American Coalition for Ethanol. (ACE) CEO Brian Jennings and CMO Ron Lamberty and several board members will be the speakers and moderator at the Nebraska Ethanol Boards 16^th with ethanol: Emerging Issues Forum in Omaha, Nebraska. There were no trades or open interest in ethanol futures.

On the Crude Oil Front the market sold off do to the EU not banning Russian oil and LNG. This is only enabling the Putin war machine. I still see the market acting like it could settle higher on the day with added risk is intensifying going into the weekend. In the overnight electronic session the May crude oil is currently trading at 11071 which is 163 points lower. The trading range has been 11279 to 10868.

On the Natural gas Front the EU and US have agreed on a package of exports on LNG. US pipelines are filled to capacity. Thanks to the Go Green War on the energy complex which has proved to be a huge disaster that could of and should have been avoided for National Security. The administration that vowed to put an end to pipeline now want oil companies wave a magic wand and open up the spigot. Sorry Sports Fans it does not work that way. In the overnight electronic session the April natural gas is currently trading at 5.471 which is 0.070 higher. The trading range has been 5.577 to 5.345.