Key Market Drivers – 04/12/2022 (Page 2) Macro
Author : olivia-moreira | Published Date : 2025-07-16
Description: Key Market Drivers 04122022 Page 2 Macro Factors Top Headlines RUS UKR WAR 48 days into the war Negotiations continue with little positive news lately US has blamed Putin for war crimes and steppedup sanctions against RUS
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Transcript:Key Market Drivers – 04/12/2022 (Page 2) Macro:
Key Market Drivers – 04/12/2022 (Page 2) Macro Factors / Top Headlines RUS / UKR WAR: 48 days into the war… Negotiations continue with little positive news lately… US has blamed Putin for ”war crimes” and stepped-up sanctions against RUS… UK has also increased its help for UKR in the form of more weapons and tougher sanctions… EU has increased their sanctions as well, but some EU countries remain reluctant to cut off RUS energy. UN Food Price Index rises to highest level since inception in 1990… +12.6% MoM and +33.6% YoY INFLATION: Eurozone PPI up a whopping 31.4% in February... China March PPI up 8.3%, below the 8.8% hike in Feb yet well above trade estimates of 7.9%. US - CRP enrollment down a net 1.4 M acres. Recent/Upcoming Reports USDA April WASDE – 4/8… see slides Weather Headlines SOAM: Some rains expected in central Safrina growing regions this week with other areas remaining dry. About 33% of Safrina corn is under some level of moisture stress with a drier Q2 in the forecast. NOAM: Corn belt still hoping for some more precipitation before planting gets underway. Rains favored the eastern corn belt the past week with western areas still looking dry with more cool dry weather the next two weeks. Corn Crop Conditions: 2% planted vs. 3% avg. Futures: May futures ↑ 33 ¾ ₵ (4.6%)… China - USDA flashes ANOTHER 1.02 MMT of US corn sold to China; 680,000 for 2021/22 marketing year. FAS Ag attaché to China reduces estimate of China’s 2021/22 corn import demand to 24 MMT; 2 MMT above current USDA estimate. Forecasts 2022/23 import demand at 20 MMT (USDA @ 23.0) BRAZIL: Cordonnier leaves corn estimate unchanged at 112 MMT; neutral bias going forward… CONAB forecasts corn production at 115.6 MMT; 32% above YA. ARGENTINA: Cordonnier still at 49 MMT, and he has a neutral bias… Corn crop is 17% harvested vs 12% LY…. Wheat Crop Conditions: WW headed: 5% vs. 4% WA vs. 6% avg. WW conditions: 32% G/Ex vs. 30% WA vs. 53% YA Spring wheat planted: 6% vs. 3% vs. 5% avg. Futures WoW: Chicago ↑31₵ (+3.1%); KC ↑36₵ (+3.5%); and MPLS ↑27₵ (+2.5%)... UKRAINE: UkrAgroConsult released their 1st ‘22/23 estimates: wheat production = 19.8 MMT vs. 32.1 YA; wheat exports = 16.3 MMT vs. 19.0 this year… UGA (grain trade union) reports UKR can export 600 TMT of grain/month
