Plus the Russia/Ukraine impact on USDA's reports.

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USDA unexpectedly raised its 2021-22 wheat ending stocks projection by 5 million bu. from last month, whereas traders anticipated a 20-million-bu. reduction. USDA lowered total supply by 5 million bu. on reduced imports. On the demand side of the balance sheet, USDA cut projected exports by 10 million bu. to 800 million bushels. While the export pace has been lagging, we expect the U.S. to pick up some lost business out of the Black Sea region due to the war and anticipate USDA will eventually raise its export forecast. Read our complete report reaction.

Russia/Ukraine impact on WASDE Report. . .USDA included the following message at the top of this month’s report: “NOTE: Russia’s recent military action in Ukraine significantly increased the uncertainty of agricultural supply and demand conditions in the region and globally. The March WASDE represents an initial assessment of the short-term impacts as a result of this action.

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