ever.ag broker Matt Tranel joins Mid-West Farm Report this morning to give an update on how the Russia-Ukraine situation is impacting dairy and what he’s looking for in the upcoming grain stocks and planting reports from USDA.
He says the war oversees is indirectly impacting dairy by the way of grain. Ukraine produces about 14 percent of the world’s grain exports. Earlier this month, Ukraine President Volodymyr Zelenskyy said he’d prefer most of this year’s crop are planted with the intent of feeding the population versus making their way into the export market. Tranel sites a headline that Russia will remove troops, which pushed grain prices down.
Dairy prices did rally to all-time highs as the cost of production made it tougher on U.S. dairy producers, Tranel adds. April Class III milk was trading at 23.31 as of Wednesday morning. Any drops are due to grain prices dropping, he notes.
As far as the USDA planting intentions and quarterly stocks reports go, Tranel says attention is on what the U.S. is going to plant and what kind of weather the U.S. is going to have. He notes the U.S. is starting the planting season at a drought level.
Here’s what’s on the docket today:
8:30 a.m. — Weekly Export Sales from FAS
12 p.m. — Grain Stocks from NASS
12 p.m. — Prospective Plantings from NASS
3 p.m. — Agricultural Prices from NASS
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