On Thursday, USDA is holding it’s 2022 Ag Outlook Forum. Stay tuned for various updates throughout the day.
USDA’s Ag Outlook Forum started Thursday with planting estimates of 92 million acres for corn, 88 million acres for soybeans and 48 million acres for wheat. 2022 crop estimates started at 15.24 billion bushels for corn, 4.49 billion bushels for soybeans and 1.94 billion bushels for wheat.
Invasion of Ukraine Roils Markets as USDA Tries to Forecast Commodity Outlook
OMAHA (DTN) — Leaders at USDA on Thursday sought to hold a rational, focused discussion on agricultural commodities, trade and farm conditions as commodity prices spiked, equity markets fell, and the world watched in shock as smoke bellowed from the outskirts of Ukrainian cities with both Russian helicopters and tanks moving into the country.
USDA Chief Economist Seth Meyer’s speech at the USDA Ag Outlook Forum — held entirely online — reflected the inability overnight to properly factor in the immediate disruption and uncertainty created in the previous 12 hours. Meyer pointed that out as he began his presentation looking at grains, oilseeds, protein outlooks and price projections.
“This doesn’t include any of those events last night, obviously,” Meyer said. “I think it’s quite too early to understand what the first-order effects are on the grain trade, what the secondary effects on energy and on the economy might be. So, we’ll talk about those things in a very general sense to kind of provide some background.”
Meyer later added in his presentation, “We have an unknown impact of conditions going on in eastern Europe right now.”
As Meyer spoke, the Dow Jones Industrial Average fell 800 points quickly in trading before showing some recovery. Crude oil prices topped $100 overnight before dialing back to just under $99 a barrel in front-month trading. Meanwhile, grain prices took off as well. March corn was up 35 cents to over $7.18 a bushel, March and May soybeans each topped $17 a bushel with March going above $17.18 a bushel, and March and May wheat prices were up 50 cents to $9.26-$9.34 a bushel.
Read more from our partners at DTN/Progressive Farmer here: https://www.mydtn.com/agriculture/web/ag/news/article/2022/02/24/invasion-ukraine-roils-markets-usda