Market Monitor No.97April2022 Markets continue to be roiled by the ongo- Contents ingRussia-Ukrainecon?ict.Pricevolatilityis highastraditionalbuyersofwheatandother commoditiesarenowscramblingto?ndnew suppliers. For wheat, attention is shifting to theconditionsofthefall-plantedcropemerg- ing from dormancy in the northern hemi- sphere where the next two months will be critical.Springplantingswillalsobewatched closely. Early indications from the US sug- gestthatincreasedwheatplantingsareun- likely; however, soybean plantings will likely reboundinresponsetothedrought-reduced SouthAmericancropandskyrocketingfertil- izerprices.Thismonth'sreportshowshigher global grain stocks than last month's esti- mates, but this should not be interpreted as a sign of increased availability as stocks in Ukraine are essentially encumbered until portsreopen. Featurearticle: ImpactoftheBlackSeacon?icton grainsandvegetableoilmarkets 2 3 Worldsupply-demandoutlook Cropmonitor 5 Policydevelopments Internationalprices Futuresmarkets 8 11 13 14 16 17 18 Marketindicators Fertilizeroutlook Oceanfreightmarkets Explanatorynotes Marketsataglance FROM FROM PREVIOUS SEASON Easing Neutral Tightening PREVIOUS FORECASTS