Corn Futures At 7 Week Low
MORNING AG OUTLOOK
Grains are mixed. SF is up 8 cents and near 13.23. SMZ is near 433.1. BOZ is near 50.40. CZ is unch and in a 2 cent range near 4.75. WZ is down 1 cent and near 5.60. KWZ is unch and near 6.40. MWZ is unch and in a 3 cent range near 7.09. US stocks are higher. US Dollar is lower. Crude is higher after Wednesday losses. Gold is higher. US equities are higher on feelings US Fed could be close to being done raising rates.
Soybean futures are higher. There remains too much rain in S Brazil. Central and dry North Brazil forecast is drier. Argentina continues to see needed rains. US Soyoil stocks were 1,601 mil lbs but lower Crude offered resistance. There is talk that China either has interest in US Feb gulf soybean or actually bought US. Weekly US soybean export sales are est at 900-1,500 mt vs 1,378 last week. Weekly US soymeal export sales are est at 250-550 mt vs 507 last week.
Corn futures are unch at 7 week low. Close here tomorrow suggest lowest weekly close since Sep,2021. There remains concern about slow demand for US corn. Weekly US corn export sales are est at 600-1,200 mt vs 1,351 last week.US ethanol production was up 1 pct and stocks were down 2 pct. Most of US Midwest is dry. Midwest rain/snow 2nd week forecast across US Great lakes was reduced. Nearby Matif corn futures traded lower.
Wheat futures are mixed. EU rains are slowing plantings. There is new concern about Ukraine export flow as Russia dropped explosive devices in Black Sea shipping lanes. Russia missile attacks on Ukraine is on the rise. Ukraine exports could also slow due to new exporter registration and license requirements. Weekly US wheat export sales are est at 300-600 mt vs 363 last week Russia continues to offer cheap wheat for export.
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