Grain Calls Mixed to Higher

MORNING AG OUTLOOK

Black Friday. Grain calls are mixed to higher. SF is near 13.56. SMF is near 437.6. BOF is near 52.71. CH is near 4.87. WH is near 5.84. KWH is near 6.24. MWH is near 7.28. US stocks are higher. US Dollar is lower. Crude is lower. Short week. CBOT closes early at 12:05 for grains.

 

SF is near 13.65. S Brazil continues to see too much rain. Today’s C/N Brazil forecast is drier today. Temps are not as hot. Argentina markets are on hold. Farmers awaiting more devaluation of currency and elimination of export taxes. Argentina crush is only running at 25 pct of capacity. US weekly soybean export sales are estimated near 800-1,800 mt vs 3,918 last week. SF is near key support of 13.50. Resistance near 13.75. Lower Argentina crush could support SMF near 435. Dalian soymeal, palmoil and soyoil futures were lower.

CH is near 4.87. S Brazil continues to see too much rain. Today’s C/N Brazil forecast is drier. Temps are not as hot. Argentina markets are on hold. Farmers awaiting more devaluation of currency and elimination of export taxes. There is talk of a Ukraine bill to raise export taxes which could halt exports. US weekly corn export sales are estimated near 700-1,600 mt vs 1,807 last week. CH key support is 4.85. Resistance near 4.93. US farmers remain reluctant sellers of cash corn. Domestic basis remains firm.

Wheat futures calls are mixed. Futures rallied Friday on talk of Russia attack on Ukraine Odessa port. There remain uncertainty over potential Ukraine reaction on Russia ports. There is talk of a Ukraine bill to raise export taxes which could halt exports US HRW crop areas are dry. USDA announced US SRW sales to China. Weekly US export sales are estimated near 125-450 mt vs 176 last week.

 

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