Grains Are Higher. Midwest Weather Dry.

MORNING OUTLOOK

Grains are higher. SX is up 6 cents and near 12.58. SMZ is near 370.1. BOZ is near 59.78. Jan soybean board crush margin +198. CZ is up 1 cent and near 5.71. WZ is up 4 cents and near 8.14. KWZ is up 3 cents and near 8.24. MWZ is up 4 cents and near 10.19.

US stocks are higher.US Dollar is mixed to higher. Crude is lower. Coffee, sugar and cotton futures are higher.

US Midwest weather dry. EU and Black Sea dry. Argentina drier, Brazil weather favorable.

Dalian soybean, soymeal and soyoil futures are lower. Palmoil, rapeseed oil and corn are higher.

There were rumors yesterday the Biden Administration may announce boycotting China 2022 winter Olympics.

Corn futures may be in a 5.40-6.00 range until more is known about US export demand and SA weather. Informa estimated total 2022 corn acres near 316.8 vs 315.4 ly. Double crop 4.5 vs 3.9. PP 2.2 vs 1.8. Informa estimated US 2022 corn acres near 90.8 mil vs 93.3 ly. 2022 yield 179.5.

Favorable South America weather and lower US exports could keep SF in a 11.80-13.00 range. US soybean exports down 33 pct vs last year and USDA 10 pct drop. China/US crush margins favorable. Informa estimated US 2022 soybean acres at 87.9 vs 87.2 ly. Cotton 12.1 vs 11.2. Canola 2.2 vs 2.1 ly.

Matif rapeseed lower. German 2022 acres up 9 pct. Canada canola higher on talk of lower supplies. KC futures traded lower on concern Canada rail blockage to Vancouver could increase US imports. Egypt tendering for Jan wheat imports. All origins possible. Russia price outlook higher. Informa estimated US 2022 wheat acres 49.4 mil vs 46.7. WW 24.4 vs 23.5. SW 13.0 vs 11.4.

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