Grains Mixed Ahead of Report Day



USDA report day. CONAB day. Stats Canada day. Lunar New year. Carnival. Grains are mixed. SH is up 2 cents and near 11.91. SMH is near 349.9. BOH is near 47.15. CH is down 1 cent and near 4.33. WH is down 8 cents and near 5.93. KWH is down 6 cents and near 6.11. MWH is down 5 cents and near 6.91. US stocks are flat but S/P is over 5,000 for first time. US Dollar is flat. Crude is higher.



SH is near 11.90. Support is near 11.75. USDA report day. CONAB day. Brazil harvest pace is above normal. Argentina farmer selling slow due to uncertain politics. They have sold only 5 mmt of 50 mmt crop. Average trade est for US 2023/24 soybean carryout is 284 vs USDA 280. Trade est Brazil soybean crop at 153 mmt vs USDA 157. Argentina 51 mmt vs USDA 50. China lowered soybean imports to 97 mmt vs USDA 102.

CH is near 4.32. Support is near 4.30 on weekly chart. USDA report day. Spreads widened. Average trade est for US 2023/24 corn carryout is 2,146 vs USDA 2,162 Trade est Brazil corn crop at 124 mmt vs USDA 127. Argentina 55.6 mmt vs USDA 55. Weekly ethanol prod and stocks were higher than last year. Argentina farmer selling slow due to uncertain politics. They have sold only 10 mmt of 55 mmt crop. China est corn import at 17.5 mmt vs USDA 23. Matif corn lowest since Oct, 2020.

WH is near 5.93. KWH 6.11. MWH 6.91. USDA report day. Stats Canada day. Matif wheat testing 208 euro support. EU and Black Sea prices weakness due to oversupply. Russia lowered its export price. EU seeing rains. Black Sea weather mostly dry. US central plains and Midwest are dry. Trade watching cold US late Feb forecast. Average trade est for US 2023/24 wheat carryout is 647 vs USDA 648.


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