Grains to See a Mixed Open
Grains are mixed. Today is first day of annual USDA Outlook conference and first unofficial guess for US 2023/24 corn, soybean and wheat S/D. SK is down 3 cents and near 15.31. SMK is near 475.8. BOK is near 63.37. CK is unch and near 6.74. WK is unch and near 7.49. KWK is down 4 cents and near 8.85. MWK is up 1 cent and near 9.10. USDA weekly export sales report is delayed until Friday. Ethanol report today. US stocks are higher. US Dollar is mixed. Crude is higher. Gold, silver, copper, coffee and cocoa are lower. Sugar and cotton are higher.
Argentina could see showers in north, dry weather central/south. Central Brazil looks drier for soybean harvest. Still no farmer selling post Carnival. SK sold off 15.50 high. Still no word on new China buying. Xi and Putin to meet soon. USDA 2023 Outlook conference today and tomorrow. SX also sold off 14.00 high. SX has had a 70 cent rally since Dec lows. Fresh news is lacking.
Brazil is still looking at a record 2023 corn crop. CK resistance 6.85. Support 6.75. CZ rejected 5.97. Support 5.87. More rain is forecasted for US Midwest. Black Sea milling wheat is now trading below US gulf corn. Matif corn is a premium to wheat. USDA 2023 Outlook conference today and tomorrow. Fresh news is lacking. No new word on Ukraine corridor deal but Ukraine wants a 1 year extension. Some fear without war ending soon Ukraine 2023 corn acres could be down 50 pct.
Egypt bought Russia wheat. We will see if USDA talks about Russia crop and wheat exports today or tomorrow. WK is down 59 cents since Feb 14 high. Trade looking for demand with US Dollar at highest level since early Jan. GSI commodity Index near 2023 low.
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