Mixed Grain Calls

MORNING AG OUTLOOK

 

Grain calls are mixed. Seasonally, grain futures tend to trade sideways into yearend due to lack of new buying and selling. US stocks are higher. US Dollar is lower. Gold higher. Crude is lower. CBOT grains open at 8.30 AM CST today and close early at noon. Russia hit key Ukraine energy targets.

 

row of grain silos

 

SOYBEANS

SH is near 9.97. Dalian soybean, soymeal, palmoil and soyoil were higher.There is new talk that Brazil crop estimates are now over 170 mmt vs USDA 169 and 153 last year. Argentina plantings are near 44 pct with crop rated 96 pct good/normal. Crop is estimated at 50.8 mmt vs USDA 51.0. Palmoil prices are higher on talk of new demand. Dalian soyoil futures and Matif rapeseed and sunoil are following. Weekly US soybean export sales are est at 1,500-2,400 mt vs 1,860 last week. Soymeal deliveries were 776 lots

 

CORN

CH is near 4.28. CH could be in a 4.20-4.40 range. Dalian corn was lower. Nearby corn export PNW price is lower to Asian buyers vs Brazil. There was talk that S Korea and Taiwan were active buyers of US Q1 corn needs. US corn prices are also best to EU and N Africa. There is talk that Brazil crop is above 130 mmt vs USDA 127. Argentina corn plantings are near 41 pct with crop rated 41 pct G/E vs 26 ly. S Africa crop is est at 12.7 mmt or down 23 pct vs ly. S Africa futures are making new highs. Weekly US corn export sales are est at 800-2,000 mt vs 1,494 last week. Corn deliveries were 111 contracts.

 

WHEAT

WH is near 5.52. KWH is near 5.54. MWH is near 5.98. WH resistance is near 5.75. WH support is near 5.50. Black Sea wheat prices are dropping looking for demand. Matif wheat futures were down due to slow export demand and improved Black Sea weather. This despite talk EU wheat crop is 119.5 mmt vs USDA 122.6. World wheat matrix is tightening for high quality wheat. Egypt military tendered for wheat vs GASC? Due to high domestic prices, India sold 2.5 mmt from reserves. Weekly US wheat export sales are est at 200-600 mt vs 549 last week. KC wheat deliveries were 105 contracts.

 

 

 

 

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