Soybeans & Wheat Leading Market Higher


Grains are higher. SX is up 7 cents and near 12.84. SMZ is near 378.2. BOZ is near 59.60. CZ is up 1 cent and near 5.76. WZ is up 11 cents and near 8.33. KWZ is up 7 cents and near 8.41. MWZ is up 12 cents and near 10.39.

US stocks are marginally higher. US Dollar is lower. Crude is lower. Gold, silver and copper are lower.

US Midwest weather dry. EU and Black Sea dry. Argentina drier, Brazil weather favorable. Dalian soybean, soymeal, soyoil, palmoil, rapeoil, corn higher. China/US talking releasing crude oil reserves.

Weekly US soybean exports sales est at 1,000-1,600 mt, corn 800-1,400 mt and wheat 250-500 mt. Corn futures may be in a 5.40-6.00 range until more is known about US export demand and SA weather.

Corn supported by strong US cash basis, Ethanol prod up 10 pct vs ly. Stocks down 1 pct. Matif corn all-time high. Ukraine crop higher. Argentina increasing corn export licenses from 38 mm to 42. Argentina weather looks to turn drier.

Talk of increase China buying US soybeans and drier Argentina weather could push SF over 13.00. SF traded over 50 day and downtrend line on inflation buying. 13.00 100 and 200 day resistance. Market still concerned long term about slow US export shipping pace and talk US carryout closer to 500.  Matif rapeseed lower following Canada. Canada canola down on rail outage to Vancouver export ports.

KC futures higher despite concern Canada rail blockage to Vancouver could increase US imports. Egypt bought only one cargo Romanian wheat +$7 dollars from previous buy despite $4-5 lower freight. World wheat buyers short buying only hand to mouth. No 2022 coverage. Russia price forecast higher. Continued concern about lower Australia wheat quality and lower Argentina crop. Dry US 2022 forecast.

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