ADMIS News
MORNING OUTLOOK
Grains are lower. March Madness continues. SK is down 13 cents and near 16.97. SMK is near 485.0. BOK is near 74.22. CK is down 10 cents and near 7.44. WK is down 33 cents and near 10.68. KWK is down 29 cents near 10.81. MWK is down 18 cents and near 10.85.
Ukraine war continues. Possible peace talks starting again today. Today this is bearish grains. US inflation continues. Energy prices lower of fear of lower China demand. China and EU economies slowing. US next? Friday USDA COF report showed placements higher than expected. Cattle futures could trade sharply lower Monday. US 10 day weather forecast calls for rains from MN down Miss river into AR and Delta. Temps above normal WCB west. Great lakes cold.
Wheat futures are sharply lower. US export sales remain slow. For now, India, EU and Australia exports are offsetting drop in Black Sea. Some Russia wheat is being exported. Talk that Russia may shift the war to east Ukraine could help Ukraine harvest fall crops and seed west and central spring crops. US south plains have seen improved weather. Still, some feel that hot/dry weather will return in April.
Corn futures are lower. US export sales remain slow. Some are lowering US 2021/22 exports. South America corn premiums lower. Talk that Russia may shift the war to east Ukraine could help Ukraine seed west and central spring crops. What about their ability to rail and export corn? Month end, quarter end and USDA report key to corn prices this week.
Soybean futures ae lower. Higher World vegoil prices and China buying US and Brazil soybean supportive. There is concern for now that fact China is buying more Brazil now could offer resistance to nearby soybean futures. Fact that US soybean prices are competitive June forward supports talk of higher soybean prices this summer. Month end, quarter end and USDA report key to soybean prices this week.
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