Written Commentary
SOYBEANS
No new news. Soybeans, soymeal, soyoil ended lower. US Fed Governor said they should reduce balance sheet and aggressively raise interest rates. This weighed om most commodities. USDA Monthly report Friday. Weekly US old crop soybean export sales are est near 500-1,150 mt vs 1,305 last week and 100- 400 mt new crop vs 54 last week. There remains talk of increase China buying US soybeans. USDA announced 132 mt US soybeans to China. Season to date China soybean crush is down 10 pct vs USDA estimate of down 6 pct.
CORN
Weekly US old crop corn export sales are est near 475-1,000 mt vs 636 last week and 100-400 mt new crop vs 286 last week. There remains talk of increase China buying US corn. There is also concern that higher US interest rates could slow domestic demand. China recession could also slow their commodity demand. Weekly US ethanol prod was down 3 pct from last week and up 3 pct from last year. Stocks were down 2 pct from last week but up 25 pct from last year. US season to date census corn exports are 190 mil by above inspections and USDA estimate.
WHEAT
Weekly US wheat export sales are est near 100-750 mt vs 636 last week and 176 last week. There remains concern about Black Sea and EU wheat exports. Some feel Black Sea 2022/23 wheat exports may be only 22-33 mmt vs 54 normal. US south plains forecast is mostly dry and warm. WK tested 10.00 on talk of Ukraine peace talks. Tested 20 DMA near 10.69 as war continues. KWK also tested 10.00. Low US winter wheat crop rating push KWK over 20 DMA near 10.79. Could test 11.50 soon. MWK traded over 11.00 on lower than expected US 2022 spring wheat acres.
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