SOYBEANS
Soybeans ended higher. There is talk that algorithm trading machines bought soybean futures which triggered buy stops above 17.13. There is also talk that China may be asking for new crop US soybeans. Trade remains low volume. Weekly US old crop soybean export sales are estimated near 300-1,000 mt vs 549 last week and new crop 200-950 mt vs 458 last week. US prices are competitive August forward. BOK is near 81 cents supported by higher World vegoil prices. Fact IMF dropped their estimate of China 2022 economic growth to 4.4 pct versus China goal of 5.5 and 8.1 last year offered resistance to commodities. SN resistance is near 17.41.

CORN
Corn futures ended higher led by July. CN-CZ is near +62. US farmer remains a slow seller of corn. US 2 week east Midwest forecast suggest more rain and cold temps. This could slow plantings there. IL corn planting is near zero. 2nd week forecast is dry but cool. Rains could return the 3rd week. West Midwest should be dry and cold. Could see plantings there. Weekly US old crop corn export sales are estimated near 950- 1,500 mt vs 1,333 last week and new crop 400-800 mt vs 403 last week. Weekly US ethanol production was down 4.8 pct from last week and up 1 pct ly. Plants are taking maintenance downtime. Stocks were down 1.8 pct from last week and still up 19 pct from ly. Stocks were lower than expected. At this weeks USDA Data meeting, USDA was asked about their outlook for Russia and Ukraine 2022 crops. There is no USDA staff in Russia. Some in Ukraine are talking about farmers plantings half intended crop acres. USDA response, wait until WASDE May 12 report. Some feel it may be difficult for US 2022 corn yield to reach 180 if crop is planted late.
WHEAT
Wheat is wheat. WN was down 11 cents and near 10.97 with a range of 10.75-11.18. KWN was down 2 cents and near 11.74 with a range of 11.47-11.91. MWN is near 11.72. Drop in EU wheat exports and dry US south plains weather forecast is supportive. Talk that Russia wheat is being exported continues to offer strong overhead resistance. Weekly US wheat export sales are estimated near 150-750 mt vs 321 last week. US flour buyer Q3 coverage is still limited with Q4 minimal. Most suggest to cover futures on breaks. US HRW territory still concerned about 2022 crop due to lack of moisture. US North Plains and Canada spring wheat planting will be delayed due to snow last week and cold temps. Rail logistics continue to remain challenged.
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