Written Commentary
MORNING OUTLOOK
Grains are mixed. SH is down 11 cents and near 13.57. SMH is near 404.3. BOH is near 56.41. CH is down 2 cents and near 6.02. WH is up 2 cents and near 7.90. KWH is up 3 cents and near 8.27. MWZ is unch and near 10.09.
US stocks are marginally higher. US Dollar is higher. Crude is lower. Gold, silver, copper, coffee, cocoa, sugar and cotton are lower.
Dalian soybean, soymeal, soyoil were lower. Corn and palmoil were higher. Lower soybean trade due to forecast for S Brazil showers. Weekly US soybean export sales remain below est. No new China biz. Trade estimates this weeks US export sales near 700-1,200 mt vs 811 last week. 13.50 key SH momentum support. Jan soybean deliveries could be 500 contracts.
Wheat futures slightly higher. Cold US temps supportive. US rains will be in Delta and Tenn valley. US south plains dry. Canada temps near record low. This week US N plains also cold while Russia/ EU weather is ok. Better Russia weather offers resistance. Low weekly export pace negative. Trade estimates US weekly wheat export sales near 200-500 mt vs 425 last week. 8.10 KWH key support.
Forecast of rains as far south as RGDS Brazil is offering resistance to corn futures. US domestic corn use higher than USDA estimate. Weekly US corn export sales are estimated near 500-1,000 mt vs 982 last week. China is a large importer of feed grains and food but no new buying US. 6.00 CH key momentum support. 5.93 key support.
Key USDA report Jan 12. Final US 2021 crop numbers, Dec 1 US grain stocks and 2022 winter wheat acres. Range of guess for US 2021/22 corn carryout 1,279-1,508, soybeans 355-401, wheat 588-680.
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