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Grain Markets Mostly Down


Grains are mostly lower. SK is down. CK is down. WK is unch. KWK is unch. MWK is down. Stocks are higher. US Dollar is mixed. Crude and gold are lower on dismissed Middle East tension. Russia attacked Ukraine Odesa port. Ukraine attacked Russia refinery. US House passed $93 billion aid package to Ukraine, Israel and Taiwan.

SK is near 11.45. SK found resistance near 11.50. Global soybean crush is on the increase. This and seasonal increase in palmoil production raises questions where market will find demand for increase in global product supply. Some est US 2022/23 soybean carryout at 365 mil bu vs USDA 340. They now est US 2024/25 carryout near 500. This due to record crop, Machines added to soybean futures short last week,

CK is near 4.31. CK remains in a 4.20-4.50 range. US domestic cash remains firm. Bulls are waiting for some kind of weather rally. Brazil farmer selling and talk of lower China demand offers resistance. Lower Argentina corn crop and fact EPA announced temporary expanding period US could use E-15 outside summertime offers support.. Some est US 2022/23 corn carryout at 2,060 mil bu vs USDA 2,122. This due to higher domestic demand. They now est US 2024/25 corn near 2,245. This due to higher carryin. Machines are not yet willing to cover wheat futures shorts

WK is near 5.50. WK remains between 5.25-5.75. Wheat futures rallied on Friday due to concern about dryness across US south plains HRW crop area and dryness in S Russia. Some feel Russia crop below 86 mmt could rally futures closer to 6.00. Higher US 2024/25 wheat carryout though offers resistance. Machines are not yet willing to cover wheat futures shorts.



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