Written Commentary
MORNING OUTLOOK
Grains are mixed to lower. SH is down 1 cent and near 15.13. SMH is near 471.1. BOH is near 63.29. CH is down 3 cents and near 6.73. WH is down 5 cents and near 7.29. KWH is down 6 cents and near 8.25. MWH is down 2 cents and near 9.01. US stocks are higher. US Dollar is higher. Crude, gold, silver and cotton are higher. Copper, coffee and sugar are lower.
Soybean futures are slightly lower. Soyoil is gaining on soymeal. Forecasted Argentina rains is offering resistance. Argentina lowered G/E to record low 3 pct. Crop is est near 41.0 mmt vs USDA 45.5. On the other hand, early Brazil soybean yields suggest record yields. Weekly US soybean export sales are est near 600-1,200 mt vs 717 last week. No China business. Brazil still lower price that SA. Matif rapeseed prices continue lower. Dalian soybean futures, palmoil and soyoil were higher. Soybean lower.
Weekly US corn export sales are est near 250-800 mt vs 255 last week. USDA announced 195 mt US corn to Mexico. Brazil corn crop growing conditions remain favorable for record 125 mmt crop. Brazil still exporting corn, Egypt bought Romanian corn. US prices was competitive. BAGE lowered Argentina crop to 44.5 mmt vs USDA 52.0. Forecasted rains could help with first crop plantings estimated at only 75 pct vs 99 ly.
Russia Ag Minister said there will be no wheat export quotas cuts despite Putin’s call to slow export for domestic use. Russia prices continue lower. Vessel line up increasing but new sales slowing. Capsize vessel freight has dropped 60 pct since late December. Argentina exports may be only 5 mmt vs USDA 7.5 and 16.0 ly. Weekly US export sales are est near 75-400 mt vs 91 last week. Rains in north and east HRW are shrinking dry are to SW.
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