Written Commentary
MORNING OUTLOOK
Grains are mixed to higher. Trade trying to recover from Russia saying peace talks “constructive” versus continued attacks on central Ukraine. SK is up 6 cents and near 16.49. SMK is near 467.1. BOK is near 72.13. CK is up 7 cents and near 7.33. WK is unch and near 10.14. KWK is up 1 cent near 10.26. MWK is up 7 cents and near 10.50.
US stocks are lower. US Dollar is lower. Crude is higher. Gold, silver and copper are higher
Russia released a document calling for Humanitarian Corridor permitting vessels to leave Ukraine ports but nothing about vessels getting in or about ports being mined. There remains market concern about Ukraine corn exports and ability of Ukraine farmers to plant all intended 2022 crop acres. Ukraine supplies 50 pct World sunoil exports of 15 pct World vegoil exports.
All grains futures and Crude market took a beating yesterday with at one point corn and wheat futures down the daily limit. Besides bearish Ukraine war headlines negative technical action increased selling especially wheat, corn and soybeans.
Month end and quarter end long liquidation added to weak technical picture. US south plains continue to look drier than normal in April. Central and south US Midwest could continue to see cooler than normal temps and above normal rains. Could see delays in Delta 2022 spring crops plantings.
USDA March 1 stocks and estimate of 2022 planted acres tomorrow. Most looking for more corn and soybean and less wheat stocks vs last year. More soybean and wheat acres, less corn.
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