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Higher Wheat Futures on Weather


Grains are higher. SK is up 5 cents and near 11.66. SMK is near 345.7. BOK is near 45.41. CK is up 2 cents and near 4.42. WK is up 11 cents and near 5.81. KWK is up 11 cents and near 6.08. MWK is up 7 cents and near 6.63. Stocks are slightly higher. US Dollar is unch. Crude is higher. Gold, coffee, cocoa and cotton are lower.


Wheat fields


SK is near 11.66. SK resistance is near 11,75,  Season to date US soybean exports are down 18 pct vs ly and USDA est of a 12 pct drop. USDA est US soybean plantings near 8 pct vs 3 last week. AR 43, MO 16, IL 11, IA 8. Matif rapeseed prices are higher on EU freeze concern. One crop analyst est Brazil soybean crop at 147 mmt and Argentina 51. China import demand is slow. Dalian soybean futures were lower. Soymeal, palmoil and soyoil were higher.

CK is near 4.42. Better than expected weekly exports offered support. Season to date US corn exports are up 35 pct vs ly and USDA est of a up 26 pct. USDA est US corn plantings near 12 pct vs 6 last week. MO 47,IL 11, IA 13, MN 8, NE 6. US Midwest is expected to get rain this week. That could slow plantings. Drier next week. Matif corn futures are higher and near 5 month high. France plantings slowed due to rains. One crop analyst still est Brazil corn crop at 112 mmt and Argentina 50.

Wheat futures rallied sharply Monday and are higher overnight on concern about dryness across US south plains HRW crop area and S Russia. EU freeze forecast also rallied Matif wheat futures sharply. Season to date US wheat exports are down 8 pct vs ly and USDA est of a 4 pct drop. USDA dropped US winter wheat rating to 50 pct G/E vs 55 last week. KS dropped to 36 vs 43, OK 49 vs 60, IL improved to 84 vs 78. USDA est US spring wheat  plantings near 15 pct vs 7 last week. ND 7. Russia est wheat export at 53 mmt v s USDA 52 and 47.5 ly. WK resistance 5.88. KWK traded over 100 DMA. MWK resistance is near 6.77.



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