Written Commentary
MORNING OUTLOOK
Grains are lower. SF is down 7 cents and near 12.59. SMH is near 352.9. BOH is near 57.00. CH is down 3 cents and near 5.80. WH is down 4 cents and near 7.99. KWH is down 2 cents and near 8.21. MWZ is down 4 cents and near 10.16. USDA report this week.
US stocks are higher. Crypto and retail stocks lower. Crude is higher. Gold is lower. Copper, coffee, cocoa, sugar and cotton are higher.
Dalian soymeal, palmoil and soyoil futures were higher. Soybean and corn were lower.
Russia and Ukraine tension higher. Tension raises uncertanty. Biden and Putin talk Tuesday.
US south plains and Midwest dry. Temps turn colder. E Australia rains. EU normal. Russia drying. South 1/3 Braizl and NE Argentina will see mostly dry weather over nexr 7-10 days.
Rumors China buying US and Brazil Jan/Feb soybean and strong US basis support beans. SF held support near 12.43-12.46. Higher trade could suggest a test of 12.90. Canada canola futures lower. Key support 1013. Resistance 1043. EPA comment that producers of nontraditional biofuel could be offered RINS including diesel. Trade est US soybean carryout at 355 mil bu vs 340. World end stocks 104.4 mmt vs 103.8
Matif corn higher. EU imports down stocks dropping. Ukraine corn works into SW and N EU. Some feel that that CH nay be in a 5.60-5.90 range. Dry SA weather could push to 6.25-6.50. China bought Ukraine and US corn last week. New China TRQ could increase China buying US. Trade est US corn carryout at 1,475 mil bu vs 1,493. World end stocks 304.6 mmt vs 304.4.
US wheat futures ended lower after increase of 3.6 mmt Australia and Canada wheat supplies. Some feel wheat fundamentals may not be bearish and money flow weighed on futures. Matif wheat futures higher on fact EU export pace too high. China buying Australia feed wheat. Trade est US wheat carryout at 589 mil bu vs 583. World end stocks 276.0 mmt vs 275.8. Some feel KWH will find support near 8.00 and make new highs Q1 2022.
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