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Grain Prices Are Higher


Grains are higher. SH is up 10 cents and near 13.23. SMH is near 392.9. BOH is near 54.39. CH is up 3 cents and near 6.01. WH is up 6 cents and near 8.05. KWH is up 3 cents and  near 8.45. MWZ is up 5 cents and near 10.30.

CBOT closed Friday. US stocks are lower. US Dollar is lower. Crude is higher. Copper, silver, coffee, cocoa, sugar and cotton are higher.

There is talk professional traders adding to grain and soybean longs before long Holiday. Managed funds adding to longs and could add to soybean, soymeal, soyoil and wheat.

US south plains will remain dry. S Russia and S Ukraine could see snow. Cold this week. S Brazil and Argentina forecast is warm and dry. GFS model shows rain in S Brazil late in 2 week.

Dalian soybeans were lower. Soymeal, soyoil, palmoil, rapeseed oil and corn futures were higher.  China domestic soymeal trade slowed. China soybean crush margins turned negative.

SH near 4 month high, soymeal 7 month high, soyoil bouncing off 6 month low. SH near highest level since August. SMH testing contract highs. Key BOH resistance 55.47. Matif/Canada rapeseed futures sharrply higher. This despite talk of higher German 2022 acres.

Less Omicron scare positive corn futures. SA weather and strong US cash basis helping. Fact CH traded over 6.00 overnight suggest higher price trend. US farmer could increase sales. US domestic corn use higher than USDA estiamte. Corn exports higher esp Canada/Mexico. US south plains dryness supports KC futures. Some est 2022 HRW crop at 737, carryout 191.

KWH trade over 8.44 suggest test of 9.00. WH over 20 day moving average. 8.18 resistance. Same analyst est US 2022 wheat crop at 1,825 carryout 470. RMA WW acres lower than est. Russia export tax $122.50. Could reach $142.50. Exports now 31 mmt vs USDA 36. Some feel EU wheat exports could fall 3-5 mmt below USDA estimate. There is talk of increase World wheat trade. Buyers lack coverage. Tech signals look higher. There is also talk that US domestic HRW basis up 10-20 cents, US HRW gulf up 5-10 cents.

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