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Grains Are Higher. Turnaround Wednesday?


Grains are higher. Turnaround Wednesday? SH is up 14 cents and near 13.75. 13.84 resistance? SMH is near 394.1. 400resistance? BOH is near 60.00. 64.00 resistance? CH is up 7 cents and near 6.06. 6.17 resistance? WH is up 11 cents and near 7.80. KWH is up 14 cents and near 7.86. 8.00 resistance? MWH is up 15 cents and near 9.22. US 2022 summer weather could be dry?

US stocks are higher. US Dollar is lower. Crude is higher and near$86. Gold, silver, copper, coffee, sugar are higher. Cotton new highs.

IEA raised World 2021 global oil demand. OECD November oils stocks 7 year low. Dalian soybeans, soyoil, rapeoil and corn are higher. Palmoil new highs. Soymeal lower. Palmoil higher on talk Indonesia will increase biodiesel use. World biodiesel needs higher.

Argentina forecast is wet. Paraguay, S Brazil, Argentina 6-10 day is dry. US South plains dry. SH Jan range 13.42-14.15. SA harvest negative. 2021/22 US carryout est 275-345. Demand key. Parana early soybean yields only 5-15 bpa. MG yields record. N Brazil lower. Too wet? China bought Brazil soybeans. China meal stocks record low. US cash crush margins +2.40.

Matif and Canada RSO and canola prices lower. Germany canola stocks dangerously low.

Matif corn prices higher. Brazil domestic corn prices $7.75, up 20 pct on year. 5 month high CH back over 6.00. Lack of farmer selling and higher exports demand supportive. Some could see US 21/22 corn carryout near 1,195 vs USDA 1,540. Exports 2,680. USDA 2,425. Trade est US 2022 corn acres 91.5 vs 93.4 ly, soybeans 89.0 vs 87.2 and wheat 49.0 vs 46.7.

US HRW wheat weather drier than normal could extend into spring. EU/Russia weather normal. Some feel 5 year KC wheat futures rally could extend next 12-18 months. US weather key. Est US 2021/22 wheat carryout 585-700. Matif wheat futures higher on new demand. Ukraine and Russia tension higher. US Sec of State to Ukraine. UK sending support to Ukraine. World Baltic, cape and panama freight lowest since early 2021. US barge freight higher.

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