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Grains Are Lower. World Food Prices Down.


Grains are lower. SH is down 16 cents and near 13.78. SMH is near 407.1. BOH is near 58.98. CH is down 2 cents and near 6.00. WH is down 5 cents and near 7.55. KWH is down 9 cents and near 7.78. MWZ is down 12 cents and near 9.36.

US stocks are lower. US Dollar is mixed. Crude is higher. Gold, silver, copper, cocoa, cotton, coffee and sugar are lower. US Fed comments that they could raise rates sooner due to inflation negative to commodities. Dec World food prices down .9 pct. Global food commodities up 28 pct. Vegoil up 66 pct.

IHS Markit(Informa) will release their January US and World crop update today at 10:30 CT.

Dalian corn, soybean, soymeal, soyoil and palmoil futures were lower following CBOT.

Weekly US corn export sales est at 500-1,200 mt, soybeans 400-1,300 and wheat 150-400.

Matif rapeseed futures at all time high and $905 vs US soybeans $515, Canada canola $1,023. US soyoil futures were higher on talk of higher exports and increase demand for biodiesel. Soybeans are sharply lower on talk of rains in dry areas of South America late next week. Brazil soybean crop down 10-15 mmt vs USDA, Argentina down 5 mmt. Total SA down 20 mmt. Failure to trade over 14.00 SH and 416 SMH triggered long liquidation. BOH tested 59.68.

There were rumors yesterday that some China crushers are short cash and need to buy futures.   Failure to trade over 6.11 CH triggered long liquidation. Weekly US ethanol prod down 1 pct. Some estimate Brazil corn crop near 113 mmt vs USDA 118. Argentina 52 vs USDA 54.5. There were rumors yesterday that China may be ready to buy 5-7 mmt US corn.

Some wheat futures long liquidation overnight. Snow showers in US HRW areas negative.

Some estimate US Dec 1 corn stocks at 11,700 mil bu vs 11,294 ly. Sep-Nov use 4,461 4,743 ly. Some estimate US Dec 1 soybean stocks at 3,100 mil bu vs 2,947 ly. Sep-Nov use 1,575 1,797 ly. Some estimate US Dec 1 wheat stocks at 1,350 mil bu vs 1,703 ly. Sep-Nov use 451 vs 483 ly. Some est US 2022 wheat acres at 48.5 vs 46.7 ly. Winter wheat 33.9 vs 33.6. Spring 12.7 vs 11.4.


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