Written Commentary
MORNING OUTLOOK
Grains are lower. SN is down 6 cents and near 16.86. SX is near 15.13. SMN is near 424.4. BON is near 79.57. CN is down 8 cents and near 7.63. CZ is near 7.15. WN is down 25 cents and near 11.29. KWN is down 25 cents and near 12.12. MWN is down 27 cents and near 12.49.
US stocks are higher. US Dollar is higher. Crude is higher. Gold, silver, cocoa, copper and sugar are lower. Coffee is higher.
US Midwest, north plains and Canada will see rains this week. This could slow final plantings but bears feel this will add moisture to US Midwest soils. Rains will also fall across US south plains. EU is dry. NE Argentina could see some rain. Australia rains is slowing fieldwork.
Big headline overnight was Interfax reporting that Russia will now allow humanitarian food vessels to be shipped from Ukraine. Corn futures are down 8 cents wheat down 27 cents. Later, Russia said that approval of a corridor for exports will need to see lifting of some Russian sanctions. Russia deputy Defense Minister also said Mariupol port is now open but many doubt this.
India announced duty free imports of 2 mmt of soyoil and sunoil. Dalian soybean, palmoil and soyoil futures traded higher Corn and soymeal were lower. Domestic China feeders continues to be active buyers of soymeal, Dry weather lowering Brazil 2nd corn crop. Brazil Sep corn is trading near 8.95 vs US CBOT 7.63. World that China is buying Brazil corn weighed on corn futures.
Wheat is lower on new Tech selling, approaching US HRW harvest and Ukraine exports news. International Islamic Trade Finance Corp increased aid to Egypt from $3 bil to $6 bil to buy wheat. $1 bil equals 2 mmt of wheat.
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