Written Commentary
MORNING OUTLOOK
Grains are lower. SK is down 9 cents and near 17.09. SX is near 14.98. SMK is near 483.3. BOK is near 75.56. CK is down 4 cents and near 7.53. CZ is near 6.71. WK is down 5 cents and near 11.00. KWK is down 5 cents and near 11.06. MWK is down 4 cents and near 10.84.
Ukraine war continues. US President in Brussels. US stocks are higher. Crude is higher. Dalian soybeans are lower. Palmoil, soybeans, soymeal and corn are higher.
Reports China bought 5-12 Brazil April-May soybean cargoes. Brazil June +15 US, Aug +60 US.
Weekly US soybean export sales are est near 500-1,300 mmt vs 1,730 last week. USDA March 31 stocks and acreage report key with US soybean acres near 88.6 stocks 1,940. Matif rapeseed futures tested 1,021 euros then dropped 95. Canada 1,177 high to 1,130. Argentina est their soybean crop 42 mmt vs USDA 43.5. 32 pct G/E vs 34 last week.
Trade still waiting for China to switch 6 mmt of Ukraine corn exports to US? Weekly US corn export sales are est near 800-1,800 mmt. Rumors EU bought 800 mt last week. USDA March 31 stocks and acreage report key with US corn acres near 91.4 stocks 7,860. Argentina est their corn crop 49 mmt vs USDA 53. 31 pct G/E vs 29 last week. EU corn plantings starts in a few days. Matif corn futures higher. No March Brazil corn exports. US south plains moisture helping HRW 2022 crop especially east and south. Forecast drier.
Weekly US wheat export sales are est near 100-600 mmt vs 477 last week. USDA March 31 stocks and acreage report key with US wheat acres near 47.4 stocks 1,025. Heavy WK and KWK spreading to WZ and KWZ.
Combined 2022 US corn, soybean, wheat acres 227.4 vs 227.3 ly. Total 314.7 million vs 314.5 ly. Double crop soybean acres near 4.6 vs 3.7 ly. Cotton 11.8 vs 11.2 ly. Prevent plant 2.5 vs 1.8 ly. US Hay acres record low at 50.7. Sorghum, oats and barley 2022 acres 11.9 vs 12.5 ly.
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