Written Commentary
MORNING OUTLOOK
Grains are lower. SH is down 2 cents and near 12.48. SMH is near 361.9. BOH is near 52.76. CH is down 2 cents and near 5.83. WH is down 6 cents and near 7.82. KWH is down 5 cents and near 8.07. MWZ is down 1 cent and near 10.17.
US stocks are lower in front of US Fed comments. US Dollar is lower. Crude is lower. Coffee, cotton and copper are lower.
IEA lowered global 2021 and 2022 oil demand. Saudi Arabia, Russia, Iraq Nov prod higher.
Dalian soybean, soymeal, palmoil, rapeoil, soyoil lower. Corn higher. Soyoil lowest since August.
US dry. Russia dry. Russia cold next week. Argentina rains. S Brazil rains this week. Friday/Saturday US Midwest suggest similar severe weather pattern as last Friday tornadoes.
Soybean futures lower; South America rains, lower US inspections and higher US barge freight. Soybean futures also lower on talk of record Brazil crop and record early harvest. China may have bought 10-12 US/Brazil soybean cargoes last week. Need to buy 6-7 per day. Matif rapeseed lower from Fridays contract high. Canada canola higher. Canada $ lower.
Corn futures also lower due to S America rains and lower US weekly inspections. Argentina rains helping soils/corn crop. Only 55 pct crop planted. Forecast is drier. Brazil est 1st corn crop at 29 mmt, carryin 5 mmt. Dec-June demand 42 mmt. May-June imports. EU est 2022 corn crop near 66.4 mmt and same as last year. This is 4 mmt below USDA. Ukraine Nov corn exports 4.6 mmt. Dec 1-10 2.2. Crop 40 mmt. China buying near 12 mmt.
US Chicago and KC futures rallied on Monday due to higher EU/Russia prices and new tenders. WH, KWH and MWH lower on continued long liquidation. US south plains dry. Australia wheat futures lower on talk of higher than expected harvest yields. Russia in line for new tender business. Daily export tax $95. Jan Russia export tax $100.
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