Written Commentary
MORNING OUTLOOK
Grains are mixed. SK is up 11 cents and near 16.60. SMK is near 478.0. BOK is near 74.23. CK is up 10 cents and near 7.40. WK is up 11 cents and near 10.80. Overnight low was 10.31. KWK is up 5 cents and near 10.77. Overnight low was 10.40. MWK is up 1 cent and near 10.51. Overnight low was 10.26.
US stocks are mixed after post Fed hike rally. US Dollar is lower. Crude is higher. Gold is higher. News China will support its economy helped Crude. No new US soybean sales last 2 days.US Fed to increased US rates .25. Some feel rates need to be 2.5 pct to fight inflation.
Brazil, Paraguay and Argentina dry. C Brazil rains. US south plains rains. Delta and SE rains. Dalian SB, SBM, corn were higher. Soyoil lower. Malaysian 3/1-3/15 palmoil production up 33 pct.
Weekly US corn export sales est at 700-1,400 mt, soybeans 900-1,800, wheat 250-600. Brazil soybean export premiums higher and premium vs US and +125 cents versus last year. USDA could still be 250 mil bu too low in US corn export. Exports closer to 2,800 mil bu.
Domestic Brazil corn prices record high and near $8.60. 2022 Ukraine corn acres down 40 pct? Early Argentina corn yields down. Exports to Brazil? Still no Argentina soymeal export licenses. EU feed sector needs 1 mmt corn/month. Government pledged 400 million euros to livestock.
Black Sea wheat exports in question. Russia trying to export but domestic prices higher. Some estimate that EU, Russia and Ukraine may not export 13 mmt wheat vs USDA est.
US south plains weather forecast has rain. KS crop 23 pct G/E vs 35 previous. OK 24 vs 15
Next key USDA report is March 31 acreage and stocks report. One group est US 2022 corn acres at 92.4 vs USDA 92.0 and 93.4 ly. Soybeans 89.3 vs 87.2 ly.
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