Written Commentary
MORNING OUTLOOK
Risk off. March Madness. Grains are mixed. China equities are sharply lower. SK is down 21 cents and near 16.49. SMK is near 477.5. BOK is near 73.00. CK is down 8 cents and near 7.40. WK is up 32 cents and near 11.29. KWK is up 24 cents and near 11.24. MWK is up 16 cents and near 10.87.
US stocks are lower. US Dollar is lower. Crude in sharply lower. Most commodities are lower.
A lot of big picture news overnight. China covid lockdown increasing raising demand concerns. Unprecedented drop in Crude from March 7 high of $126 down to $95 today. Ukraine War continues. US warns China involvement could increase US sanctions. Ukraine President addresses US Congress virtually tonight. Ukraine needs help. US Fed to increase US rates. Some feel rates need to be 2.5 pct to fight inflation.
W, E, S Brazil, Paraguay and Argentina dry. C Brazil rains, Brazil soybean harvest 65 percent. US south plains dry. Delta and SE rains. EU dry. Russia and Ukraine cold.
US soybean exports down 21 pct ly. Argentina export tax. More government money less farmer. Malaysian palmoil futures down 10 pct. Dalian soybean, corn, soymeal higher Soyoil lower.
Rumors of Ukraine ceasefire weighed on corn. US corn exports down 14 pct vs last year. USDA could still be 250 mil bu too low in US corn export. Exports closer to 2,800 mil bu. Lower energy and new concern about US supply adequate for now bearish corn prices. Domestic Brazil corn prices record high and near $8.66. Ukraine corn acres down 40 pct? Ukraine farmer not planting corn. 80 pct crop exported. Stocks 13 mmt vs 8 mmt domestic use.
Black Sea wheat exports in question. Russia trying to export but domestic prices higher. US south plains weather forecast dry. KS crop 23 pct G/E vs 35 previous. OK 24 vs 15.Argentina exporters own 14 mmt wheat vs 14 mmt exports. Export tax not impacting wheat.
SK is down 21 cents and near 16.49. SMK is near 477.5. BOK is near 73.00. CK is down 8 cents and near 7.40. WK is up 32 cents and near 11.29. KWK is up 24 cents and near 11.24. MWK is up 16 cents and near 10.87.
US stocks are lower. US Dollar is lower. Crude in sharply lower. Most commodities are lower.
A lot of big picture news overnight. China covid lockdown increasing raising demand concerns. Unprecedented drop in Crude from March 7 high of $126 down to $95 today. Ukraine War continues. US warns China involvement could increase US sanctions. Ukraine President addresses US Congress virtually tonight. Ukraine needs help. US Fed to increase US rates. Some feel rates need to be 2.5 pct to fight inflation.
W, E, S Brazil, Paraguay and Argentina dry. C Brazil rains, Brazil soybean harvest 65 percent. US south plains dry. Delta and SE rains. EU dry. Russia and Ukraine cold.
US soybean exports down 21 pct ly. Argentina export tax. More government money less farmer. Malaysian palmoil futures down 10 pct. Dalian soybean, corn, soymeal higher Soyoil lower.
Rumors of Ukraine ceasefire weighed on corn. US corn exports down 14 pct vs last year. USDA could still be 250 mil bu too low in US corn export. Exports closer to 2,800 mil bu. Lower energy and new concern about US supply adequate for now bearish corn prices. Domestic Brazil corn prices record high and near $8.66. Ukraine corn acres down 40 pct? Ukraine farmer not planting corn. 80 pct crop exported. Stocks 13 mmt vs 8 mmt domestic use.
Black Sea wheat exports in question. Russia trying to export but domestic prices higher. US south plains weather forecast dry. KS crop 23 pct G/E vs 35 previous. OK 24 vs 15.Argentina exporters own 14 mmt wheat vs 14 mmt exports. Export tax not impacting wheat.
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