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USDA Report Day. Grains Mixed Early

MORNING OUTLOOK

USDA report day. Grains are mixed. SK is up 22 cents and near 17.11. Overnight high was 17.34. SMK is near 479.9. BOK is near 77.05 and new highs. CK is down 7 cents and near 7.45. Overnight high was 7.59. WK is down 62 cents and near 12.24. Overnight high was 12.85. KWK is down 47 cents and near 11.51. Overnight high was 11.99. MWK is down 45 cents and near 10.98. Overnight high was 11.42.

US stocks are sharply higher. US Dollar is sharply lower. Crude is lower. Gold, silver and copper are lower. War anxiety a little lower.

Trade will watch for how much USDA drops Black Sea corn and wheat exports and South America corn and soybean crops and if they change US corn and soybean export demand and carryouts. Final Ukraine corn exports could be down 500 mil bu from USDA estimate.

Indonesia announced new palmoil export restrictions. This and concern about World sunoil exports has palmoil futures sharply higher. World rapeseed prices are sharply higher. Russia did announce they will allow for 30 cargoes of wheat and sunoil to Turkey. Russia announced ban on certain exports due to domestic shortages. Wheat futures could rally if wheat is included.

EU could soon allow imports of GMO corn. India selling wheat for export. US Sep-Jan census corn export higher and near last years levels vs USDA estimate of a drop of 328 mil bu China was rumored to have bought another 6-8 US old crop soybean cargoes yesterday. US summer corn exports could be record high. US summer soybean exports could be higher than normal and current USDA forecast.

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