Grain Futures Trending Lower
Grains are mixed to lower. SK is down 9 cents and near 15.04. SMK is near 477.7. BOK is near 60.13. CK is unch and near 6.43. WK is unch and near 7.10. KWK is down 2 cents and near 8.15. MWK is down 1 cent and near 8.67. US stocks are higher. US Dollar is mixed. Crude is higher. Gold, silver, sugar and cotton are lower. Copper, coffee, cocoa are higher.
CK is unch but near 12 week low. Corn futures are oversold. US corn export to date are only 14.3 mmt vs 23.2 ly. Trade trying to balance negative US 2023 Outlook and record Brazil crop versus lower Argentina supply. One crop scout estimates Brazil corn crop at 151.0 mmt vs USDA 153.0. Drop due to late planting of second crop. They lowered Argentina to 2 mmt to 41.0 vs USDA 47.0.
SK is lower. Some feel increase harvest of a record 2023 Brazil soybean crop will offset lower Argentina supply. US soybean export to date are only 42.0 mmt vs 40.7 ly. Trade trying to balance negative US 2023 Outlook and record Brazil crop versus lower Argentina supply. One crop scout estimates Brazil soybean crop at 121.0 mmt vs USDA 125.0. They lowered Argentina to 2 mmt to 32.0 vs USDA 41.0. Brazil farmers and truckers are having a one day strike.
WK is lower. WK has dropped 100 cents from Mid Feb high. Lower Russia export prices and higher US Dollar is weighing on prices. Some feel though WN may be oversold and may be close to support until more is known about 2023 north hemisphere weather and crop sizes. Of all grains, wheat shows the lowest gains in 2023 supply. Matif wheat futures are near 5 week lows. Managed fund short is near 100,000 contracts. US and EU did impose additional sanctions to Russia Banks. USDA monthly WW crop update showed drop in KS, CO ratings and higher SRW.
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