Written Commentary
MORNING AG OUTLOOK
Grains are mostly unchanged. SK is near 11.88. SMK is near 332.3. BOK is near 48.53. CK is near 4.36. WK is down 1 cent and near 5.41. KWK is near 5.73. MWK is near 6.51. US stocks lower. Crude is lower. US Dollar.is higher.
SK is near 11.88. Weekly US exports were 25 mil bu. Season to date exports are 1,314 vs 1,619 ly. USDA goal is 1,720 vs 1,992 ly. USDA March 28 acreage and stocks report is next key. One group estimated US 2024 soybean acres near 85.9 mil vs 83.6 ly. They est the 2024 crop at 4,503 mil bu vs 4,165 ly. Conab est Brazil crop at 146.8 mmt vs USDA 155. Brazil harvest is 62 pct. Brazil farmer has sold 33 pct of the crop vs 62 ly. MG farm prices is near $9.15.
CK is near 4.36. Weekly US exports were 48 mil bu. Season to date exports are 909 vs 692 ly. USDA goal is 2,100 vs 1,661 ly. China Jan-Feb corn imports were a record 6.2 mmt. Matif corn is near 2 month high. Conab est Brazil crop at 112.7 mmt vs USDA 124. Conab drop safrina crop acres 8 pct due to high planting cost. Brazil farmer has sold 14 pct of the crop vs 34 average. MG farm prices is near $3.10. USDA March 28 acreage and stocks report is next key. One group estimated US 2024 corn acres near 92.8 mil vs 94.6 ly. They est the 2024 crop at 15,352 mil bu vs 15,342 ly. Rains are forecast for US west Midwest.
WK is near 5.41. Weekly US exports were 13.7 mil bu. Season to date exports are 504 vs 598 ly. USDA goal is 710 vs 759 ly. Moisture is forecasted for US N plains. S plains remains dry. TX, KS, CO crop ratings up 2 pct. OK down 4 pct. USDA March 28 acreage and stocks report is next key. One group estimated US 2024 wheat acres near 47.2 mil vs 49.5 ly. They est the 2024 crop at 1,874 mil bu vs 1,812 ly. Russia recent drone attacks on Odessa port after Ukraine drone attacks on Russian oil refineries adds to price risk. Matif wheat futures near 3 week highs.
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