Written Commentary
MORNING OUTLOOK
Grains are sharply higher. SK is up 40 cents and near 16.25. SMK is near 447.8. BOK is near 71.78. CK is up 24 cents and near 6.80. WK is up 47 cents and near 9.07. KWK is up 44 cents and near 9.35. MWK is up 33 cents and near 9.94.
US stocks are lower. US Dollar is higher. Crude is higher and near $94. Gold, silver and copper are higher. US State of Union address tomorrow. Dalian soybean, soymeal, palmoil and soyoil futures were lower. Corn higher. No corn, soymeal deliveries, 2 soybean, 240 Chicago wheat, 92 KC, 172 Minn wheat.
Ukraine and Russia peace talks today. Russia troops advancing onto Ukraine capital. Ukraine mind ports to keep Russia ships out. Some Ukraine corn exports switched to US. Without peace agreement Ukraine grain exports could be delayed for months.
Central Brazil weather dry. Could hurt second corn crop. US south plains warm and dry.
USDA estimated US 2022/23 corn carryout at 1,965 versus most estimates near 1,600. Some feel nearby corn could be in a 6.40-7.75 range until more is known about US 2022 supply. CK resistance near 7.01. Last week’s high was 7.16.
USDA estimated US 2022/23 wheat carryout at 731 and in line with most estimates. Some feel nearby KC wheat could be in a 7.60-10.00 range until more is known about US 2022 supply. KWK near 9.35. Last week’s high was 9.81.
Last week SK futures had an unprecedented 1.80 range. USDA estimated US 2022/23 soybean carryout at 305 versus most estimates near 130. Some feel nearby soybeans could be in a 15.50-18.00 range until more is known about US 2022 supply. SK resistance near 16.70. Last week’s high was 17.59.
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