Grains Mixed, Wheat Up Overnight
Grains are mixed. SH is down 1 cent and near 14.83. SMH is near 451.6. BOH is near 64.42. CH is up 2 cents and near 6.64. WH is up 5 cents and near 7.72. KWH is up 5 cents and near 8.69. MWH is up 2 cents and near 9.30. US stocks are marginally lower. US Dollar is lower. Crude is higher on lower US supply. Metals are lower. Zelenskyy Congress address suggest war will continue and US will continue to support Ukraine.
It is raining in Argentina. Some forecast good rains this weekend. SH is back near the upper end of recent trading range. China soybean crush margins are lower. China covid cases are on the rise. China is absent from US soybean market. US Gulf soybean export prices only competitive vs Brazil in Jan. Argentina soymeal export prices are higher on weather concerns and lack of farmer selling. Still US only competitive in Jan. Matif rapeseed futures higher following corn and wheat.
US HRW wheat is up due to upcoming cold and the overnight trade is up 5 in KC. KS temp lows forecasted -25F. Warmer temps next week. France wheat exporter and domestic miller now fighting for what is left in supplies. There remains a large Russia and Ukraine vessel line up waiting for inspection. North Africa is dry. Iraq bought 100 mt Australia wheat and 50 mmt US despite Canada cheaper. Managed funds liquidating Chicago short and long 10,000 KC. Argentina wheat supplies down. Farmer sold 6.5 mmt vs 12.4 ly. Millers are short.
CH traded above 6.60 on worries about Ukraine and Black Sea exports. Estimates of Ukraine crop lower with 30-40 pct of crop still in fields. Brazil export supplies is in decline. Brazil 2nd corn crop will not be available until July. Matif corn futures are higher. Weekly US ethanol data was negative with production down and stocks above last year. Weekly US corn export sales are estimated near 625-900 mt vs 959 last week. Winter blizzard and cold temps could slow grain movement in North US Midwest.
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