Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SK is down. SMK is near 333.8. BOK is near 49.26. CK is up. WK is up. KWK is up. MWK is up. US stocks higher. Crude is higher and tested $82. China consumer spending is up. US Dollar is lower.
SK is near 11.94 vs 15.00 ly, SMK is near 334 vs 492 ly, and BOK is near 49 cents vs 56 ly. SK is near key resistance. 12.40 is key SX resistance. Lack of China demand for US soybean offers resistance. SMK is near key support. Higher Argentina soybean crop/crush and record US crush is negative soymeal futures. BOK is above 100 DMA but near 50 cent resistance. Either higher soyoil futures is helping World vegoil prices or higher World vegoil prices is helping soyoil futures. USDA March 28 acreage and stocks report is next key. Most look for acres near 85.5 vs 83.6 ly.
CK is near 4.38 vs 6.34 ly. CK is between key support and resistance. 5.00 is key CZ resistance. Dry and hot weather continues across Brazil 2nd crop growing areas. There is rain in the 2nd week forecast. USDA March 28 acreage and stocks report is next key. Most look for acres near 93.0 vs 94.6 ly. Managed funds remain large short futures going into uncertain US summer weather.
WK is near 5.32 vs 7.10 ly. Wheat futures are near key support. Lower Russia and EU prices continue to lower demand for US wheat exports. US and Russia crop areas are dry. US could see cooler temps and rain later this week. Russia increased drone attacks on Odessa port after Ukraine increased drone attacks on Russian oil refineries. Putin gets another 6 years as President. USDA March 28 acreage and stocks report is next key. Most look for US acres near 47.2 vs 49.6 ly.
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