Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SU is down 29 cents and near 13.58. SMU is near 419.1. BOU is near 64.74. CU is unch and near 4.85. WU is up 10 cents and near 6.43. KWU is up 8 cents and near 7.61. MWU is up 2 cents and near 8.25. US stocks are higher. US Dollar is higher. Crude is lower. Gold, silver and copper are lower. Coffee, cocoa and cotton are higher. Russia and China moved battleships toward Alaska. US responded by sending 4 battleships.
Wheat futures are higher following Ukraine drone strikes on Russia oil tanker. This followed strikes on Kerch bridge. Ukraine also announced designating Russia ports for potential attacks. Some now wonder if Russia will retaliate and attack grain vessels. There remains talk of lower Canada, EU, Russia and Australia crops. WU traded back over 6.50. Key resistance is near 6.77.
Corn futures are unchanged. Ukraine drone strikes on Russia oil tanker and strikes on Kerch bridge offers support. Ukraine also announced designating Russia ports for potential attacks. Some now wonder if Russia will retaliate and attack grain vessels. Private group estimates US 2023/24 US corn carryout near 2,262 mil bu. Rains fell across Dakotas, MN, IA, MO, KS, IL and IN. This weeks USDA report could lower US 2022/23 and 2023/24 demand. CU is finding support again at 4.80. Key resistance is 5.12.
Soybean futures are sharply lower Rains fell across Dakotas, MN, IA, MO, KS, IL and IN. China last week bought 9-13 Brazil SB cargoes, 4-5 Argentina and 8-10 US SON PNW. Sinograin may also be looking for US Feb and Argentina May. Private group estimates US 2023/24 US soybean carryout near 240 mil bu vs USDA 300 but higher final yield may be weighing on futures. SU is back near 13.50 support. SX 13.00. SMU traded below 423 support. Next support is 417. BOU near 64.46 support. Resistance 65.60. Dalian soybean, soymeal, palmoil and soyoil prices were higher.
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