Written Commentary
MORNING AG OUTLOOK
Grains are mixed to lower. SK is up 2 cents and near 11.87. SMK is near 335.4. BOK is near 48.09. CK is down 2 cents and near 4.37. WK is down 7 cents and near 5.45. KWK is down 6 cents and near 5.76. MWK is down 4 cents and near 6.51. US stocks are lower. Crude is lower. US Dollar is higher. Gold is lower.
SK is near 11.87. Dalian soybean and soymeal prices are near 2 month high. There remains uncertainty about EPA GREET. C Brazil is forecasted to see rain. This could slow harvest there. Slow farmer selling is offset by slow China buying. 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. Current soya/corn ratio favors soybeans.
CK is near 4.37. Talk of higher World corn prices and uncertain Ukraine export pace is offset by better Brazil rains. Dalian corn futures are lower after China announced sales of 1 mmt of rice from stocks for feed. China imports are record mostly from Brazil. EU will limit Ukraine imports at 2022/23 levels? 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. Rains are forecast for US west Midwest.
WK is near 5.45.. Snow, rain and cold temps is forecasted for US N plains. S plains remains dry. Egypt announced a wheat tender for May. 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. 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. Forecast suggest dry Black Sea, N Africa and US S plains weather. This and positive tech action is increasing Consumer buying.
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