Written Commentary
SOYBEANS
Soybeans ended unch. SK was near 16.61 with a range of 16.54-16.96.Most commodities traded higher overnight on talk that US might stop buying Russia Crude. Soybeans and Soymeal tended to take profits after recent gains. South America weather has improved. Rains have finally fallen in the dry areas of S Brazil and N Argentina. Central Brazil was dry but now could see rains. Weekly US soybean exports were 766 mt vs 665 last year. Season to date exports are 41.3 mmt vs 52.7 last year. USDA goal is 55.8 mmt vs 61.5 ly. US soybean prices are below Brazil. USDA March report is Wednesday. Trade estimates US 2021/22 soybean carryout near 278 mil bu vs USDA 325. Trade also estimates Brazil soybean crop near 129 mmt vs 134 previous. Argentina crop is estimated at 43.3 mmt vs 45.0 previous. World soybean end stocks are estimated near 89.4 mmt vs 92.8 previous.
CORN
Corn futures closed mixed. CK ended near 7.50 with a range of 7.36-7.80. Most commodities traded higher overnight on talk that US might stop buying Russia Crude. Corn futures tended to take profits after recent gains. South America weather has improved. Rains have finally fallen in the dry areas of S Brazil and N Argentina. Central Brazil was dry but now could see rains. Weekly US corn exports were 1,582 mt vs 1,682 last year. Season to date exports are 41.3 mmt vs 52.7 last year. USDA goal is 61.6 mmt vs 69.9 ly. USDA March report is Wednesday. USDA has a big task to estimate changes in global corn import export matrix due to Black Sea exports due to the War. Trade estimates US 2021/22 corn carryout near 1,479 mil bu vs USDA 1,540. Trade also estimates Brazil corn crop near 113 mmt vs 114 previous. Argentina crop is estimated at 52.0 mmt vs 54.0 previous. World corn end stocks are estimated near 301.1 mmt vs 302.2 previous. There were reports that Ukraine issued export licenses for corn. They are planning on railing the corn to east Europe and then to EU ports for exports. CZ22 ended near 6.42 up 13 cents
WHEAT
Wheat futures ended higher. WK ended up the 85 cent limit and near 12.94. WK will see expanded limits of 1.30. WN23 ended near 8.80. KWK ended near 12.48 with a range of 12.03-12.99. KWN23 ended near 8.48. MWK ended near 11.97 with a range of 11.52-12.07. MWN23 ended near 9.50. Concern over lack of 15 mmt of Black Sea wheat exports during the Ukraine War and fact EU may not export wheat due to lower corn supplies and the need to feed wheat. Wheat buyers remain short and buying hand to mouth. Weekly US wheat exports were 343 mt vs 523 last year. Season to date exports are 15.8 mmt vs 18.6 last year. USDA goal is 22.0 mmt vs 27.0 ly. USDA March report is Wednesday. USDA has a big task to estimate changes in global wheat import export matrix. Trade estimates US 2021/22 wheat carryout near 628 mil bu vs USDA 648. World wheat end stocks are estimated near 277.6 mmt vs 278.2 previous. There were reports that Ukraine issued export licenses for wheat. They are planning on railing the corn to east Europe and then to EU ports for exports.
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