Written Commentary
MORNING OUTLOOK
March Madness. Grains are mixed. SK is up 7 cents and near 14.96. SMK is near 480.6. BOK is near 56.66. CK is up 1 cent and near 6.28. WK is down 4 cents and near 6.98. KWK is down 3 cents and near 8.16. MWK is down 2 cents and near 8.50. US stocks are lower. US Dollar is lower. Crude is higher. Gold is lower. Silver, copper, coffee are higher.
Soybeans are higher. Weekly US soybean export sales are est near 50-300 mt vs -23 last week. One group est US 2023 soybean acres near 87.7 vs USDA Forum est of 88.6 and 87.4 ly. There is talk of higher US double crop acres. One group still est US fall soybean futures near 13.00, soymeal 394 and soyoil 55 cents. Some feel lower Argentina crush and higher US domestic demand could rally soyoil prices. Some est Argentina soybean crop now closer to 25 mmt. Brazil farmer increased cash sales. Dalian soybean, soymeal, soyoil and palmoil was were lower.
Corn futures are mixed with CK continuing to gain on CN and CZ. USDA has announced another 667 mt US corn to China. Total now 1.2 mmt last 2 days. Some feel total could be 4.0. Weekly US corn export sales are est near 700-1,500 mt vs 1,412 last week. Some are hoping for more evidence of switching from SA to US. Still no word on extension of Ukraine corridor deal or 2023 Ukraine corn supplies. One group est US 2023 corn acres near 90.4 vs USDA Forum est of 91.0 and 88.6 ly. One group still est US fall corn futures near 4.90, weather permitting.
Wheat futures are lower. Wednesday rally linked to sort covering due to larger than expected fund Chicago and KC short. Overnight selling could be due to Swiss Bank infusion of $54 billion into Credit Suisse. Trades will be watching ECB rate hike news. Snow and cold temps continue to US north plains. SRW areas are wet. HRW areas are dry, Canada is dry and cold. One group est US 2023 wheat acres near 48.7 vs USDA Forum est of 49.5 and 45.7 ly. One group still est US fall Chicago wheat futures near 7.25, KC 8.15 and MLS 8.95, weather permitting.
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