Grains Are Mixed Led by Higher Wheat
Grains are mixed. SK is down 1 cent and near 14.07. SX is down 4 cents and near 12.66. SMK is near 409.0. BOK is near 52.88. CK is up 1 cent and near 5.61. CZ is up 1 cent and near 4.86. WK is up 6 cents and near 6.22. KWK is up 9 cents and near 5.72. MWK is up 9 cents and near 6.34. US stocks are marginally higher. US Dollar is slightly lower. Crude is lower.
Malaysian palm oil prices were down 67 ringgit at 3,778 (basis June) at midsession retreating after 3 days of gains.
US Midwest 6-10 day forecast call for normal to below temps. Rainfall could also be normal to below. Rains today are in the east Midwest and SE. Long range maps hint of some rain in US SW.
In Brazil, net drying is still expected in center south and at least some of the interior southern production areas the next seven to ten days. Argentina’s conditions will continue to be good for late maturing summer crops.
All eyes will be in USDA report on Friday. USDA could leave soybean and wheat numbers unchanged. Still most feel USDA will have to raise China corn imports, US exports and lower US carryout. USDA May guess of US 2021/22 corn and soybean carryout could be interesting due to lower acres.
Trade still looking for rebound in US food and fuel demand after vaccinations. New cases rising though
Trade est US 2021/22 corn carryout near 1,379 mil bu, soybean 118 and wheat 846.
Trade est World 2021/22 corn end stocks near 284.4 mmt , soybean 83.3 and wheat 301.7 mmt.
Weekly US corn export sales are est near 500-900 mt, soybean 100-400 mt and wheat 100-500 mt.
Dry weather in US/Canada and drier trend in EU and Black Sea is supporting wheat futures. Brazil is dry, Brazil USDA Ag Attaché est Brazil corn crop at 105 mmt and soybean 134.
China vegoil prices a e lower. Matif rapeseed oil is lower. Canada canola is higher
On Wednesday, Managed funds were net buyers of 2,000 contracts of SRW Wheat; net bought 11,000 contracts of Corn; net sold 4,000 Soybeans; net bought 1,000 lots of Soymeal, and; net sold 5,000 Soyoil. We estimate Managed Money net short 3,000 contracts of SRW Wheat; net long 431,000 Corn; net long 171,000 Soybeans; long 67,000t Soymeal, and; net long 94,000 Soyoil.
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