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Mixed to Lower Ag Futures


Grains are mixed to lower. SH is down 2 cents and near 11.85. SMH is near 355.0. BOH is near 44.84. CH is down 2 cents and near 4.40. WH is down 8 cents and near 5.91. KWH is down 10 cents and near 6.15. MWH is down 6 cents and near 6.93. US stocks are lower. US Dollar is higher. Crude is lower. Gold is lower. Lunar New Year starts this week. Year of Dragon is good luck.


SH is near 11.85. Support is near 11.45. USDA report week. Lower US soybean exports dropped SH below 12.00. Higher Dollar also weighed on the oilseed complex. Soyoil futures are gaining on soymeal. Dalian soybean, soymeal, palmoil and soyoil futures were lower. Argentina weather maps now show rains this week.. Some still could see US 2023/24 soybean carryout near 323 vs USDA 280. This includes 20 mil bu higher crush and 55 mil bu lower exports. Some est US 2024 soybean acres at 85.8 and yield 53. Crush est is at 2,470. Exports 1,830. Carryout 409.

CH is near 4.40. Support is near 4.36. USDA report week. Dalian corn futures were lower. Corn futures are now near the lower end of recent range. Some could see US 2023/24 corn carryout near 2,263 vs USDA 2,162. This includes 100 mil bu lower exports. Some est US 2024 corn acres at 93.0 and yield 181. Crush est is at 5,400. Feed and residual 5,800 and exports 2,100. Carryout 2,929. Hog did not see its shadow which suggest an early US spring.

WH is near 5.91. KWH 6.15. MWH 6.93. USDA report this week. Global wheat import demand has slowed as buyers search for funding. Red Sea unrest could add to freight cost and slow demand. Ukraine struck a key Russia oil refinery deep inside Russia. Some est US 2024 wheat acres at 47.0 and yield 49. Food est is at 979. Feed and residual 85 and exports 825. Carryout 677. Groundhog did not see its shadow which suggest an early US spring


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