MORNING AG OUTLOOK
Grains are higher. US stocks are lower after US Fed Chairman said they may be in no hurry to lower rates. US Dollar is lower. Crude is lower on demand concerns. Copper is higher. China equity market was lower ahead of Biden/Xi meeting and Trump appointees and impact on Sino/US relations.
SOYBEANS
SH is near 10.04. Soybean futures dropped on concern about commodity prices and demand for US soybeans. Dalian soybean and soyoi futures were lower. Palmoil was higher on lower production concerns. World vegoil prices are correcting due to talk of higher crush rates to satisfy vegoil demand and appointee to Trump EPA. C/N Brazil seeing rains. S Brazil next week. Argentina next week. Bears are still looking for lower soybean futures due to record high South America supplies and lower China demand for US soybeans. Weekly US soybean export sales are est at 1,000-2,200 mt vs 2,037 last week. USDA announced 175 mt US soybeans to unknown.
CORN
CH is near 4.31. Dalian corn futures were lower. Some look for nearby corn futures are near key support. US and Ukraine export prices are lower than Brazil. N/C Brazil weather remains favorable for crops. S Brazil could get rains. Argentina weather suggest rains in 2nd week. CZ-CH spread is firmer. US domestic processors bids are firm.. Corn prices supported by US export demand. Weekly US export sales are est at 1,250-2,600 mt vs 2,766 mt last week. US ethanol margins dropped. Weekly US ethanol production was 6 pct vs ly. Stocks were up 5 pct vs ly.
WHEAT
WH is near 5.51. KWH is near 5.49. MWH is near 5.90. Hi pro wheat demand is a little higher than low pro. US Dollar is lower after US Fed Chairman commnets. World destination buying remains slow. Argentina and Australia combined Dec-May wheat exports could be 24.5 mmt to 18,5 ly. Russia winter wheat acres could be lowest since 2018-19 which could offer support. Trump yet to appoint new Ag Secretary. Weekly US wheat export sales are est at 250-550 mt vs 374 last week.
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