Grain Markets A Little Better


Grains are higher. SK is up 1 cent and near 14.49. SMK is near 453.9. BOK is near 53.87. CK is up 5 cents and near 6.38. CN-CZ is near +59. WK is up 6 cents and near 6.70. KWK is up 10 cents and near 8.22. MWK is up 7 cents and near 8.41. US stocks are higher. Crude is lower. US Dollar is mixed.

Nearby corn future rallied. CN-CZ is near +59. New export demand is supportive. Another 175 mt of US corn was sold to China making 2.43 mmt in 8 days. Brazil new crop corn export basis is lower with talk of China buy more JAS. Ukraine Ag Minister est their 2023 corn crop at 21.7 mmt and a good 4-7 mmt above most trade est. Thye lowered acres only 11 pct vs most est of a drop of 50 pct. They dropped yield only 5 pct. Our weather guy special report today headline negative PDO may turn US Midwest drier later in 2023.

Soybean and soymeal futures are higher. Soyoil is lower. Soyoil is in a bear market with RSO, palmoil and canola oil all sharply lower. SK tested November low, SMK Jan low and BOK Jan,2022 low. Global crush margins are lower. Given drop in Argentina soybean supply the $50 drop in soymeal futures could be linked to lower demand.

Wheat futures are lowest since July 2021.US north plains and Canada remain cold with more snow expected across US north plains. US SW is dry. US Midwest Delta and SE are wet. More talk of lower US HRW crop and lower US HRS acres/more PP acres. There is talk XI may have agreed to buy Russia wheat. Or China may have return to French market after recent slide in prices. Matif wheat is near 18 month lows on farmer panic selling.

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