Grains Mixed/Lower on Low Volume
Grains are mixed to lower on low volume. SK is down 3 cents and near 15.16. SMK is near 473.0. BOK is near 61.45. CK is down 1 cent and near 6.72. WK is down 3 cents and near 7.77. KWK is up 2 cents and near 8.85. MWK is up 2 cents and near 9.20. US stocks are mixed. US Dollar is lower. Crude is mixed. Gold, silver, copper, coffee, sugar and cotton are higher. China imposed sanctions on Lockheed and Raytheon.
NOPA crush was lower than expected. SBO stocks were lower than expected. This is offering resistance to soybean and soymeal futures and helping soyoil. BOK could be forming a technical bottom. Dalian soybean, palmoil and soyoil futures were higher. Soymeal was lower. Key SMK support is near 468.0. Central Brazil continues to see showers but harvest is moving along. Farmer is selling. This continues to weigh on Brazil soybean exports prices and is adding to export supplies. Weekly US soybean export sales are est near 400-800 mt. Some feel soybean and soymeal futures may be forming a technical and fundamental top.
Corn futures ran up again against resistance near 6.90 CK. 6 week high in US Dollar and higher US ethanol stocks offered resistance. There remains uncertainty over futures of Ukraine export corridor deal which expires March 19. Almost the entire Russian army is now in Ukraine, There is talk that EU and French farmers could drop corn acres 6-10 pct due to drop in profit. EU corn prices are now a premium to wheat. There is 114 vessels in Bosphorus waiting to be inspected. 35 of the vessels have been waiting 35-56 days. US rains continue in south, SE and east Midwest. Snow in north plains and great lakes. Weekly US corn export sales are est near 600-1,200 mt.US total commit is still 40 pct below ly. For rest of year sales need to average 30 pct above ly to reach USDA export goal.
Wheat futures are mixed. Word that India could become a net exporter of wheat weighed on futures. It would appear that India may be more of an exporter of meal than wheat especially if 2023 monsson is less than normal. Matif wheat futures saw some profit taking. East Europe farmers are net sellers of stocks. Wheat futures have now droped below corn. US south plains remain mostly dry with light snow. Delays in inpectiosn of Black Sea vessels and escelation of Ukraine war could slow pace of Ukraine and Russia wheat exports. Putin continues to warn that the Ukraine export corridor deal may not be extended unless Russian sanctions are eliminated. Weekly US wheat export sales are est near 250-500 mt.
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