Soybean Prices Continued Tues Rally Overnight
Grains are mixed. SN is up 18 cents and near 17.46. SX is near 15.63. SMN is near 420.8. BON is near 82.58. CN is up 7 cents and near 7.64. CZ is near 7.16. WN is unch and near 10.71. Overnight high was 10.84. KWN is up 1 cent and near 11.50. Overnight high was 11.61. MWN is unch and near 12.27. Overnight high was 12.39.
US stocks are lower. US Dollar is higher. Crude is higher and near $120. Gold, copper, silver, cocoa and sugar are lower. Coffee and cotton are higher.
Soybean prices continued Tuesdays rally overnight. US April census soybean exports were 134 mil bu or up 16 versus inspections. This suggest final exports could be closer to 2,190 mil bu vs USDA 2,140. Soymeal futures have rallied on talk US crushers may be taking downtime in part for maintenance, lower margins and drop in soybean supplies. Soyoil has been on the defensive versus soymeal on steep drop in Brazil soyoil premiums. Indonesia also lowered their palmoil export tax.
Corn futures rallied on strong domestic basis and talk of higher export demand. Some feel US corn exports could be closer to 2,700 mil bu vs USDA 2,500. US April corn exports were 35 mil bu higher than inspections. There is also talk that Russia and Turkey talks are all about Russia sending warships through Bosphorus and Turkey attack on Turks, not Ukraine export corridor. Possible ridging in US west Midwest starting mid-June also supports higher corn futures.
Wheat has dropped on headlines of progress in talks to allow for Ukraine food exports. Some feel that there will be nothing positive from the talks and Ukraine exports are barred from border crossing. USDA will have a mess with World wheat export matrix with India banning exports and fears of lower Canada, EU and US 2022 supplies for export.
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