Soybeans Down, Wheat & Corn Up


Grains are mixed. SK is down 4 cents and near 14.63. SMK is near 456.9. BOK is near 54.82. CK is up 1 cent and near 6.48. WK is up 4 cents and near 7.03. KWK is up 7 cents and near 8.80. MWK is up 4 cents and near 8.87. US stocks are higher. US Dollar is higher. Crude is higher. Gold, silver, copper, coffee, cocoa, sugar and cotton are lower.

Soybeans and soymeal futures are lower. Could be some liquidation ahead of US weekly export sales and USDA report. Brazil soybean export basis has stabilized but is still lowest price to China and works into US. Global RSO prices have finally stopped trading lower. Old crop RSO and sunoil supplies are high. 2023 EU weather looks good. Dalian soymeal, palmoil and soyoil prices were higher. Soybeans lower. US conventional biodiesel Dec production was down 14 pct. Renewable biofuel was up 6 pct. SK in a 14.50-14.75 range before USDA and April US weather.

Corn futures are a little higher. CN – CZ is near +59. There was another 136 mt of US corn sold to China. That is now 10 days of last 11 of new daily sales. There is more concern about late planting of the US 2023 corn crop. 3 week US Midwest forecast is wet. There is a wide range of guesses for US 2023 corn acres of 87.7-92.2 or 800 mil bu. There is more concern about Ukraine export corridor deal, Quality of Ukraine old crop corn export supplies and 2023 Ukraine crop size. Brazil farmer is selling corn. July Brazil corn values are down to +55 vs CN. CK in a 6.20-6.60 range before USDA and April US weather.

Wheat futures are higher. Still dry in HRW south US plains and wet and cold in HRS north plains. N Africa is dry. KWK-WK spread at new high near +176. Black Sea geopolitical uncertainty, US, Canada, Australia uncertain weather, large EU and Russia wheat supplies and USDA report adds to wheat futures volatility. KWK in a 8.50-9.00 range before USDA and April US weather. Some forecast US 2023/24 HRS stocks to use ratio could be lowest since 2007. Feb, 2008 HRS futures tested 24.00.

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