MORNING AG OUTLOOK
Grains are mixed. US stocks are lower. All is not quiet on eastern front. Biden gave Ukraine approval to fire long range missiles into Russia and putting new administration into risky policy. Ukraine fired first long range missile into Russia. Putin responded by upping Russia nuclear doctrine. US Dollar is near recent highs. Crude is slightly lower. Gold and silver are higher.
SOYBEANS
SH is near 10.16. SH held 10.00 support. Dalian soybean, soymeal were higher. Palmoiil and soyoil were lower. Brazil and N Argentina could see rains. C and S Argentina is drier. Brazil soybean crop is 80 pct planted and during optimal yield timeframe. Soybean bulls reducing shorts due to record US crush demand and good weekly exports. Bears are still looking for lower soybean futures due to record high South America supplies and lower China demand. USDA announced 30 mt US soyoil to India, 261 mt US soybeans to Mexico and 135 mt US soymeal to Philippines. US exports to date are up 9 pct vs ly and vs USDA up 8 pct.
CORN
CH is near 4.41. CH held 4.29 support. CZ-CH spread narrowed into -10. Dalian corn futures were higher. Brazil and N Argentina could see rains. C and S Argentina is drier. Brazil corn futures were lower on better safrina crop outlook. Corn prices supported by strong US export and domestic demand. Some feel higher South America corn crop offers resistance. China Oct corn imports were only 250 mt vs 2 mmt ly. US corn exports to date are up 32 pct vs ly and USDA estimate of up 1 pct.
WHEAT
WH is near 5.71. KWH is near 5.71. MWH is near 6.07. WH held 5.60 support. Resistance is 5.80. Ukraine missile into Russia could support wheat futures. Higher Argentina and Australia combined Dec-May wheat exports could offer resistance. Rains improved US 2025 winter wheat ratings to highest in 5 years for this week. US wheat exports to date are up.
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