by Steve Freed
TGIF. Grains are lower. CBOT closed Monday for holiday. SH is down 4 cents and near 13.72. SMH is near 408.6. BOH is near 58.17. CH is up 1 cent and near 5.89. WH is down 3 cents and near 7.43. KWH is down 8 cents and near 7.51. MWH is down 12 cents and near 8.83. US stocks are higher in front of Bank earnings. US Dollar is mixed. Crude is higher. Copper and sugar are lower. Gold, coffee, cocoa and cotton are higher. Goldman Sachs looks for higher 2022 commodity prices as supply issue have not been resolved and demand continues higher. Looks for gains near 16 pct.
Dalian soybean and corn futures were higher. Soymeal, soyoil, palmoil and rapeoil lower.
S Brazil and N Argentina still forecast for rains next week. Argentina hot/dry before
Extended forecast turns warm and dry for Paraguay, S Brazil and N Argentina LH Jan-March
IGC increased World wheat crop 4 mmt, dropped corn 5 mmt and soybean 12 mmt
China Dec soybean imports 8.8 mmt. YOY 96.5, down 3 pct vs ly. Oct-Dec 22 mmt down 12 pct
China 2022 goal is to increase soybean production 40 pct to 23 mmt by 2025 vs 16 mmt now
US soybean export commit down 24 pct vs ly. USDA down 9 pct. USDA waiting for SA crop data
SH is near 13.72 lowest since Jan 7 14.17. Rosario EX est Argentina soy crop 40 mmt vs USDA 46
Argentina exports 40 pct of World soymeal trade and 50 pct of World soyoil trade
Trade estimates NOPA December soybean crush near 185 mil bu vs 179 Nov and 183 last year
Some estimates of Brazil soybean crop near 134 mmt vs USDA 138. Could help US exports
CH near 5.89 and 4 week low. Argentina corn rated 23 G/E vs 40 lw. Rosario crop 48 vs USDA 54
Some estimate Brazil corn crop near at 113 mmt vs USDA 115. Could help US exports
Matif corn futures 6 week low. Following lower wheat. Ukraine cyber-attack on gov website
KWH lower. WH 2 month low. No US wheat to Iraq. Matif 3 month low. N Africa dry. US dry
Australia wheat futures sharply lower. Increase south hemisphere wheat crops negative
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