by Steve Freed
Grains are mixed. SK is up 4 cents and near 16.73. Overnight high was 16.81. SMK is near 461.9. BOK is near 73.28. CK is up 15 cents and near 7.63. Overnight high was 7.72. WK is up 75 cents and near 12.09. Synthetics were trading near 12.58 on Thursday. KWK is up 75 cents and near 12.25. MWK is up 60 cents and near 11.78. US stocks are lower. US Dollar is higher. Crude is higher and near $106. Gold, silver, copper, coffee are higher. Cocoa, sugar and cotton are lower. Dalian soybean, soymeal, palmoil, and soyoil are lower. Corn is higher.
Ukraine invasion continues. Russia capture of Ukraine nuclear power plant adds to risk. Ukraine said reactor explosion would be 10 times worse than Chernobyl.
NATO meeting on Article 4 of NATO treaty with Russian troops 20 km from Estoria border
Problems with Ukraine planting 2022 crops; logistics, fuel, seed, fertilizer, spare parts and labor
The Biden administration is considering biofuel waivers to ease food inflation
For the first time World/US business TV is talking about food inflation especially wheat
WH is near 13.40 and above all time high of 13.34 in 2008. KWK near 12.25 vs 2008 13.84 high
US south plains HRW weather warm and dry. Delta, TN and OH valley wet.
Matif wheat up 25 euros. French wheat $430, Baltic $445, Germany $446. US SRW $468
US wheat export commit down 23 pct vs ly. Trade est US carryout 628 mil bu vs USDA 648
US soybean export commit down 16 pct ly. New crop commit is record high for this week.
Argentina rated soybean crop 25 pct G/E and crop 42 mmt versus USDA 45
USDA will need to decide either use CONAB Brazil soybean crop of 125 or trade est of 129
CK-CN spread +45 and record high. Barge freight higher. Cif corn higher. Pipeline needs corn
Matif corn higher. EU end users beginning to panic due to drop in corn supplies.
South Korea feed producers declared force majeure on deliveries due to no Ukraine imports
Dry C Brazil raising corn concern about 2nd corn crop outlook. Crop could be below 110 mmt
Chilling talk that World is one bad US crop from a disaster low grain and oilseed supply.
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