by Steve Freed
Grains are mixed. SK is up 20 cents and near 16.79. Overnight high was 16.96. SMK is near 464.1. BOK is near 74.68. CK is down 6 cents and near 7.44. WK is unch and near 12.94. Overnight high was 13.63. WH is down 121 cents and near 13.04. KWK is down 31 cents and near 12.20. MWK is down 23 cents and near 11.74. US stocks are higher. US Dollar is lower. Crude is higher and near $119. Gold, silver and copper are higher. Gold is trading near $2,010.
Talk that Russia could stop fuel exports to Europe has markets on edge.
USDA March World crop report Wednesday. CONAB crop update Thursday. USDA will need to decide either use CONAB Brazil soybean crop of 125 or trade est of 129. Brazil soybean harvest is near 50 pct done. C Brazil rains slowing harvest. Season to date US soybean exports are near 1,520 mil bu or down 22 pct last year. Some analyst estimate US soybeans 2021/22 carryout near 220 USDA 325. World rapeseed prices sharply higher. Dalian soybean and soyoil futures are lower. Soymeal is higher. China Jan-Feb soybean imports up 4 pct ly. Season to date down
7 pct vs USDA est of a 3 pct drop.
Some estimate Black Sea corn exports could be down 15 mmt. South America corn exports could be down 10 mmt. Season to date US corn exports are near 975 mil bu or down 11 pct last year. Some analyst estimate US corn 2021/22 carryout near 1,200 USDA 1,540. Trade concerned if Ukraine can plant 40 mmt 2022 corn (1,600 mil bu) and export 33 mmt.
US WCB and plains forecast drier and colder than normal. USDA rated KS crop 24 pct G/E vs 25 last week, TX 7 vs 8 and OK 16 vs 11. USDA est US 2022 winter wheat acres at 34.4 million or highest in 6 years. Season to date US wheat exports are near 582 mil bu or down 15 pct last year. Some fear World wheat supply could be down 20 mmt from USDA estimate.
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