MORNING OUTLOOK
Grains are mixed. SH is up 1 cent and near 12.73. SMH is near 361.2. BOH is near 54.61. CH is down 1 cent and near 5.90. WH is up 6 cents and near 7.83. KWH is up 3 cents and near 7.99. MWZ is up 7 cents and near 10.29.
US stocks are marginally higher. EU and Asia stocks lower. Crude is higher. US Dollar is higher. US inflation data today. New EU virus restrictions offering resistance to commodities.
Dalian soybean, corn, palmoil and soyoil futures were lower. Soymeal was higher.
US south plains and Midwest dry. Temps turn warmer. Australia weather improving. EU normal. South 1/3 Braizl and NE Argentina will see mostly dry weather over nexr 7-10 days.
US soybean board crush margins lower. Soyoil as pct of crush lowest since April. SH in between 12.53 support and 12.88 resistance. USDA did not change US carryout. USDA est US soybean carryout at 340 mil bu vs 340. World end stocks 102.0 mmt vs 103.8. Analyst est US carryout near 375. 2022 US acres 87.5, crop 4,450, carryout 400. USDA left SA soybean crops unch. Argentina lowered the crop from 88 G/E to 75.
Some feel that that CH may be in a 5.60-5.90 range. Dry SA weather could push to 6.25-6.50. USDA est US corn carryout at 1,493 mil bu vs 1,493. World end stocks 305.5 mmt vs 304.4. Analyst est US carryout near 1,200. 2022 US acres 92.0, crop 15,300, carryout 1,540. Argentina lowered corn rating 5 pct to 85 G/E. EU supplies up 5 mmt. Export are down 40 pct ly.
US wheat futures lower on new concern about World import demand. Trade watching US and Russia relations and impact conflict would have on wheat exports. Matif wheat futures ended lower on talk of lower EU exports and higher supplies. USDA est US wheat carryout at 598 mil bu vs 583. World end stocks 278.2 mmt vs 275.8. Analyst est US 2021/22 wheat carryout near 650. 2022 US acres 48.5, crop 2,050. USDA raised Russia crop. Export are 36 mmt vs trade est of 31-32. Australia/Canada crop higher.
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