Ags Mixed, Higher Start

MORNING AG OUTLOOK

Grain are mixed. SU is up 11 cents and near 14.80. SMU is near 447.4. BOU is near 66.80. CU is down 1 cent and near 5.39. WU is down 2 cents and near 7.17. KWU is up 5 cents and near 8.70. MWU is up 8 cents and near 9.04. US stocks are higher. US Dollar is higher. Crude is higher and nearing $80.

Soybeans are higher. US domestic soymeal basis is firm on talk that buyers are adding coverage before exports increase. Some look for higher weekly US soymeal export sales today. Dalian soymeal prices continue to make new contract highs. US and China crush margins are positive and continues to trade higher. Higher US crush for soymeal is offering resistance to soyoil prices. Matif rapeseed prices are lower due to harvest pressure. Talk that Ukraine oilseeds may be shipped by truck and rail is also offering resistance to EU oilseed prices. Weekly US soybean export sales is est at 50-400 mt old crop vs 127 last week and 300-800 mt new crop vs 760 last week. This weeks USDA flash soybean new crop soybean sales were near 501 mt.

Corn futures are mixed. Weekly US ethanol production was highest since October, 2021. Most of US Midwest rains will be in Lake states and upper Midwest but central Midwest is warm and dry. Most look for Mondays corn crop ratings to drop 1-2 pct.  Weekly US old crop corn sales are est at 100-500 mt vs 236 last week. New crop sales are est at 200-500 vs 49 last week. China imports remain a large unknown with Ukraine exports in question. For now Ukraine is loading corn in small barges.

Wheat futures are mixed. EU Ag Ministers are looking for ways to pay for additional transport cost to move Ukraine grain through solidarity lines. Overnight Russia fired missiles from a submarine at Odesa ports. There is also talk that Russia found explosives on a second civilian vessel. 2nd day of US spring wheat tour est yield near 45.7 vs 47.7 ly and 38 average. USDA 47. Last year 50. Weekly US wheat sales are est at 150-400 mt vs 170 last week.

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