File(s) attached include daily estimate of funds and FI export sales estimates
CBOT May soybeans are lower in a risk off session. Products also fell. While no Ukraine/Russia cease fire in sight, look for the soybean complex to see a choppy trade for the remainder of this week. Palm oil traded 102 points lower to 6,660 MYR and cash was up $10/ton. China agriculture futures rallied. USDA NASS reported the January US soybean crush at 194.3 million bushels, 0.6 above a Bloomberg trade guess and below 198.2 million for December. Soybean oil stocks came in at 2.500 billion pounds, 51 million pounds above a trade guess and highest since April 20th.
Despite sharply higher WTI crude oil, CBOT corn futures are mostly lower from lower soybeans and some risk off. May futures rallied above $7.45 overnight. Traders will be watching out for China grain import announcements. China was rumored yesterday to be looking around for US corn. Russia and Ukraine provide about a fifth of the world’s corn supplies for the export market. WTI over $110/barrel early Wednesday. 3 major oil companies ceased operations in Russia this week. A Bloomberg poll looks for weekly US ethanol production to be up 18,000 barrels to 1.027 million (1010-1041 range) from the previous week and stocks up 61,000 barrels to 25.544 million.
Chicago wheat futures rose above $10.50 a bushel for the first time since March 2008, extending a rally as Russia’s invasion continues. More and more countries are taking steps to ensure food security. Chicago SRW wheat is back near a 14-year high. Around 5 am CT, that contract saw a wild swing, a reminder how volatile and easy one could get blown out of a position. May EU wheat futures were up 6.00 euros at 346.25 euros at the time this was written. MGEX spring wheat stocks are down 10.4% from year ago.
SK’s KFA bought 134,000 tons of corn at around $413.23/ton c&f. Tunisia’s state grains agency bought about 100,000 tons of durum wheat. Japan started buying milling wheat from the US. Turkey started buying wheat for their import tender for up to 435,000 tons of soft wheat.
Wheat, butter & milk limits expand
https://www.cmegroup.com/trading/price-limits.html
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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IssuesAndStopsReport030222.pdf
deliverable-commodities-under-registration030222.xls