Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SN is near 14.99. SU is up 8 cents and near 13.80. SX is near 13.16. SMU is near 407.6. BOU is near 56.07. CN is near 6.31. CU is down 1 cent and near 5.83. CZ is near 5.86. WU is up 23 cents and near 7.69. KWU is up 19 cents and near 8.81. MWU is up 14 cents and near 8.87. US stocks are lower. US dollar is lower. Crude is mixed and near $69. World Central Banks raising rates to fight inflation could put economies into recession
Soybean futures are higher. IL missed weekend rains. Rains were in Dakotas, MN, WI and N IL. For the next ten days includes an expansion of drought and dryness intensity in the southwestern U.S. Corn Belt and slow relief for northern, central and eastern parts of the Midwest, although most of the relief is expected to be temporary with a big need for more routinely occurring rainfall and mild summer temperatures. Trade est US 2023 soybean acres at 87.6 vs 87.5 in March. Trade est June 1 soybean stocks at 812 mil bu vs 968 ly.
Corn futures are lower. Weekend rains were in Dakotas, MN, WI and N IL. This may be offering resistance. C IL missed the rains. A majority of the Midwest will get rain at one time or another offering short term relief, but the southwestern corn and soybean production region will be driest leaving that region set for expanding dryness. Areas from Kansas, Missouri and the Delta into southwestern Illinois will get back to the 90s and near 100 degrees Thursday and Friday ahead of the next wave of rain and cooling. Trade est US 2023 corn acres at 91.8 vs 92.0 in March. Trade est June 1 corn stocks at 4,255 mil bu vs 4,349 ly.
Wheat futures are higher. There remains uncertain by World buyers especially Egypt, Saudi Arabia, Algeria, Morocco, E Africa and SE Asia (India) in confidence of Russia wheat exports. Trade est US 2023 all wheat acres at 49.6 vs 49.8 in March. Trade est June 1 wheat stocks at 611 mil bu vs 698 ly.
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