Written Commentary
MORNING AG OUTLOOK
Grains are lower. SU is down 7 cents and near 10.31. SMU is near 316.0. BOU is near 45.75. CU is down 2 cents and near 3.95. WU is unch and near 5.40. KWU is down 2 cents and near 5.58. MWU is down 1 cent and near 5.90. Stocks are higher. US Dollar is higher. Crude is higher. Gold is higher.
SU is near 10.31. Dalian soybeans, soymeal, soyoil and palmoil futures were lower. Brazil soybean export prices were lower and near $423 vs US $436 on increase farmer selling and a slowdown in China demand. There was talk China may have bought a few cargoes of US PNW soybeans. Weekly US soybean export sales are est at 150-600 mt vs 208 last week. Slow US soybean export sales and favorable US Midwest 10 days weather offers seasonal resistance. World vegoil markers mixed with EU sunoil and rapeseed oil higher and Canada and Australia rapeseed oil lower.
CU is near 3.95. US farmer selling increased over 4.00 CU. Brazil corn export prices are near $183 vs US $187, Ukraine is near $200 This week should see normal US Midwest rains with temps normal. Could see some drying in US NW Midwest, Dalian corn futures were higher. Brazil corn export prices were firm. Weekly US corn export sales are est at 500-800 mt vs 538 last week. Weekly US ethanol production was up 5 pct vs last week and up 3 pct vs ly. Stocks were down 2 pct from last week.
WU is near 5.40. Egypt bought Russia wheat at discounted prices. Algeria also bought Russia and E EU wheat. Black Sea weather remains warm and dry. Weekly US wheat export sales are est at 225-600 mt vs 240 last week. WU is trying to bounce off 5.25 support with resistance near 5.50 then 5.67. KWU near support with resistance near 5.81. Talk of higher demand for protein wheat supports MWU near 5.75 with resistance near 6.12.
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