Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SU is up 3 cents and near 9.42. SMU is near 305.7. BOU is near 39.87. CU is up 2 cents and near 3.73. WU is down 6 cents and near 5.24. KWU is down 3 cents and near 5.36. MWU is down 2 cents and near 5.90. US stocks are lower. US Dollar is lower. Crude is lower on concern over China demand.
SU is near 9.42. Dalian soybean, soymeal and soyoil futures are lower. 2 week dry and warm US Midwest forecast is offering support. Pro Farmer tour yields this week could offer resistance. Most est US 2023/24 soybean carryout near USDA 345. Some could see US 2024/25 soybean carryout near 535 vs USDA 560, This due to higher crush. Trade still hoping for more China buying US new crop soybeans
CU is near 3.73. Pro Farmer tour yields this week could offer resistance. Most est US 2023/24 corn carryout near USDA 1,867. Some could see US 2024/25 corn carryout near 2,279 vs USDA 2,073, This due to record crop. Trade still hoping for more Central America and Asia buying US new crop corn. Fact US farmer has 2023 corn to sell before harvest and 2024 corn offers resistance.
WU is near 5.24.Lower US Dollar and talk of tight non US World exporters stocks to use ratio offers support. Parts of Black Sea wheat areas are dry while parts of Russia has turned wetter, Still, there is talk of higher Russia wheat exports. US south plains is warm and dry. Global wheat import demand remains slow and limits upside in US and Matif futures. MWU is supported by possible Canada rail strike.
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