MORNING AG OUTLOOK
Grains are higher. SN is up 7 cents and near 14.44. SMN is near 427.5. BON is near 54.86. CN is up 2 cents and near 5.98. WN is up 6 cents and near 6.66. KWN is up 14 cents and near 8.47. MWN is up 11 cents and near 8.47. US stocks and US Dollar are mixed. Crude is higher. GSI Commodity index gapped open higher overnight. Copper, coffee, cocoa, sugar and cotton are higher.
Soybeans futures are higher and near 14.50 on talk of lower Argentina supply and fact summer Brazil soybean export premiums rallied on talk of declining soybean supply. This could increase China buying old crop Brazil soybeans and new crop US soybeans. SX is near 12.86 resistance. This week will be USDA Supply and Demand update. Some feel they could lower US soybean exports and with higher US 2023 crop could also estimate US 2023/24 soybean carryout near 380. Some look for net buying after the report.
Corn futures are marginally higher on talk of lower Argentina supply and higher commodity prices. This week will be USDA Supply and Demand update. Some feel they could lower US corn exports and with higher US 2023 crop could also estimate US 2023/24 soybean carryout near 2,170. CN resistance 6.00 then 6.20. Next CZ resistance is near 5.45. Some look for net buying after the report. US Midwest 30 day outlook calls for normal to below rains and normal temps. Major storm hitting IL today.
Wheat futures rallied on talk of lower US HRW supply, cold US HRS weather, dry Canada weather, higher commodity prices and lower US Dollar. This week will be USDA Supply and Demand update. Some feel they could lower US wheat exports and could estimate US 2023/24 carryout near 625. WN support appears near 6.50 with resistance 6.64 then 6.88. Some look for net buying after the report. US south plains 30 day outlook calls for below normal rains and above normal temps.
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