Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SN is up. CN is down. WN is down. KWN is down. MWN is up. US stocks are higher. US Dollar is higher. Crude is slightly higher but near $73 and lowest price since Feb. Gold is range bound and off season high.
SN is near 11.84. SN-SX spread near +26. SX-SH25 -17 and widening. Talk of higher global soybean supply, drop in global crush margins, slowdown in new demand for US soymeal export and uncertain demand for US biodiesel demand offers resistance. China soybean port stocks are increasing.
CN is near 4.41. CN-CZ near -20. US Midwest. 6-10 day is drier and warmer. Demand for US corn export is growing into EU, N Africa and Asian via from US PNW. There is talk of higher ethanol production. Brazil safrina harvest is near 4 pct MG yields up 2 pct vs ly. RGDS harvest is slow, with talk of mold.
WN is near 6.61. WN-WZ spread near -47. KWN is near 6,91, KWN-KWZ spread is -33. MWN us near 7.28. There is some new demand for US wheat from Asian buyers. Large quantity of wheat and lower prices offered to both Algeria and Egypt offered resistance. Egypt bought 180 mt Romania, 120 mt French, 120 mt EU and some small sellers of 100 mt. There were no Russia offers EU annual imports are down 32 pct vs USDA 10 and export are higher. Australia wheat futures were lower on talk west Australia rains. Favorable start to Canada and US HRS crop is offering seasonal resistance.
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