Written Commentary
MORNING AG OUTLOOK
Grains are mixed SN is up. CN is down. WN is up. KWN is unch and MWN is up 4 cents and near 6.00. Meats were higher. US stocks are lower. US Dollar is lower. Crude is near $81. US Presidential debate tonight. USDA acreage and stocks report Friday.
SN is near 11.76. Heavy NW US Midwest rains offers support. There was talk US meat producers are buying Argentina soymeal for import. Weekly US soybean exports sales are est at 300-600 mt. Trade est US soybean acres near 86.75 million vs 86.51 in March. Trade also est June 1 stocks at 962 vs 796 ly with most stocks off farm. Dalian soybean futures were higher, soymeal was higher and palmoil and soyoil were higher.
CN is near 4.25. AI trading machines continue to sell weakness. Trade afraid to add weather premium despite talk of lower Brazil and Argentina crops and continue dryness in Mexico and S Midwest. N Midwest is wet. US ethanol production was down 1 pct vs ly. Weekly US corn exports sales are est at 400-1,100 mt. Trade est US corn acres near 90.35 million vs 90.03 in March. Trade also est June 1 stocks at 4,873 vs 4,103 ly with most stocks on farm. US ethanol production was down 1 pct vs ly. US weather may be slowing production. Dalian corn futures were higher and 1 year high.
WN is near 5.43. Global harvest pressure has weighed on futures. US is above 50 pct. EU, Ukraine and Russia are lowering export prices to find demand offers resistance to futures. Russia weather is turning warm and dry, helping winter crop harvest but stressing summer crops, Trade est US wheat acres near 47.65 million vs 47.49 in March. Trade also est June 1 stocks at 684 vs 570 ly with most stocks off farm.
Matif funds sold 34,000 contracts and reduced long to 25,000.
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