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Ag Futures Continued to Rally Overnigh


Grains are higher  SX is up 12 cents and near 14.47. SMZ is near 420.7 BOZ is near 66.49. CZ is up 16 cents and near 6.45. WZ is up 7 cents and near 7.96. KWZ is up 9 cents and near 8.75. MWZ is up 8 cents and near 9.08. US stocks are slightly higher.

US Dollar is mixed. Crude is higher. Gold, copper, coffee and cocoa are higher. Silver, sugar and cotton are lower.

Pro Farmer Midwest crop tour estimated OH corn yield at 174 vs 185 ly and soybean pod count down 5 pct from last year. They estimated SDA corn yield at 118.4 vs 151.4 ly. Pod count was down 13 pct from last year. SD should be the worse corn crop they see but puts increase importance on IA and IL being above last year.

One of the last crop whispers estimates US corn yield near 173. Best crops in IL, IA, MI,WI and ND. Lowest in KS, CO, NE and SD. His US soybean yield is 50.5. Best crops in AR, IL, IA and WI. Lowest in KS, NE, SD and TN. USDA first guess of prevent plan acres were higher than estimates last year and a little friendly corn futures.

Corn futures are higher and near 6 week high. Season to date exports are down 18 pct from last year. Matif corn rallied along with US futures with France crop rated lowest in 11 years. Ukraine exports are behind pace to reach USDA goal. Some talk that originators are unable to send corn to ports due to damaged infrastructure. Wednesday is Ukraine Independence Day and 6 month anniversary of Russia invasion. USDA lowered US crop rating 2 pct to 575G/E.

Soybeans futures continued to rally overnight with SX near 200 DMA and 14.58. SMZ also higher with recent highs near 431.7 in sight. US crushers need to buy soybeans supportive to soybean and soymeal. China feeders continue to buy soymeal. No new China buying soybeans a worry. Season to date US soybean exports down 5 pct vs last year. USDA lowered US crop rating 1 pct to 57 G/E.

Wheat futures continues to rally overnight from oversold tech picture. Matif wheat futures followed US after China bought EU feed wheat. Russia and Ukraine are dry. Russia and Ukraine wheat export pace behind USDA goal. USDA rated US spring wheat crop unch at 64 pct G/E with harvest near 33 versus 74 last year. Euro Dollar below US Dollar for first time since 2002. Season to date US wheat exports are down 22 pct versus last year.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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