Written Commentary
MORNING AG OUTLOOK
Grains are lower. Forth and back choppy trade continues. SN is down 16 cents and near 13.25. SMN is near 408.9. BON is near 48.16. CN is down 6 cents and near 5.64. WN is down 8 cents and near 5.98. KWN is down 10 cents and near 8.15. MWN is down 8 cents and near 8.01. US stocks are lower. US Dollar is higher. Crude is near $71.87. Trade is still waiting for any news on US debt ceiling talks.
Soybeans are lower. Lack of follow through buying, quick advance of US soybean plantings and low weekly US soybean exports is offering resistance. 66 pct of US soybean crop is planted versus 47 last year. Midwest weather forecast is dry but crop is still rated above average. One crop scout est US crop at 4,530 mil bu vs USDA WOB 4,510 and 4,276 LY. IL is 85, IA 84, AR 83, IN 72, OH 63 and ND 20. Brazil farmer continues to sell beans before corn harvest. EU rapeseed prices are lower due to big 2023 crop. China cancelled palmoil cargoes. Dalian soybean, palmoil and soyoil prices were lower.
Corn is lower. CN found support near 5.50 on tech buying and good weekly exports. Lack of follow through buying and quick advance of US soybean plantings is offering resistance. 81 pct of US corn crop is planted versus 69 last year. Midwest weather forecast is dry but crop is still rated above average. One crop scout est US crop at 15,030 mil bu vs USDA WOB 15,265 and 13,730 LY. IL is 91, IA 95, NE 87, IN 77, OH 66 and ND 32. Brazil safrina harvest will start in 2 weeks. Despite dry weather crop could be record high and add to Brazil storage and logistics issue. Matif corn made new lows. Ukraine offered corn near $225 vs US $254 with no buyers.
Wheat futures are lower. There remains little 2023 weather premium in wheat futures. USDA raised US winter wheat crop rating 2 pct to 31 G/E. KS is 10, OK 10, MO 59, OH 67. WA 67. 64 pct of US spring wheat is planted vs 48 ly and 73 average. ND is 48. Weekly US wheat export remain behind pace to reach USDA goal. 9 vessels were inspected and released for loading for Ukraine. EU will still not allow Russia in SWIFT.
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