MORNING AG OUTLOOK
Grains are slightly higher. SX is up 1 cent and near 12.96. SMZ is near 438.2. BOZ is near 51.38. CZ is up 1 cent and near 4.85. WZ is up 2 cents and near 5.83. KWZ is up 3 cents and near 6.66. MWZ is up 8 cents and near 7.36. US stocks are lower . US Dollar is mixed. Crude may have found support near 82.94.
Soybean futures are slightly higher. Soymeal rallied Tuesday on talk of fund buying due to dryer long range SA weather forecast. Talk of higher US crush offset lower Argentina crush. US domestic soymeal basis remains firm despite higher futures. Sep Argentina crush was down to 1.8 mmt vs 2.0 in August and 2.8 ly. Extension of Argentina peso soybean policy could increase farmer selling. Matif rapeseed futures near 4 month low. Dalian soybean and SBO futures were lower. Central Brazil rains appear to be spotty
Corn futures are higher. CZ Is may be finding key support near 50 DMA. Lack of confirmation of China interest in US corn is offering resistance. USDA did announce more corn to Mexico. Midwest rains could slow harvest. US famer selling remain slow into processors. Brazil could see showers this week. Drier next week. Safrina corn plantings are near 42 pct. Argentina has seen needed rains. Argentina corn plantings are near 20 pct. Ukraine corn crop is estimated near 30.7 mmt or up 17 pct vs ly.
Wheat futures are higher. WZ remains between 5.72 support and 5.91 resistance. There remains uncertainty over Russia and Ukraine export pace. USDA will start weekly WW crop ratings Monday. Some could see as high as 50 pct G/E and highest since 2019 Wheat futures remain volatile near season lows. Is there any US export program? Australia futures are lower on increase harvest pressure.
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