Grains Are Mixed as UN Food Index Down
Grains are mixed. SU is unch and near 13.82. Overnight high was 14.02. SX is near 13.67. SN is near 16.00. SMU is near 398.6. BOU is near 60.95. CU is up 3 cents and near 6.12. CN is near 7.52. CZ is near 6.02. WU is up 19 cents and near 8.56. KWU is up 13 cents and near 9.02. MWU is up 30 cents and near 9.65. US Midwest and EU 2 week forecast is dry.
US stocks are lower in front of jobs report. US Dollar is higher. Crude is mixed and near $99. Gold, silver, copper, coffee, sugar, cocoa and cotton are lower.
UN June food index was 154.2 down 3 pct from May but still 23 pct above ly. Cereal 166.3 down 4 pct from May but still up 48 pct from ly. Wheat down 5.7 pct from May but up 48 pct ly. Meat record high at 124.7. Vegoil 211.9 down 7 pct due to lower palmoil prices. Dairy 149,8 up 6 pct from May and up 25 pct ly. Sugar 117.2 down 3 pct from May.
Dalian soybean, soymeal, palmoil and soyoil were higher on profit taking after CBOT gains. China domestic soymeal and soybean import buying remains slow. Weekly US exports sales est near -300- 300 mt. Some added to short soybean positions looking for negative sales. CONAB est Brazil soybean crop at 124 mmt vs USDA 126. SU resistance 14.04.
Rumors China bought US Jan-Feb PNW corn. CONAB est corn crop at 115.7 mmt vs USDA 116. Argentina corn harvest 53 pct vs 64 ave. Crop rated 15 pct G/E. Crop 49 mmt vs USDA 53. Ukraine corn price to farmers = $1.00 per bushel. Why harvest? Weekly US export sales 200-500 mt old crop and 0-300 mt new. CU resistance 6.28.
EU dryness helping wheat futures. Talk of China buying US white wheat also supportive. India banned flour exports. Ukraine 10 mmt wheat exports in question. Russia exports also questions with thin vessel line up and fact Russia cannot price forward contracts. 40 pct Argentina wheat soils rated poor. Crop rated only 21 pct G/E. Crop est at 19 mmt vs USDA 22. Ukraine wheat price to farmers = $2.10 per bushel. Why harvest? Why plant winter wheat?
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