Written Commentary
MORNING AG OUTLOOK
Grains are lower. SU is down 5 cents and near 9.51. SMU is near 310,8. BOU is near 39.92. CU is down 1 cent and near 3.76. WU is down 1 cent and near 5.26. KWU is unch and near 5.40. MWU is down 3 cents and near 5.84. US stocks are higher. US Dollar is lower. Crude is lower. Gold is higher.
SU is near 9.51. Dalian soymeal, soyoil and palmoil futures were higher. 2 week dry and warm. US Midwest forecast is offering support. Pro Farmer SD and OH soybean pod count were slightly lower than last year. USDA announced 332 mt US new crop soybeans to China. USDA also announced 110 mt US new crop soybeans to unknown. Need daily sales to China to push futures closer to 10.00. US export inspections are down 15 pct vs ly. After the close, USDA left the US crop rate 68 pct G/E vs 59 ly.
CU is near 3.76.. Dalian corn futures were higher. 2 week dry and warm US Midwest forecast is offering support. USDA left the crop rated 67 pct G/E. 30 pct of the crop is dented with 5 pct mature. Pro Farmer SD corn yield was 156.5 and OH 183.2 and slightly lower than last year .US corn exports are up 38 pct vs last year. US corn export prices ae 20 cents below Brazil. Fact US farmer has 2023 corn to sell before harvest and 2024 corn offers resistance.
WU is near 5.26 .Lower US Dollar offers support. Parts of Black Sea wheat areas are dry while parts of Russia spring wheat areas have turned wetter, Still, there is talk of higher Russia wheat exports. US south plains is warm and dry. USDA rated US spring wheat crop up 1 pct and 73 G/E. 31 pct of crop is harvested. US exports are up 26 pct vs ly. Global wheat import demand remains slow and limits upside in US and Matif futures. MWU is supported by possible Canada rail strike.. Canada all wheat crop is est near 37 mmt vs USDA 35.
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