Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SU is down. CU is unch. WU is up. KWU is up. MWU is up. US stocks are lower. US Dollar is higher. Crude is unch near $72. Some Middle East tension risk is being removed.
SU is near 9.57. Market is oversold. Dalian soybean, soymeal, soyoil and palmoil futures were higher. 2 week dry and warm US Midwest forecast offers support. Wednesday GFS added rain next week. Pro Farmer IA and IN soybean pod count were higher than last year. IL highest on record. USDA announced 132 mt US new crop soybeans to China and 121 mt new crop to unknown. Weekly US old crop soybean export sales are est at 100-400 mt vs 221 last week. Weekly US new crop soybean export sales are est at 500-1,350 mt vs 1,344 last week .
CU is near 3.76. Dalian corn futures were higher and near 1 month high. 2 week dry and warm US Midwest forecast offers support. Wednesday GFS added rain next week. Pro Farmer IL corn yield was 204 vs 193.7 and highest in tour history and IA 176-196. Weekly US old crop corn export sales are est at 100-300 mt vs 120 last week. Weekly US new crop corn export sales are est at 500-1,025 mt vs 800 last week .
WU is near 5.22. WU remains in a 5.15-5.50 range with volume in decline. Parts of Black Sea wheat areas are dry while parts of Russia spring wheat areas have turned wetter. US south plains is warm and dry. Global wheat import demand remains slow and limits upside in US and Matif futures. Slow farmer selling offers support. Weekly US wheat export sales are est at 250-500 mt vs 339 last week. Canada rail strike could happen as soon as today.
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