Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SN is down 3 cents and near 12.46. SMN is near 385.5. BON is near 44.12. CN is unch and near 4.68. WN is up 1 cent and near 6.50. KWN is down 3 cents and near 6.71. MWN is down 2 cents and near 7.23. Stocks are higher. US Dollar is higher. Crude is higher. Gold is lower
SN is near 12.49. Weekly US exports were 12.8 mil bu. Season to date exports are 1,437 vs 1,758 ly. USDA est US soybean plantings at 25 pct and below trade est. AR 65, IL 31, IA 30, MN 17 and NE 18. US farmers increase cash sales on Mondays rally. Trade est US 2024 soybean crop near 4,440 mil bu vs 4,165 ly. Trade est US 2023/24 carryout at 339 mil bu vs USDA 340 and estimate US 2024/25 carryout at 431 mil bu. One crop watcher est Brazil soybean crop at 147 mmt vs USDA 155. He est Argentina soybean crop at 51 mmt vs USDA 50. Dalian soymeal and soyoil were higher.
CN is near 4.70. Weekly US exports were 50.6 mil bu. Season to date exports are 1,298 vs 979 ly. USDA est US corn plantings at 36 pct and below trade est. IL 32, IA 20, MN 42 and NE 31. US farmers increase cash sales on Mondays rally. Trade est US 2024 corn crop near 14,887 mil bu vs 15,342 ly. Trade est US 2023/24 carryout at 2,100 mil bu vs USDA 2,122 and estimate US 2024/25 carryout at 2,284 mil bu. One crop watcher est Brazil corn crop at 112 mmt vs USDA 124. He est Argentina corn crop at 47 mmt down 2 mmt from previous est and vs USDA 55.
WN is near 6.47. US farmers increase cash sales on Mondays rally. Weekly US exports were 11.8 mil bu. Season to date exports are 634 vs 678 ly. USDA rated US winter wheat crop at 50 pct G/E. Trade estimate US 2024/25 carryout at 786 mil bu due to higher crop. Trade est US 2024 all wheat crop at 1,884 mil bu vs 1,812 ly. Winter wheat 1.311 vs 1,248 ly. Trade est World 2023/24 wheat end stocks near 256.9 mmt vs 258.3 last month.
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