Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SX is up. CZ is up. WZ is down. KWZ is down. MWZ is down. US stocks are higher. US Dollar is unch. Crude is lower Gold is lower. CBOT will be closed Sunday night and Monday for holiday. Will reopen Monday night.
SX is near 10.01 and above 20 day MA. Dalian soybean, soymeal, soyoil and palmoil were higher. China feed margins are improving. Weekly US old crop soybean sales were down 143 mt with new crops sales were up 2,615. US new crop sales are near 10 mmt but still down 3 mmt vs ly. SA weather is dry before plantings. US soybean premiums are firming on increase demand and lower Miss river water levels. Some look for next weeks US crop rating to drop due to warm and dry weather. SU deliveries 6, no SMU and 35 soyoil.
CZ is near 3.97. Weekly old crop export sales were 15 mt with new crop up 1,494 mt. US export commit is 55.9 mmt vs 40.6 ly. Dry SA weather before plantings is trying to offset big US crop and no China buying. Some look for next weeks US crop rating to drop due to warm and dry weather. Final yields could be below USDA 183.There were 12 corn deliveries.
WZ is near 5.47. Weekly US export sales were 532 mt vs 492 last week. Russia wheat exporters remain aggressive sellers to cash buyers.. US Dollar is higher and energy prices are lower. US farmer panic selling HRS is offering resistance to spreads. Trade was hoping for futures short covering into long holiday weekend. There were 416 deliveries.
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