Wheat Futures Up Led By KC
MORNING AG COMMENTARY
Grains are mixed. SN is down 4 cents and near 13.59. SX is down 4 cents and near 12.02. SMN is near 426.8. BON is near 47.50. CN is down 5 cents and near 5.75. CZ is up 1 cent and near 5.06. WN is up 3 cents and near 6.51. KWN is up 15 cents and near 9.10. MWN is up 6 cents and near 8.87. US stocks are higher. US Dollar is higher. Crude is unch and near $71.
Soybeans are lower. US Midwest weather is mostly favorable. Some feel World 2023/24 soybean supply will increase. This weighed on soybean futures Tuesday. Lower weekly US soybean exports also offered resistance. Soybean open interest and daily volume is increasing on selloff. Futures are becoming oversold and SN is back testing July,2022 lows. Soymeal open interest continues to increase on decline in prices. Some concern about global soymeal demand vs lower alternatives offsets lower Argentina exports. SMN in 416-442 range. BON is back testing Feb, 2021 lows on too much global vegoil supplies. BON open interest continues to increase.
Corn is lower. US Midwest weather is mostly favorable. Some feel World 2023/24 corn supply will increase. This and concern about lower demand for US corn weighed on corn futures Tuesday. Some concern about slower China economy offering resistance to commodity prices. US Dollar is higher on some hope of a US debt increase deal. Hog futures are trading higher and off resent low. Cattle futures are finding key resistance. CN trying to find support near 5.70. Resistance is 6.00.
Wheat futures are higher. WN following higher KWN and MWN despite talk of higher US SRW crop and lower export demand. KWN is higher after annual KC wheat crop tour estimated first day north KS yield at lowest since 2003 and 29.8. 5 year average is near 45.3. Dry weather and recent cold temps have dropped yield outlook. Tour also estimated NE crop at 30 mil bu vs USDA 33 and CO 54 mil bu vs USDA 49.
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