Written Commentary
MORNING AG OUTLOOK
Happy Friday! Grains are mixed. SU is up. CU is up. WU is down. KWU is down. MWU is down. Stocks are lower. US Dollar is lower. Crude is higher. Gold is higher. Weekend risk remains Middle East. Futures are trading 3 US interest rate cuts in 2024.
SU is near 10.17. Dalian soybean, soymeal, soyoil and palmoil futures were higher. US soybean futures may have found some support near 10.00 before next weeks USDA report. USDA reported a few cargoes of US soybeans to China. China may also be asking for US Oct prices. China soybean crush margins have improved but port stocks are still high. June US soybean crush was 183.7 mil bu vs 174.5 ly. US old crop soybean sales were 376 mt. Total commit is 45.5 vs 52.7 ly. New crop sales were 623 with total commit only 3.5 mmt. StoneX est US crop up 48 mil bu vs USDA. Harvested acres were left at 85.3.
CU is near 3.83. Dalian corn futures were lower. US corn futures may have found some support near 3.80 before next weeks USDA report. US old crop corn sales were only 167 mt. Total commit is 55.2 vs 40.1 ly. New crop sales were 711 with total commit 5.5 mmt. StoneX est US crop up 107 mil bu vs USDA. Harvested acres were left at 83.4. IL corn yield 210, IA 210, IN 205. NE 193. Argentina left their corn crop at 46.5 mmt vs USDA 52.0.
WU is near 5.30.World wheat prices may be trying to bottom as Russia prices are slowly trending higher. Wheat futures remain oversold. Matif wheat futures are lower despite talk of lower French crop and quality. Australia wheat futures remain near season lows. Crop is est near 30 mmt vs USDA 29. Wheat export sales were 286 mt, Total commit is near 8.3 mmt vs 5.8 ly.
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