Written Commentary
MORNING AG OUTLOOK
Grains are higher. Stocks are lower. US Dollar is higher. Crude is lower. Gold is lower. Concern about China demand weighed on commodities.
SU is near 10.43. Dalian soybeans and palmoil futures were lower. Brazil soybean export prices were lower on increase farmer selling and a slowdown in China demand. Weekly US soybean export sales were 360 mt vs 208 last week. Total commit is down 14 pct vs ly. USDA announced 610 mt new crop soybean sales to unknown. There was also 150 mt new soymeal sales. Favorable US Midwest 10 days weather offers seasonal resistance. Matif rapeseed prices continue higher.
CU is near 3.92. This week should see normal east US Midwest rains with temps normal. Could see some drying in US NW Midwest, Funds added to shorts on talk of higher US crop. Some trading a US yield near 184. Dalian corn futures were higher. Brazil corn export prices were firm. Ukraine corn export prices are high. Weekly US corn export sales were 437 mt vs 538 last week. Total commit is up 38 pct vs ly. China will continue anti-dumping probe against several EU pork exporters.
WU is near 5.36. While World Wheat trade increased, sales were mostly done by Russia. Black Sea weather remains warm and dry. US wheat export commit is up 48 pct vs ly. US. New US HRS sales to EU helps support Minneapolis. French harvest near done with crop and quality lower than average. Harvest moving north and east which should find a better crop. Slow US SRW sales offered resistance to futures. IGC increase World wheat crop 8 mmt to 801.
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