Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SU is up. CU is down. WU is down. KWU is down. MWU is down. Stocks are lower. US Dollar is higher. Crude is mixed. Gold is higher.
SU is near 10.66. Drier US west Midwest weather could offer support. USDA rated the crop 68 pct G/E, unchanged from last week and vs 54 ly. IA is 74, IL 76, MO 79, MN 57 and OH 68. Weekly exports were down 16 pct vs ly and USDA down 14. Dalian soybean, soymeal, soyoil and palmoil futures were higher. Need stress on US crop or higher US export demand to push prices higher to move SU closer to 11.00. Like soybeans, soymeal futures may have overreacted the liquidation of long equity short commodity read. Higher World sunoil prices may be supporting soyoil.
CU is near 3.99. Drier US west Midwest weather could offer support. USDA rated the crop 67 pct G/E, down 1 from last week and vs 57 ly. IA is 75, IL 75, MO 78, MN 58 and OH 65. Weekly exports were up 33 pct vs ly and USDA up 34. Dalian corn futures were lower. Brazil and Ukraine corn futures. Need stress on US crop or higher US export demand to push prices higher to move CZ closer to 4.30.
WU is near 5.41. MWU is near 6.15. US north plains and Canada weather is turning warmer and drier, Black Sea weather remains warm and dry. USDA estimated 76 pct US winter wheat is harvested vs 71 last week. KS is 77. MO 99 WA 10. Spring wheat crop rated 77 pct G/E. Weekly exports were up 20 pct vs ly and USDA up 14.
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