Ag Market View Aug 9th
Soybeans traded lower. Soyoil and Crude traded lower after UN report suggested humans were responsible for climate change. The report suggested more extreme weather and rising sea water levels. This could increase debate against fossil fuel. Soybeans also traded lower after slow US weekly export sales. Season to date US exports are near 2,145 mil bu vs 1,479 last year. USDA goal is 2,270 vs 1,679 last year. Some feel final exports could be 20 mil bu lower than USDA est. Noon Weather maps also added rains for north US Midwest day 10-14. Trade est US 2021 soybean crop near 4,375 mil bu vs USDA 4.405. One guess though is near 4,464. This limits new buying before USDA, Trade also est US 20/21 soybean carryout near 148 vs USDA 135 and 21/22 159 vs USDA 155. Trade est US soybean crop 60 pct G/E vs 60 last week.
Corn futures ended lower. CU dropped 4 cents and ended near 5.50. CU tested initial resistance near 5.55. Some weakness was linked to UN report suggested humans were responsible for climate change. The report suggested more extreme weather and rising sea water levels. This could increase debate against fossil fuel. Corn futures also traded lower after slow US weekly exports. Season to date US exports are near 2,500 mil bu vs 1,553 last year. USDA goal is 2,850 vs 1,727last year. Some feel final exports could be 125 mil bu lower than USDA est. Still, higher domestic ethanol and feed use could offset lower exports. Noon weather maps also added rains for north US Midwest day 10-14. CZ ended down 2 cents and near 5.53. CU may have loss vs CZ due to Index funds rolling longs out the of the Sep. Trade est US 2021 corn crop near 15,004 mil bu vs USDA 15,165. Trade also est US 20/21 corn carryout near 1,096 vs USDA 1,082 and 21/22 1,297 vs USDA 1,432. Trade est US corn crop 62 pct G/E vs 62 last week.
Wheat futures ended lower. WU ended down 7 cents and near 7.11 with range 7.08-7.23. KWU ended down 3 cents and near 7.02 with range 6.96-7.12. MWU ended down 7 cents and near 9.08 with range 9.06 – 9.24. Lower financial markets due to concern spread of Covid variants could slow global economy and food and fuel demand. Drop in US domestic corn prices and global corn prices versus Black Sea Feed Wheat may have also offered resistance to wheat futures. Higher US Dollar and continued spread of Covid variants could also slow global economies and food demand. Trade est US spring wheat rated 10 pct G/E vs 10 last week and harvest near 33 pct vs 17 last week. US winter wheat harvest is est near 96 pct done vs 91 last week. Weekly US exports were near 22 mil bu vs 17 last year. Season to date exports are near 161 mil bu vs 190 last year. USDA goal is 875 vs 992 ly.
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