Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are mostly lower. SX is unch. CZ is down. WZ is down. US Dollar is higher. US stocks are lower. Crude is lower. US President is in Israel to try to keep War from expanding.
Soybean futures are unch. Lower US supply suggest more importance on 2024 SA weather. North Brazil forecast is dry for the rest of October. Long range Argentina forecast adds needed rains. Weekly US soybean exports were 74 mil bu, US exports are near 198 mil bu and up 14 pct from ly. USDA announced US soymeal sales to Philippines. Remaining crop was rated 52 pct G/E vs 57 ly. US Sep NOPA soybean crush was a record 165.5 mil bu. US soyoil stocks were down to 1,108 mil lbs and 9 year low. Dalian soymeal futures were higher. Soyoil was higher. Soybeans were lower and 11 month low.
Corn futures still cannot push over 5.00 resistance. CZ support is near 4.84. North and central Brazil remains dry. Argentina forecast adds needed rains. US ethanol margins remain positive. US farmer remains slow seller of corn. Resistance is still near 5.10-5.20 due to slow demand for US exports. Weekly US corn exports were only 17 mil bu, US exports are near 155 mil bu and up 19 pct from ly. USDA announced US corn sales to Mexico. Remaining crop was rated 53 pct G/E vs 53 ly.
Wheat futures are lower. China wheat import interest may have switched from US gulf SRW to Australia. Global exporters 2024 carryover will be near 16 year low and 53 mmt. Weekly US wheat exports were only 13 mil bu, US exports are near 248 mil bu and down 28 pct from ly. US winter wheat is 68 pct planted with needed rain forecasted for next week.
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