Written Commentary
Ag Market View for Apr 26.24
April 26, 2024
MORNING AG OUTLOOK
Grains are lower. SU is down 16 cents and near 13.31. SMU is near 418.6. BOU is near 63.12. CU is down 3 cents and near 4.79. WU is down 13 cents and near 6.44. KWU is down 8 cents and near 7.61. MWU is down 5 cents and near 8.19. US stocks are lower. US Dollar is higher. Crude is lower. Gold, silver, copper, coffee, cocoa and cotton are lower. China export and import data was disappointing.
Wheat futures are lower on a lack of new positive news from the Black Sea. USDA lowered US spring wheat crop rating from 44 pct G/E to 41. Some feel now that USDA spring wheat yield could be 2-3 bpa too high. Current USDA spring wheat rating is the 6th lowest on record for August. US spring wheat harvest is near 11 pct vs 14 average. Some also feel Canada wheat crop could drop to 29 mmt. US winter wheat harvest is 87 pct done. US export shipments are near 111 mil bu vs 129 last year.
Corn futures are lower on a lack of new positive news from the Black Sea and slow US export shipments. US export shipments are near 1,385 mil bu vs 2,068 last year. USDA rated US corn crop 57 pct G/E vs 55 last week. Crops improved in IL and the Dakotas. KS, MI and MN ratings are below 50 pct. Some feel CU may be near key support. China domestic prices are near $9.70 with import margins the best in 2 years. US farmer looks to store the 2023 crop.
Soybean futures are lower. SU is below 13.50 support. SMU traded below 420 support. Next support is 417. BOU traded below 64 support. Dalian soymeal, palmoil and soyoil prices were lower. Soybean futures were higher. US export shipments are near 1,866 mil bu vs 2,004 last year. USDA rated US soybean crop 54 pct G/E vs 52 last week. IL increased 12 pct to high for crop year at 58 pct. MO, OH and SD increased 4 pct. MO remains lowest rated at 32 pct G/E. 66 pct of crop is setting pods vs 59 last year.
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