Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
TGIF. Grains are slightly higher. SK is up 1 cent and near 11.54. SMK is near 332.1. BOK is near 44.82. CK is up 2 cents and near 4.20. WK is up 6 cents and near 5.85. KWK is up 2 cents and near 5.74. MWK is up 4 cents and near 6.60. US stocks are lower. Equities may be taking a rest after this weeks gains. US Dollar is higher. Crude is lower. Fed comments about pushing back US rate hike is weighing on Crude. Gold is lower on poor economic data and demand worries.
SK is near 11.54. SH-SK is near -5. SN-SX is +22. NE Brazil is wet. Rest of Brazil, Argentina and Paraguay will be dry. Dalian soybean, soymeal, soyoil and palmoil prices were lower. Soybean price fall linked in part to slower US China demand, talk US farmers increased cash sales and talk of normal Brazil weather. Weekly US soybean export sales are est near 300-800 mt vs 353 last week. Soymeal sales are est near 150-400 mt vs 203 last week. Brazil soybean export prices are lower than US.
CK is near 4.20. CH-CK is near -12. CN-CZ remains near -22. US ethanol production was up 5 pct vs last year. Stocks were down 1 pct from last week and slightly lower than last year. Dalian corn prices were higher. Corn price fall linked in part to slower US export demand, cheaper Ukraine prices and talk of normal Brazil weather. Weekly US corn export sales are est near 700-1,500 mt vs 1,306 last week. Most of US Midwest is warm and dry. Dry rest of Feb could raise talk of drier US summer.US approved E-15 sales for Midwest for 2025. Market disappointed it will be delayed until after US election and not US wide. Ukraine corn export prices are lower than US.
Wheat futures are higher in front of new Russian sanctions. WK is +11 KWK. MKW is +113 KWK. US plains are dry and warm. EU has rains. Ukraine and Russia are dry. Weekly US wheat export sales are est near 300-550 mt vs 349 last week. Russia and EU prices are lower than US.
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