Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are mixed. SH is down 1 cent and near 12.12 after testing 12.21. SMH is near 352.5. BOH is near 4.13. CH is unch and near 4.45. WH is down 3 cents and near 5.90. KWH is down 5 cents and near 6.02. MWH is up 1 cent and near 6.97. Grain bears look at higher 2024 World crop supplies capping rallies. Bulls hope prices are low enough to spark demand. US stocks are higher. US Dollar is mixed to lower. Crude is mixed to higher
CH remains near 4.45.There appears to be good demand near 4.40 CH. At the same time, there should be farmer selling near 4.80. Large Argentina and Ukraine corn supplies should cap rallies. Some fear slower US and China economy could also limit upside in commodity prices. Some est US 2023/24 corn carryout closer to 2,263 due to lower exports and 2024/25 near 2,834 due to higher US supplies.
SH is near 12.12. There appears to be good demand near 12.00. SMH below 350. There should be farmer selling near 12.50. Large Argentina supplies should cap rallies. Some fear slower US and China economy could also limit upside in commodity prices.. Some est US 2023/24 soybean carryout closer to 293 due to lower exports and 2024/25 near 405 due to higher US crop.
WH is near 5.90. Cold global north hemisphere weather may be offering support to wheat futures especially MWH and KWH. Black Sea and Red Sea tension could slow wheat movement from sellers to buyers. World wheat import demand has improved. Russia and EU appear to be cheapest seller. Some weather watchers are concerned about potential 2024 dry Black Sea forecast. Trade est US 2024/25 wheat crop at 1,864 and carryout near 668.
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