Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are mixed. SH is down 4 cents and near 12.52. SMH is near 369.3. BOH is near 47.47. CH is unch and near 4.60. WH is down 9 cents and near 6.06.Overnight high was 6.17. KWH is down 5 cents and near 6.22. MWH is down 2 cents and near 7.09. US Dollar is higher. US stocks are lower led by Boeing. Crude is lower after Saudi Arabia lowered prices to Asian customers. US Midwest winter storms this week. Slow China economy offers resistance to commodities. Russia continues to bomb Ukraine.
CH is near 4.60. USDA week. Some look for USDA to increase US 2023 corn crop and 2023/24 carryout. Trade will also watch CONAB and USDA est of Brazil corn crop. Most est are below 120 mmt vs USDA 129. Corn futures are oversold with Managed funds short 205,000 contracts. Dalian corn prices were lower. Weekly US export inspection and sales should remain slow.
SH is near 12.54. SMH is down below 370 support. BOH dropped below 47.50 support. USDA week. Some look for USDA to increase US 2023 soybean crop and 2023/24 carryout. Trade will also watch CONAB and USDA est of Brazil soybean crop. Most est are below 160 mmt vs USDA 161. Weekly US export inspections and sales are slowing. Dalian soybean, soymeal and palmoil prices were lower.
WH is near 6.06. KWH is near 6.22. MWH is near 7.09. Weekly US export inspection and sales should remain slow. Russia is still cheapest origin. Managed funds remain short wheat futures. There is no confirmation of new China buying US wheat. Black Sea temps not as cold as feared. One group lowered their estimate of US 2024 wheat from 1,921 mil bu to 1,867. They also dropped US 2024/25 wheat carryout to 676 vs 744 previous.
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