Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are lower. Month end. SX is down 2 cents and near 13.84. SMZ is near 408.5. BOZ is near 62.85. CZ is down 1 cent and near 4.79. WZ is down 10 cents and near 5.96. KWZ is down 12 cents and near 7.19. MWZ is down 5 cents and near 7.74.. US stocks are higher. US Dollar is higher. Crude is higher.
Soybean futures are lower. US soybean 2 week forecast is dry. Some rains are forecast in N and E Argentina. Dalian soybean, soymeal, soyoil and palmoil were higher. USDA announced 266 mt new soybean sales to unknown. Weekly US soybean export sales are est near 650-1,700 mt. US barge prices are higher due to low Miss river water levels. Argentina crush is dropping due to low soybean supplies. Ukraine looks to shift from oilseed exports to product exporters. There was a crop tour of ND and MN. ND soybean yield potential was below USDA 33, MN near USDA 49. There no soybean, soymeal and soyoil Sep deliveries .
Corn futures are lower. There is little new news. Trade debating final US corn yield. There was a crop tour of ND and MN. ND corn yield potential was above USDA 130, MN near USDA 183. US corn cif prices are up due to low Miss River water levels and reduces US competitiveness vs Brazil. There is still uncertainty over pace of Ukraine exports. Weekly US corn export sales are est near 250-1,250 mt. There were no Sep corn deliveries. There were 269 Sep oat deliveries.
Wheat futures are lower. Australia, Argentina, Canada and Black Sea crops could decline. There is no geopolitical and weather premium in US futures. Slow EU exports is weighing on global wheat prices. Weekly US wheat export sales are est near 250-700 mt. Egypt bought 2 French wheat cargoes and 2 Romanian. There were 1,113 Chicago wheat, 168 KC and 420 Minneapolis wheat Sep deliveries.
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