Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are mixed. SN is unch and near 14.36. SMN is near 438.2. BON is near 52.81. CN is up 1 cent and near 6.08. WN is unch and near 6.56. KWN is down 2 cents and near 8.15. MWN is up 3 cents and near 8.43. US stocks are lower. US Dollar is higher. Crude is lower. Gold, silver, copper, coffee, cocoa and cotton are lower.
Corn futures dropped Monday on export demand worries. Fact China cancelled 327 mt US unshipped corn sales offered resistance. Brazil 2nd crop corn export prices are below US and leaves a narrow window for new US sales. US exports to date are at 880 mil bu vs 1,374 last year. 14 pct of US corn crop is planted vs 11 average. MO 58, IL 18 and IA 10. One crop scout est US 2023 corn yield at 180.0 and crop at 15,000 mil bu. They left Brazil corn crop at 123 mmt and Argentina 36. 14 pct of Argentina crop is harvested.
Soybean futures dropped Monday on export demand worries. US exports to date are at 1,728 mil bu vs 1,714 last year. There was talk that China bought 40-50 soybean cargoes last week, all from Brazil. 9 pct of US soybean crop is planted vs 4 average. MS 34, AR 34, IL 15 and IA 5. One crop scout est US 2023 soybean yield at 52.0 and crop at 4,530 mil bu. They left Brazil corn crop at 153 mmt and Argentina down 1 at 23 mmt. 92 pct of Brazil soybean crop is harvested. 16 pct of Argentina crop is harvested. Brazil soybean export basis is steady. Some feel most of the harvest selling may have peaked. Still Brazil export prices are below US.
Wheat future dropped Monday better US weather. US HRW rains will help crops but USDA rated the crop 26 pct G/E and record low. 18 pct of the crop is heading. Some feel recent cold temps had limited impact with crops already stress by drought. Some feel rains could improve the crop. US exports to date are at 656 mil bu vs 675 last year. 5 pct of US spring wheat crop is planted vs 12 average. MWN is gaining on KWN.
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