Grains Are Mixed
Grains are mixed. SX is unch and near 13.65. SMZ is near 402.2. BOZ is near 62.04. CZ is up 6 cents and near 6.84. WZ is up 15 cents and near 9.37. KWZ is up 14 cents and near 10.05. MWZ is up 13 cents and near 9.95.
US wheat futures made 12-week highs and are higher overnight after USDA dropped US 2022 wheat crop 133 mil bu and deepening drought in both the US Plains and Argentina. Matif wheat futures made a 15-week high on a lack of farmer selling and Black Sea concerns for current crop exports and new crop plantings. Some feel wheat futures made need to rally to slow demand and increase US 2023 acres. WZ resistance 9.45.
CBOT corn traded higher overnight. Still inside day from Fridays range. Slow US harvest and the Ukraine annexations offers support. USDA dropped US crop 148 mil bu. Talk of lower US exports offers resistance. Weekly US export sales and Oct 12 USDA crop next key data. CZ resistance 6.96 then 7.00.
Soybean futures are unchanged. Talk of higher US 2022 crop and higher carryin is offering resistance to soybean futures. Approaching US harvest and dry Midwest weather lowering navigation water levels is beginning to drop cash prices to US farmers. There may be a need for US farmers to switch 2023 soybean intended acres to corn. Weekly US export sales and Oct 12 USDA crop next key data.
US 30 day Midwest weather looks dry with warm temps west and cool east. Argentina remains dry. Central Brazil is expected to see normal weather. Brazil President election still not yet decided.
US stocks are mixed. US Dollar is higher. Crude is higher. OPEC talking production cuts. China is on holiday.
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