Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are lower. SX is down 1 cent and near 12.85. SMZ is near 418.8. BOZ is near 51.05. CZ is down 2 cents and near 4.87. WZ is down 5 cents and near 5.82. KWZ is down 7 cents and near 6.63. MWZ is down 4 cents and near 7.33. US stocks are higher. US Dollar is higher. Crude is higher. All eyes on credit , currency and energy markets, Grains lower on lack of new news and technical selling.
Soybean futures are lower. There is some follow through technical selling from Monday. North Brazil forecast is dry. Could see showers this week. Argentina received needed rains. Lack of clear Argentina President winner adds to Argentina political and economic turmoil. Extension of Argentina peso soybean policy could increase farmer selling. US soybean harvest is near 76 pct. US soybean exports are near 290 mil bu vs 280 ly. BOZ below 52 on demand worries. SMZ near key support. Tech signals negative.
Corn futures are lower. CZ Is near key 50 DMA. Lack of confirmation of China interest in US corn is offering resistance. US corn harvest is 59 pct. Midwest rains could slow harvest. US corn exports are near 173 mil bu vs 148 ly. Brazil could see showers this week. Drier next week. Safrina corn plantings are near 42 pct. Last year Brazil farmers sold corn between 6.35 to as high as 9.00. This years price is 3.75-4.50. Argentina has seen needed rains. Argentina corn plantings are near 20 pct.
Wheat futures are lower. Lack of confirmation of China interest in US SRW wheat offered resistance near 6.00 WZ. WZ may now be heading back toward 5.72 support. US winter wheat planting is near 77 pct. USDA will start weekly WW crop ratings Monday. Some could see as high as 50 pct G/E and highest since 2019. US exports are near 234 mil bu vs 349 ly.
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