Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are mostly higher. SH is up 6 cents and near 12.20. SMH is near 363.1. BOH is near 47.91. CH is unch and near 4.44. WH is up 5 cents and near 5.90. KWH is up 5 cents and near 6.10. MWH is up 9 cents and near 6.97. US stocks are higher. US Dollar is lower. Crude is higher. Crude may be adding some cold weather and Red Sea risk.
CH remains near 4.44.Weekly US corn export sales are est near 500-1,200 mt vs 487 last week. C/N/E Brazil should see showers. Argentina has turned drier. Dalian corn futures has been trading lower due to record corn crop and record imports. Question is will they increase imports. Technically, CH is trying to find support near 4.40. Higher Crude may be offering support to corn. Increase Red Sea tension is offering resistance to Matif corn prices. USDA estimated that based on 2021 data, since 2016 China has bought 40 million US acres or up 40 pct.
SH is near 12.20. Weekly US soybean export sales are est near 400-900 mt vs 280 last week. C/N/E Brazil should see showers. Argentina has turned drier. Argentina rated the soybean crop 55 G/E vs 51 last week and 4 last year. Dalian soybean, soymeal, palmoil and soyoil futures were higher Technically, SH is trying to find support near 12.00. SMH supported by cold weather slowing soymeal movement. Brazil soybean values are firm on talk of new China buying.
WH is near 5.90. Cold global north hemisphere weather may be offering support to wheat futures especially MWH and KWH. Black Sea and Red Sea tension could slow wheat movement from sellers to buying. Lebanon bought Ukraine wheat with World Bank financing. US wheat sales are est at 150-500 mt.
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