Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are mixed. SX is up 5 cents and near 12.99. SMZ is near 389.7. BOZ is near 58.60. CZ is unch and near 4.75. WZ is down 1 cent and near 5.75. KWZ is up 1 cent and near 7.12. MWZ is up 1 cent and near 7.69. US stocks are higher US Dollar is higher Crude is higher.US Fed higher and longer US rate policy, slow US export sales pace and US harvest offers resistance to grains.
Soybean futures are higher. Dalian soyoil is down to 6 week low. RSO is at 12 week low. Dalian soybean and soymeal were also lower. US Midwest could see rains over the next 7 days favoring north and west. Weekly US soybean export sales were 16 mil bu. Commit is down 33 pct vs ly vs USDA estimate of down 10 pct. Brazil continues to be an active seller of soybeans to China.US harvest, higher Dollar and strong Brazil export program continues to offer resistance to soybean futures.
Corn futures are unch. Brazil is dry. US Midwest could see rains over the next 7 days favoring north and west. Weekly US corn export sales were 22 mil bu. Total export commit is down 6 ct from ly and vs USDA estimate of up 23 pct. Brazil continues to be an active seller of corn to China. There remains work to try to increase Ukraine exports. This could also cut into demand for US corn.
Wheat futures are mixed US HRS prices should increase vs feed wheat. Higher feed wheat supply reduce milling wheat supply. Australia remains dry. It remains warm and dry across S Russia winter crops area. Weekly US wheat export sales were 11 mil bu. Total commit is down 17 pct vs ly and USDA estimate of down 3 pct. Higher Russia export supplies and lower prices limit upside in futures. N US Plains could see rain which most farmers will take for increase soil reserve for next year.
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