Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING OUTLOOK
Grains are mixed. SX is up 14 cents and near 13.06. SMZ is near 349.7. BOZ is near 58911. CZ is up 4 cents and near 5.39. WZ is down 5 cents and near 7.28. KWZ is down 4 cents and near 7.13. MWZ is down 3 cents and near 9.06. SX trying to find support near 13.00 and CZ at 5.40. Key WZ resistance near 7.50.
US stocks are higher. US Dollar is higher. Crude is higher. Financial and energies waiting for US Central Bank policy comments and impact Delta virus could have on food and fuel demand. Some hope Delta spread may be peaking in US.
For the week so far wheat prices are up 4 in SRW, up 3 1/2 in HRW, up 6 1/2 in HRS; Corn is up 2 1/2; Soybeans up 18 1/4; Soymeal down $0.47; Soyoil up 2.47.
For the month to date wheat prices are up 18 3/4 in SRW, up 34 1/2 in HRW, up 17 3/4 in HRS; Corn is down 6; Soybeans down 41; Soymeal down $3.80; Soyoil down 3.96.
Chinese Ag futures (JAN 22) Soybeans up 88 yuan ; Soymeal down 14; Soyoil up 38; Palm oil up 78; Corn up 8 — Malasyian Palm is down 16. Malaysian palm oil prices overnight were down 16 ringgit (-0.37%) at 4300 amid signs of increasing production in Malaysia and concern about export demand.
Midwest corn, soybean and winter wheat forecasts: West: Isolated to scattered showers through Friday. Temperatures above normal through Friday. East: Isolated showers through Thursday. Scattered showers Friday. Temperatures above normal through Friday. 6 to 10 day outlook: Scattered showers Saturday-Wednesday. Temperatures above normal Saturday-Sunday, near to above normal Monday-Wednesday.
USDA lowered US corn crop rating to 60 pct G/E vs 62 last week and 64 last year. Best crops are in KY, MI, OH and WI. Crop rating dropped in IL, IN, MN, MO and NE. 4 pct of the crop is mature vs 4 average, IA 3, SD 6,MN 2 and ND 2. US spring wheat harvest 77 pct done vs 55 average
USDA lowered US soybean crop rating to 56 pct G/E vs 57 last week and 69 last year. Best crops are in AR, KY, LA, TN, MI, OH and WI. Crop rating dropped in IL, IN, MO and NE. 3 pct of crop is dropping leaves vs 1 average. ND 9, SD 14, NE 4, MN 3, AR 3.
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