US Crop Ratings Mixed This Week
MORNING AG OUTLOOK
Grains are higher. SX is up 6 cents and near 13.04. SMZ is near 390.8. BOZ is near 57.53. CZ is up 1 cent and near 4.82. WZ is up 6 cents and near 5.95. KWZ is up 6 cents and near 7.21. MWZ is up 7 cents and near 7.76. US Dollar is higher. Crude is lower. US stocks are lower.
Soybean futures are higher. Dalian soybean futures were lower. Soymeal was higher. Dalian palmoil and soyoil were lower. Season to date US soybean exports were near 47 mil bu vs 44 ly. USDA dropped US soybean crop rating 2 pct to 50 G/E. Early soybean yields remain variable but seed size is smaller than normal. Steep soyoil selloff linked in part to lower RIN values, fund long liquidation and lower China metal prices. Brazil soybean planting is near 2 pct and slowed due to dry weather. SX back above 13.00. Next resistance is 13.07 then 13.27.
Corn futures are slightly higher. East US Midwest is dry and should help harvest. Yields are variable. West was wet. Brazil is dry. Russia continues to attack Ukraine Odessa grain port facilities. US farmer remains slow seller of corn with ethanol margins positive. US corn exports are near 77 ml bu vs 67 ly. USDA announced large US corn sale of 1.6 mmt to Mexico, 1.0 old crop and 600 mt new. USDA raised US corn crop rating 2 pct to 53 G/E. US harvest is 15 pct done. CZ is back above 4.80 with next resistance near 4.97.
Wheat futures are higher. Australia remains dry. It remains warm and dry across S Russia and Ukraine wheat crops area. US south plains is dry. Higher Russia export supplies and lower prices limit upside in futures. Season to date US wheat export were near 206 mil bu vs 288 ly. 26 pct of US winter wheat crop is planted vs 29 ly. Tunisia is tendering for wheat. Morocco announced OND wheat import demand near 2.0 mmt. Rains in south Brazil has dropped crop to feed quality. Russia and Ukraine wheat plantings slowed due to dry weather. WZ back near 6.00. 6.07 is next resistance then 6.13.
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