Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are mixed. SX is up 8 cents and near 12.81. SMZ is near 377.5. BOZ is near 57.30. CZ is unch and near 4.87. WZ is down 8 cents and near 5.60. KWZ is down 7 cents and near 6.75. MWZ is down 5 cents and near 7.20. US Dollar is lower. Crude is lower. US stocks are mixed. Gold. Silver, copper, coffee, cocoa and sugar are lower. Unconfirmed rumors suggest Ukraine export corridor may now be open with Russia support.
Soybean futures are higher. China is still on Holiday. USDA announced 265 mt US soybean to China. US soybean export price is competitive to China. Parts of Brazil and Argentina remains dry. S Brazil is wet, slowing plantings and export loadings. Slow S Brazil export pace could extend their export season. Argentina farmers has increased cash soybean sales but total sales are only 15 mmt vs 30 ly. US Midwest weather is mostly dry. This should increase harvest pace. Below normal rains continue to lower water levels.
Corn futures are slightly higher. Parts of Brazil and Argentina remains dry. S Brazil is wet, slowing plantings and export loadings. US Midwest weather should be mostly dry with should increase harvest. Argentina farmer has sold 25 mmt corn vs 40 ly. Unconfirmed rumors suggest Ukraine export corridor may now be open with Russia support. Ukraine corn prices and Brazil are lower than US. CZ-CH spread continues to widen do to slow exports.
Wheat futures are slightly lower. Wheat futures had tepid response after US sold SRW wheat to China. Some feel recent drop in futures has made US SRW competitive to China. Still WZ-WH continues to widen due to low exports. Some forecast US October weather drier and warmer than normal. W Australia remains dry. East is wet. Australia wheat futures are lower. Russia is dry. Argentina is dry. S Brazil remains too wet. More vessels are entering Black Sea to load grains from Ukraine.
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