MORNING AG OUTLOOK
Grains are higher. SF is up 3 cents and near 13.12. SMZ is near 424.5. BOZ is near 53.42. CZ is up 2 cents and near 4.82. WZ is up 6 cents and near 5.74. KWZ is up 3 cents and near 6.52. MWZ is up 5 cents and near 7.26. US stocks are lower. US Dollar is higher. Crude is lower. Gold is higher.
Soybean futures are slightly higher. Dalian soybean, soymeal, palmoil and SBO futures were higher. Argentina rains are helping planting conditions. Lower Argentina crush could help demand for US soymeal and soyoil. Central Brazil rains appear to be spotty. Weekly US soybean export sales are est near 750-1,500 mmt vs 1,371 last week. USDA did announce 126 mt US soybeans to China. Still, China pig herd is down .4 pct vs ly. Sow herd is down 2.8 pct.
Corn futures are higher. CZ dropped below 50 DMA support. CZ-CH spread has widened out to -15. Lack of confirmation of China interest in US corn is offering resistance. Midwest rains could slow harvest. US famer selling remain slow into processors. Brazil could see showers this week. Drier next week. Weekly US corn export sales are est near 600-1,000 mt vs 881 last week. Weekly US ethanol production was slightly higher than last week and last year. Stocks were below last year. Ukraine corn crop could be near 31 mmt vs USDA est of 28. Exports are est near 25 mmt vs USDA 19.
Wheat futures are higher. WZ remains between 5.72 support and 5.91 resistance. USDA will start weekly WW crop ratings Monday. Some could see as high as 50 pct G/E and highest since 2019. Wheat futures remain volatile near season lows. Is there any US export program? Russia est crop near 93 mmt vs USDA 85. Exports could be 1 mmt per week.
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