Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING OUTLOOK
What a week. Grains are mixed. SX is up 4 cents and near 12.87. SMZ is near 339.1. BOZ is near 59.32. CZ is down 3 cents near 5.21. WZ is down 3 cents and near 7.13. KWZ is down 3 cents and near 7.06. MWZ is up 1 cent and near 9.01.
US stocks are higher. US Dollar is mixed. Trend has been lower. Crude is mixed. Trend has been higher. Gold and Copper trend is mostly sideways. Trade having problem deciding if risk is on or off.
Weekly US corn and soybean export sales were higher than expected. Wheat near estimates. Dalian corn, soybean, soymeal, palmoil and syoil futures were all trading higher.
Black Sea weather forecast suggest increase chance for showers. EU is dry. Brazil is dry. Argentina rains. US rains were in ND, SD, NE, IA, MN and KS. 8-14 day dry, Great Lakes rains; warm west cool east.
This week, Farm futures est US 2022 corn acres at 94.3, soybeans 90.8 and all wheat 49.7. USDA next crop report is Sep 10.
USDA est 2021 net farm income up 19 pct to 8 year high due to higher crop prices. Feb est 8 pct drop. Previous Feb est of lower income due to drop in government payments and higher production cost. USDA estimates total farmer 2021 cost of production was up 7 pct to a record $383.5 billion.
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