Wheat Futures Near Seasonal Low?
MORNING AG OUTLOOK
Grains are lower. SX is down 4 cents and near 12.72. SMZ is near 369.6. BOZ is near 57.80. CZ is down 2 cents and near 4.86. WZ is up 1 cent and near 5.66. KWZ is down 1 cent and near 6.75. MWZ is up 1 cent and near 7.20. US Dollar is higher. Crude is higher but near $88. US stocks are higher. Grain trade may now look at SA weather on demand for US exports.
Soybean futures are lower. China is on Holiday. Parts of Brazil and Argentina remains dry. S Brazil is wet, slowing plantings and export loadings. USDA estimated US harvest near 23 pct. Crop ratings increase 2 pct to 52 G/E. Season to date US soybean exports were up 8 pct vs ly and near 72 mil bu. Some feel key to futures is final US supply with farmers talking about yields higher than expected and China demand for US soybeans. StoneX est US soybean yield near 50.4 vs USDA 50.1. SX getting closer to 12.60 support, SMZ support is 362.
Corn futures are slightly lower. Talk that nearby corn futures were near seasonal low triggered fund short covering. Parts of Brazil and Argentina remains dry. S Brazil is wet, slowing plantings and export loadings. USDA estimated US harvest near 23 pct. Crop ratings remain near 53 G/E. Season to date US corn exports were up 11 pct vs ly and near 103 mil bu. Ukraine is shipping corn to China. CZ continues to find resistance near 4.90. StoneX est US corn yield near 175.5 vs USDA 173.8.
Wheat futures are mixed. Futures regained some of Fridays losses on talk wheat futures could be near seasonal low. Some forecast US October weather drier and warmer than normal. USDA est US winter wheat plantings near 40 pct done. US spring wheat harvest is done. Season to date US exports are down 29 pct vs ly and near 222 mil bu. EU exports are down from ly despite increase shipments to China. W Australia remains dry. East is wet. Russia is dry. Argentina is dry. S Brazil remains too wet.
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