Written Commentary
Ag Market View for July 26.24
July 26, 2024
MORNING AG OUTLOOK
Grains are mixed to lower. SH is down 1 cent and near 11.95. SMH is near 359.2. BOH is near 45.81. CH is unch and near 4.43. WH is down 1 cent and near 5.88. KWH is down 1 cent and near 6.12.. MWH is unch and near 6.90. US stocks are flat. US Dollar is higher. Crude is flat. Gold is unch.
SH is near 11.96. Support is near 11.75. USDA report week. Higher than expected weekly US soybean exports rallied futures. Soybean exports were 52 mil bu, Season to date exports are down 24 pct vs ly. USDA est a 12 pct drop. Dalian soybean, palmoil and soyoil futures were higher. Argentina weather maps show rains later this week. Some still could see US 2023/24 soybean carryout near 323 vs USDA 280, One crop watcher est Brazil soybean crop at 149 mmt vs USDA 157. Argentina 52 mmt vs USDA 50.
CH is near 4.43. Support is near 4.36. USDA report week. Corn exports were 24 mil bu, Season to date exports are up 29 pct vs ly. USDA est a 26 pct increase. US cash markets were softer. Spreads widened. Demand seems to drop faster than SA crop estimates. Dalian corn futures were higher. Corn futures bounced off the lower end of recent range. Some could see US 2023/24 corn carryout near 2,263 vs USDA 2,162. One crop watchers est Brazil corn crop at 115 mmt vs USDA 127. Argentina 56 mmt vs USDA 55. Brazil safrina crop planting pace fastest since 2013.
WH is near 5.88. KWH 6.12. MWH 6.90. USDA report this week. Global wheat import demand has slowed as buyers search for funding. Red Sea unrest could add to freight cost and slow demand. Lower Russia and EU wheat export prices limits rallies in futures. US wheat exports were 9 mil bu, Season to date exports are down 18 pct vs ly. USDA est a 4 pct drop.
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