Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SX is down 8 cents and near 9.78. SMZ is near 309.4. BOZ is near 40.60. CZ is down 2 cents and near 3.90. WZ is up 1 cent and near 5.36. KWZ is down 1 cent and near 5.47. MWZ is unch and near 5.74. US stocks are higher. US Dollar is higher. Crude is lower.
SX is near 9.80. Dalian soybean, soymeal and soyoil were higher. EU oilseed imports are down 12 pct vs ly, soymeal up 1 pct and vegoil down 42 pct. EU oilseed users have little coverage. US soybean export prices are lower than SA. Demand for US soymeal remains good which is narrowing nearby spreads. SA weather is dry before plantings. US soybean premiums are firming on increase demand but record harvest looms. SX-SH spread is 31 cent carry.
CZ is near 3.91. Dalian corn futures were higher and 1 month high. There are rumors China traders were told not to buy imported corn. Futures remain weak before record US corn crop and lower wheat prices. S Korea purchase price was lowest of year. US farmer has a lot of corn to sell which limits rallies. Dry SA weather before plantings and good US ethanol demand is trying to offset big US crop and no China imports.
WZ is near 5.36. KWZ is near 5,47, MWZ is near 5,74. Rapid US HRS harvest is weighing on futures and widening spreads. Russia wheat exporters remain aggressive sellers to cash buyers. Russia export price is near $216 vs US SRW $232. US Dollar is higher and energy prices are lower. Higher Crude oil prices due to war premium may be overdone. Combined EU and Russia July-Sep exports were slightly below ly record.
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