Written Commentary
MORNING AG OUTLOOK
Grains are mixed. Soybeans up on dry Brazil weather. Corn and wheat supported by fund short covering. US stocks are higher. US Dollar is lower. Copper is higher. China announced new stimulus to help their economy. Middle East tension on increase. Russia and Ukraine continue to exchange attacks.
SOYBEANS
Soybeans are higher on continued dryness in Brazil. Rains should start in October. Brazil Soymeal premiums dropped on CBOT rally. USDA kept US crop rated 64 pct G/E with 13 pct of crop harvested. Dalian soybean and soymeal futures were higher. Talk of good soybean supply for crush. Dalian soyoil and palmoil futures were higher and near 3 month high.
CORN
Corn futures are unchanged. Corn futures supported by fund short covering. USDA kept US corn ratings at 65 G/E with 14 pct of crop Harvested. US west Midwest weather should be favorable for Harvest. Tropical storm could dump rain in Delta, SE and south east Midwest. Season to date corn exports are above last year. Brazil corn futures are higher due to dry weather, Dalian corn Futures are also finally trading higher. Demand for Ukraine corn Is up on Turkey interest.
WHEAT
Wheat futures also unchanged. Like corn, wheat futures higher on fund short covering. Season to date US wheat export are above last year, Argentina and Australia dropped their wheat crop est. EU crop is also est lower than previous est. Lower EU crop and Southern hemisphere crop could be supportive. Key is Russia export price which seems to be firming.
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