Written Commentary
MORNING AG OUTLOOK
Grains are mixed. US stocks are higher. US Dollar is unch. Crude is higher. There is talk of possible Israel attack on Iran and new China stimulus. Florida is trying to access hurricane impact.
SOYBEANS
Brazil weather maps are mixed with EU wetter than GFS. USDA report is Friday. Most look for a higher US 2024/25 soybean carryout due to lower export est. There is talk that China is buying both US and Brazil soybeans. Dalian soybean, soymeal and palmoil. US weekly soybean export sales are est near 800-1.700 mt vs 1,443 last week. Malaysia Sep palmoil production was higher than last year but seasonally is peaking. Exports were higher than last year. Stocks were higher than August but below last year.
CORN
Corn futures are higher. Brazil weather maps are mixed with EU wetter than GFS. Some are looking for increase US farmer selling over next 10 days. USDA October report is Friday. Most look for a higher US 2024 crop to offset lower carryin. Most also look for higher US 2024/25 corn carryout due to lower export est. China corn futures were higher. Weekly US corn sales are est at 900-1,700 mt vs 1,684 last week. Russia attacked another Ukraine grain vessel making 4 this weeks. 6 workers were killed.
WHEAT
Wheat futures are higher. Managed funds are net buyers of futures. US south plains and Black Sea are dry. EU is wet and cool. Russia wheat price have traded higher, but so has World prices. This continues to leave Russia competitive for buyers. Weekly US export sales are est at 250-550 mt vs 443 last week. US exports up 35 pct vs ly and USDA goal up 17 pct. Russia attacked another Ukraine grain vessel making 4 this weeks. 6 workers were killed. There is talk Russia exporters are meeting to talk about export controls.
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