Written Commentary
MORNING AG OUTLOOK
Less we never forget this day in US history. Soybean, corn and wheat futures are higher. US stocks are lower. US Dollar is lower. Crude is higher. US inflation data, US Presidential debate and ECB interest rate decision is expected to add to Market uncertainty.
SOYBEANS
SX is up 9 cents and near 10.06. Hurricane Francine making landfall in LA. More rain forecast in Delta. US Midwest remains dry. Low water levels offers US logistics issues. Brazil fob premiums were higher due to dry weather and water logistics. There was talk that China may have bought US PNW Oct-Nov soybeans. Next fundamental besides approaching US harvest is USDA report.
CORN
CZ is up 2 cents and near 4.07. CZ continues to hover around 50 DMA. Corn supported by dry US and South America weather. Brazil corn vessel line up growing due to dry weather. So far, Brazil corn imports are down 10 mmt from last year. Continued drop in China corn prices and deflation economy raises concern about China Imports. Rising India domestic prices could increase chances of imports. Next fundamental besides approaching US harvest is USDA report.
WHEAT
WZ is up 4 cents and near 5.79. KWZ is also up 3 cents and near 5.87. MWZ is up 4 cents and near 6.14. Nearby Black Sea prices near $200 offers support. Deferred prices near $250-$260 offers resistance and limits deferred export buying. There is less US HRW and SRW selling pressure. WZ is back near recent highs. Next fundamental is USDA report and any changes to EU and Russia supply and demand.
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