Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SX is up 3 cents and near 10.03. SMZ is near 315.4. BOZ is near 41,29. CZ is down 1 cent and near 4.00.. WZ is down 2 cents and near 5.49. KWZ is down 1 cent and near 5.64. MWZ is down 5 cents and near 5.95. US jobs report Friday is key to rate cut. US Dollar, Crude and Gold are marginally higher.
SX is near 10.03.This weeks, US Midwest forecast will be dry with moderate temps. US soybean export prices are 50-60 cents below South America. US July soybean crush is est at 192.1 mil bu vs 184.8 ly. Big news is China anti-dumping Canada rapeseed imports. Dry Brazil and Argentina weather is offering support despite lower China demand and record US harvest.
CZ is near 4.00. This weeks, US Midwest forecast will be dry and with moderate temps.. Some look for this weeks US crop rating to drop due to warm and dry weather. Some feel record large US corn crop may be digested in current prices. Dalian corn futures were sharply lower. Reports China discouraging corn imports and harvest of record US crop limits upside. Fund short covering and strong seasonal for corn futures rally offers support. Dry Brazil and Argentina weather is also offering some support.
WZ is near 5.49.Some selling linked to fact Russia export prices are lower and spread vs World is widening. Futures have been supported by talk of lower Russia crop 82 mmt vs 93 ly and EU crop 125 vs 134 ly. Carry in futures and cash keeps end user buying hand to mouth. Weekly US crop rating and export inspections were delayed until today due to Mondays US holiday. Australia wheat crop est at 31.8 mmt, up 2.7 from last est and 5.8 mmt vs ly.
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