Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SN is down. CN is down. WN is up. KWN is up. MWN is up. US stocks are higher. US Dollar is slightly higher. Crude is slightly higher. Fridays US Personal Consumption expenditures stabilized which could increase chance Fed lowers rates.
SN is near 11.91. Drop in prices due to demand concerns. So far in Brazil 2024 supply worries had rallied soybean and soymeal futures. Lack of China buying US new crop soybeans and favorable starts to US 2024 crop weighs on prices. SN finally dropped below both the 50 and 100 DMA support.
CN is near 4.43. Drop in prices due to demand concerns and Argentina aggressive export program. So far in 2024 supply worries especially Brazil safrina crop has rallied corn futures. Some are worried about US west corn belt summer weather despite lack of signs of drought now. Some are beginning to take notice of dry and warm weather in China corn areas.
WN is near 6.79. Potential crop problems in Russia, China, Mexico and EU offers support. Approaching US winter wheat harvest and improved weather in Canada, Australia appears to limit gains. So far demand has not chased higher wheat prices. World exporters stocks to use ration is record low.
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