Written Commentary
CORN
Corn futures are lower and near 4.90. On Wednesday, more capital flowed into the grain room. Algo AI systems appear to love corn just like gold. Corn OI increased 330,00 since Sep, 2024. Ave corn futures price was near 4.30 in Sep, 24. Weekly US corn export sales were 1,360 mt and in line with expectations. Total commit is 43.2 mmt vs 33.6 ly. USDA goal is 62.2 mmt vs 58.2 ly. Mexico commit is 16.1 mmt with goal near 24.5. Japan is 6.2 with goal 12.3. Colombia is 4.2 with goal 6.3. EU goal is 4.0 vs 1.0 ly. There is 6.4 mmt in unknown which some feel are sales to EU.
SOYBEANS
Soybean futures are lower and near 10.45. SH is back below 10.50 due to lower US weekly soybean sales. On Wednesday, more capital flowed into the grain room. Algo AI systems appear to love soymeal just like gold. Soymeal also dropped on fact SA prices are $9 to $15 dollars lower that US. Soymeal OI increased 150,000 since April 24. Average price in April was 360. Weekly US soybean export sales were 438 mt and below expectations. Total commit is 42.6 mmt vs 38.1 ly. USDA goal is 49.6 vs 46.1 ly. China commit is 20.2 mmt with goal 22.8. Mexico is 3.5 mmt vs 5.0 goal. Unknown is 3.7 mmt. US soymeal sales were 410 mt. Total commit is 9.2 mmt vs 8.3 ly. USDA goal is 15.7 vs 14.6 ly.
WHEAT
WH is near 5.67 and near session high. KWH is near 5.89. KWH is near 6.19. There is more short covering on talk of lower US crop due to dryness and cold temps. Wheat open interest dropped on Wednesday. Since Sep, 2024 OI has increased 70,000 contracts. Average WH price was near 6.00. Weekly US export sales were 456 mt and higher than expected. Total commit is near 18.1 mmt vs 16.0 ly. USDA goal is 23.1 vs 19.2 ly
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