Written Commentary
MORNING AG OUTLOOK
USDA report and US export sales day. Soybean, corn and wheat futures are higher. US stocks are higher. US Dollar is higher. Crude is higher.
SOYBEANS
SX is up 5 cents and near 10.06. Dalian soybeans and soymeal prices were high versus lower palmoil and soyoil. Hurricane Francine making landfall in LA. More rain forecast in Delta. US Midwest remains dry. Low water levels offers US logistics issues. US domestic soybean basis is lower ahead of harvest. Brazil fob premiums were higher due to dry weather and water logistics. China may have more US PNW soybeans for Oct-Nov. Trade est weekly US soybean export sales near 900-1,600 mt. EU may be buying Brazil soymeal. Next fundamental besides approaching US harvest is todays USDA report.
CORN
CZ is up 3 cents and near 4.07. CZ continues to hover around 50 DMA. Corn supported by dry US and South America weather. Brazil futures rallied on dry weather slowing farmer planting. Continued drop in China corn prices and deflation economy raises concern about China Imports. Rising India domestic prices could increase chances of imports. Trade est weekly US corn export sales near 700-1,600 mt. Next fundamental besides approaching US harvest is todays USDA report.
WHEAT
WZ is up 8 cents and near 5.96. KWZ is also up 7 cents and near 6.23. MWZ is up 7 cents and near 6.23. There is less US HRW and SRW selling pressure. Next fundamental is todays USDA report and any changes to EU and Russia supply and demand. Trade est weekly US wheat export sales near 300-1,600 mt.
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