Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SK is down 2 cents and near 11.63. SMK is near 344.5. BOK is near 44.83. CK is up 1 cent and near 4.39. WK is up 9 cents and near 6.04. KWK is up 4 cents and near 6.29. MWK is up 5 cents and near 6.84. Stocks are lower. Meta down on increase AI expenses. US Dollar is lower. Crude is mixed at $82.67. Gold is mixed. Trade watching todays GDP and Friday personal income. Coffee and cocoa are higher. Sugar and cotton are lower. Cattle were lower.
SK is near 11.63. SN is near 11.78. Some feel US farmers should increase cash sales near 11.80 SK. Dalian soybean, were higher. Soymeal, palmoil and soyoil were lower. Weekly US soybean export sales are est near 300-600 mt vs 485 last week. Weekly US soymeal export sales are est near 100-400 mt vs 129 last week. US 2024 supply could be record weather permitting. South America soybean supply could be down due to weather. China demand though could also be lower.
CK is near 4.39. US farmers in fields before rains. Drier next week. US corn plantings could be near 20-25 pct. South America corn supply could be down due to Brazil weather and Argentina bug. US looking at large 2024 supplies but farmer not selling. Weekly US corn export sales are est near 400-900 mt vs 501 last week. There is adequate 2024 global corn supply versus uncertain US and Black Sea 2024 summer weather.
Funds continue to cover wheat shorts. WK over 6.00 and back into Oct,23 to Feb ,24 range of 6.00-6.50. US HRW and S Russia dry weather on focus. Some feel US farmers should increase cash sales near 6.35-6.40 WK. Weekly US wheat export sales are est near -100 to 100 mt vs -93 last week and 100-400 mt vs 222 last week. There is adequate 2024 global wheat supply versus uncertain US and Black Sea 2024 summer weather.
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