Written Commentary
MORNING OUTLOOK
Grains are lower. SX is down 10 cents and near 13.59. SMZ is near 397.0. BOZ is near 64.84. CZ is down 2 cents and near 6.821 WZ is down 8 cents and near 8.93. Overnight high was 9.07. KWZ is down 7 cents and near 9.82. Overnight high was 9.07. MWZ is up 1 cent and near 9.82. Overnight high was 9.87.
US 30 day Midwest weather looks dry with warm temps west and cool east. Argentina remains dry. Central Brazil is expected to see normal weather. S Brazil rains is slowing plantings there. Rains in Russia also slowing plantings.
CBOT soybeans are lower with US dollar higher and equities lower. Soymeal future fell on Wednesday for the 10th day in 11 and ended at its lowest level since mid-August. Weekly US soybean export sales are estimated near 500-1,200 mt vs 1,003 last week. SX support 13.40. Resistance 13.95.
CBOT corn is slightly lower with US dollar higher and equities lower. Weekly US export sales report are estimated near 350-800 mt. trade will also be watching US harvest yields and if USDA increase end stocks with US crop lower but exports also lower.
CBOT wheat is lower. The debate goes on about the extent of demand destruction, Ukraine war and Turkey’s diminishing role in the movement of Black Sea wheat. Weekly US wheat export sales are est near 200-450 mt vs 279 last week. Still unclear the next move in Ukraine and dryness in US plains will have on prices.
US stocks are lower. US Dollar is higher. Crude is lower. Gold, silver, copper, coffee, cocoa, sugar and cotton are higher.
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