Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SH is up 5 cents and near 11.88. SMH is near 350.4. BOH is near 46.84. CH is up 1 cent and near 4.30. WH is down 4 cents and near 5.92. KWH is down 3 cents and near 5.98. MWH is down 2 cents and near 6.82. China and Brazil are on Holiday. Commodity prices need better China economy to move higher. Both Brazil and Argentina will see good rains this week. US S/P above 5,000. Crude near resistance.
SH is near 11.88. CONAB estimated Brazil soybean crop at 149.4 mmt vs USDA 156. USDA left Argentina soybean crop at 50 mmt. China and Brazil are on holiday. China lowered soybean imports to 97 mmt vs USDA 102. US soybean export commit is near 38.4 mmt vs 47.5 ly. USDA goal is 46.8 mmt vs 54.2 ly. Brazil export goal 100 mmt. USDA Outlook this week. Most look for US 2024 soybean acres near 86.4 mil vs 83.6 ly.
CH is near 4.30. CONAB estimated Brazil corn crop at 113.7 mmt vs USDA 124 mmt. USDA left Argentina corn crop at 55 mmt. China est corn import at 17.5 mmt vs USDA 23. Corn futures battling unknowns of Brazil crop size, Ukraine exports, China imports and EU imports. US corn export commit is near 34.9 mmt vs 26.8 ly. USDA goal is 53.3 mmt vs 42.2 ly. Brazil export goal 52 mmt. Argentina 41 mmt vs 24 ly. Ukraine 23 mmt. USDA Outlook this week. Most look for US 2024 corn acres near 92.0 mil vs 94.6 ly.
WH is near 5.92. KWH 5.98. MWH 6.82. WH could be in 5.75-6.50 range Trade watching cold US late Feb forecast. Wheat futures could find support from unknown of World 2024 north hemisphere crops. Large EU and Russia export supplies offers resistance. USDA Outlook this week. Most look for US 2024 wheat acres near 47.0 mil vs 49.6 ly.
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