Beans & Corn Cont. Trend Lower

MORNING AG OUTLOOK

Hello August! Grains are mixed. SU is down. CU is unch. WU is up. KWU is up. MWU is up. Stocks are higher. Stocks supportive after Fed Chairman suggestion rates could drop in Sep. US Dollar is higher. Crude is higher. Gold is higher. Increased Middle East tension offers support to Gold and Crude.

 

SU is near 10.12. Dalian soybean were higher. Soymeal, soyoil and palmoil  futures were lower. US soybean futures continue to trend lower on talk of higher US 2024 soybean crop and concern about slow start to US new crop soybean sales. China may be asking for US Oct prices. June US soybean crush is est at 184,6 mil bu vs 174.5 ly. Weekly US old crop soybean export sales are est at 75-300 mt vs 88 last week and new crop 300-900 mt vs 829 last week.

 

CU is near 3.82. Like soybean futures, corn futures have trended lower on increase fund selling and talk of higher US supply. Ukraine corn prices have rallied and suggest Ukraine is out of export market. EU corn prices are also higher and suggest more imports than exports. Weekly US ethanol production was up 1 pct vs last week and 4 pct vs ly. Stocks were also up 1 pct vs last week and 5 pct ly. Weekly US old crop corn export sales are est at 275-600 mt vs 331 last week and new crop 400-800 mt ,vs 745 last week. C China continues to see flooding.

 

WU is near 5.31..Russia prices are slowly trending higher. Wheat futures remain oversold. Middle East tension could offer support if buyers decide to add to reserves. Matif wheat futures are higher amid talk of lower French crop and quality. Australia wheat futures remain near season lows. Wheat export sales are est at 250-550 mt vs 309 last week.

 

 

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