MORNING AG OUTLOOK
Grains are mixed. US stocks are slightly higher. US Dollar is higher. Crude is higher but near $73. Trump could apply new tariffs on steel, metals and pharmaceuticals. Outlook for lower energy prices to weigh on the commodity index. Gulf of Mexico is now Gulf of America.
SOYBEANS
SH is near 10.42. China is closed for holiday. S Brazil and C and N Argentina saw rains. Drier weather could help advance early Brazil harvest. Rains are forecast next week. W EU is too wet. Black Sea and Ukraine is too dry. US soybean exports are up 19 pct vs ly and USDA est of up 8. SH-SK spread has widened out to -14. US domestic soymeal basis is lower and stocks build at plants. Brazil soybean sales are a record 8 mmt. Brazil harvest only 4 pct vs 10 average. One crop analyst kept Brazil crop est at 170 mmt and dropped Argentina 2 mmt to 49. A MG 222,000 acre farm sold for a record $12,650 per acre or $2.5 billion.
CORN
CH is near 4.82. China is closed for holiday. S Brazil and C and N Argentina saw rains. Drier weather could help advance early Brazil safrina corn planting. Safrina corn planting are 1 pct planted vs 10 average. Rains are forecast next week. W EU is too wet. Black Sea and Ukraine is too dry. US corn exports are up 31 pct vs ly and USDA est of up 7. CH-KK spread has widened out to -11. USDA announced 139 mt US corn sold to Mexico. One crop analyst kept Brazil crop est at 125 mmt and dropped Argentina 1 mmt to 47.A MG 222,000 acre farm sold for a record $12,650 per acre or $2.5 billion. Brazil corn futures dropped to 1 month lower.
WHEAT
WH is near 5.36. KWH is near 5.52. MWH is near 5.88. Matif futures traded lower following lower commodity prices. WH-WK is near -14. US wheat exports were up 25 pct vs ly and USDA est of up 20. WH supported near 5.20 with resistance near 5.50. Russia crop could now be below 85 mmt vs 81.5 ly. W EU is too wet. Black Sea and Ukraine is too dry. Increase Argentina wheat sales could weigh on World wheat prices
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