Grain Prices Are Up
MORNING AG OUTLOOK
Grains are higher. SN is up 10 cents and near 14.38. SMN is near 436.4. BON is near 52.15. CN is up 3 cents and near 5.87. WN is up 2 cents and near 6.20. KWN is up 4 cents and near 7.61. MWN is up 4 cents and near 7.95. US stocks are lower. US Dollar is higher. Crude is lower.
Soybeans futures are trying to find support near 14.00 SN. SX has found support near 12.50 and double bottom. Next resistance is near 12.95 SX. USDA estimated that 19 pct of US soybean crop is planted, up 10 pct from last week and up 12 pct from ly. This is second fastest since 2012. AR is 43, IL 39, IN 18, IA 16, NE 16, OH 14, MN 1, SD 0, ND 0. Argentina crop is estimated near 23 mmt. Brazil 153. Lower Brazil prices and higher supply offers resistance to futures. Palmoil prices are trying to find support. Asian demand is down and sunoil prices are lower.
Corn futures are trying support near 5.70 CN and 5.20 CZ. Prices are oversold. CK-CN spread is near +55. CN-CZ is near +59. Weekly US corn exports were better than expected but season to date exports remain down 35 pct vs ly. USDA estimated that 26 pct of US corn crop is planted vs 13 ly. MO is 80, IL 40, IN 20, IA 29, NE 30, OH 10, MN 5, SD 1, ND 0. Argentina crop is estimated near 30 mmt. Brazil 123. Lower Brazil prices and higher supply offers resistance to summer futures. C Brazil is still dry. US 7 day forecast is dry with warming temps. Rains return the following week.
Wheat futures are slightly higher. Managed funds were net sellers of 6,000 Chicago wheat on Monday. US south plains could see additional rains. Latest rains missed parts of KS. USDA rated the US WW crop 28 pct G/E up 2 from last week. KS is rated 13 pct G/E, OK 9, NE 14, IL 66, AR 60, OH 81, WA 58. 25 pct is heading vs 23 average. 12 pct of US spring wheat is planted vs 22 average. US SRW is now $20 below France and Russia. US season to date exports are still down 3 pct vs last year.
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