Grains Trying to Bounce Off Recent Lows

MORNING OUTLOOK

Grains are mixed to higher. SU is unch and near 14.15. Overnight range was 14.03-14.31. SMU is near 431.5. BOU is near 63.10. CU is up 3 cents and near 5.95. WU is up 14 cents and near 7.88. KWU is up 13 cents and near 8.56. MWU is up 19 cents and near 8.92.

US stocks are higher. US Dollar is lower. Crude is lower. Gold, silver, copper are lower.

N US Plains and WCB will remain dry this week with temps above normal. Heat stress could become a concern. C and ECB will see a good mix of rain and sunshine this week. 8-15 day maps are in disagreement with some leaning toward Midwest warm and dry. EU is warm and dry.

Wheat futures are trying to bounce off recent lows. US Dollar is lower. Russia is accusing US of direct involvement in Ukraine war. So far Australia has sold 2 mmt of wheat to China. EU wheat exports to date are up 12 pct from last year. Some feel final Russia and EU wheat exports could be below USDA estimate but fear USDA could increase their exports on August 12. WU traded below Tuesdays low but is now trying to test 7.90.

Corn futures are also trying to bounce. StoneX started the private crop est for August US corn yield at 176 vs USDA 177. They est IL corn yield at 200 vs 202 ly, IA 207 vs 205, MN 185 vs 178 and SD 157 vs 139 ly. France had driest July on record. EU corn crop est near 55 mmt vs 68 USDA. CU traded below Tuesdays low but is now trying to test 6.00.

Soybean futures are also trying to bounce. StoneX started the private crop est for August US soybean yield at 51.3 vs USDA 51.5. They est IL soybean yield at 65 vs 64 ly, IA 61 vs 62, MN 50 vs 47. China demand or lack of is key to soybean futures. SU hovering around 200 DMA near 14.17.

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