Soyoil Futures Gaining on Soymeal

MORNING AG OUTLOOK

 

Grains are mostly higher. Soyoil is gaining on soymeal. US stocks are higher. US Dollar is higher. Crude is higher. Gold is higher. There is new talk of Iran attacking Israel. Market volatility could increase as US election nears. Rains are forecast for US Midwest and east plains. EU and Ukraine weather is dry. Ukraine and Russia temps turned colder.

 

harvesting in the morning

 

SOYBEANS

SF is near 10.03. BOZ is near 46.35 and highest since July. SMZ is near 299 and near season low. Dalian soybean, soymeal were lower. Palmoil and soyoil futures were higher. Global vegoil markets are in a bull trend. There were 97 soybean deliveries. Some est Brazil crop at record 169 mmt which should provide pressure to futures February forward. Argentina rains are better. US soybean export commit is up 13 pct vs ly and USDA est of up 9 pct. . USDA announced 150 mt US soybeans to unknown. Trade est US soybean crush at a record 187.4 mil bu. Soyoil socks at 1,539 mil lbs vs 1,607 ly.

 

CORN

CZ is near 4.13. Dalian corn futures were lower. Higher US water levels is offering resistance to domestic basis. Brazil farmer increased new crop cash sales on better weather. Argentina crop is 35 pct planted, crop rated 86 pct normal/excellent and soil moisture 82 pct adequate. Some look for nearby corn futures in a range from 3.90-4.30. French and Ukraine weather is dry. US Midwest should see rains to help soils for 2025. US corn export commit is up 41 pct vs ly and USDA est of 1 pct.

 

WHEAT

WZ is near 5.73. KWZ is near 5.71. MWZ is near 6.04. Some look for nearby Chicago wheat futures in a range from 5.50-6.00. Argentina prices near 7 month low due to favorable crop conditions. Australia futures were lower on good harvest yields. US wheat commit is up 19 pct vs ly and USDA est of up 17 pct. Matif wheat futures continue to trend lower.

 

 

 

 

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