Written Commentary
MORNING AG OUTLOOK
Grains are lower. SH is down 2 cents and near 11.91. SMH is near 346.7. BOH is near 47.44. CH is unch and near 4.31. WH is down 3 cents and near 5.93. KWH is down 2 cents and near 5.95. MWH is down 2 cents and near 6.79. China and Brazil are on Holiday. US CPI inflation data day. Crude is higher before US inflation data and increase Middle East tension. OPEC monthly report day.
SH is near 11.91. Weekly US soybean exports were 48 mil bu vs 62 ly. Season to date exports are 1,135 mil bu or down 23 pct vs ly. USDA goal is 1,720 vs 1,992 ly. Open unshipped sales are near 349 vs 379 ly. This leaves 236 mil bu to be sold to reach USDA goal vs 151 ly. USDA Outlook this week. Most look for US 2024 soybean acres near 86.4 mil vs 83.6 ly. One crop watcher lowered his est of Brazil soybean crop down 2 mmt to 147 vs USDA 156 and lowered Argentina 2 mmt to 54 vs USDA 55.
CH is near 4.31. Corn futures battling unknowns of Brazil crop size, Ukraine exports, China imports and EU imports. Weekly US corn exports were 34 mil bu vs 22 ly. Season to date exports are 676 mil bu or up 31 pct vs ly. USDA goal is 2,100 vs 1,661 ly. Open unshipped sales are near 702 vs 542 ly. This leaves 722 mil bu to be sold to reach USDA goal vs 603 ly. USDA Outlook this week. Most look for US 2024 corn acres near 92.0 mil vs 94.6 ly. One crop watcher lowered his est of Brazil corn crop down 3 mmt to 112 vs USDA 124 and lowered Argentina 2 mmt to 50 vs USDA 50.
WH is near 5.94. KWH 5.95. MWH 6.79. Weekly US wheat exports were 15 mil bu vs 17 ly. Season to date exports are 430 mil bu or down 18 pct vs ly. USDA goal is 725 vs 759 ly. Open unshipped sales are near 226 vs 142 ly. This leaves 69 mil bu to be sold to reach USDA goal vs 92 ly. USDA Outlook this week. Most look for US 2024 wheat acres near 47.0 mil vs 49.6 ly
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