Written Commentary
MORNING OUTLOOK
Grains are mixed. SX is down 2 cents and near 12.20. SMZ is near 335.4 BOZ is near 59.42. CZ is up 2 cents and near 5.61. WZ is up 6 cents and near 7.80. KWZ is up 4 cents and near 7.90. MWZ is up 5 cents and near 10.22. OZ is near 7.57.
US stocks are mixed. US Dollar is slightly lower. Crude is higher. Gold and Copper are higher. UK Banks did not raise rates. Key US jobs report today. USDA report next week.
US is dry. Should help corn soybean harvest. Russia dry. Canada is dry. S Brazil rains. Argentina rains. Dalian soybean futures higher soymeal, soyoil, palmoil and rapeoil lower. Corn higher at 5 month high. Matif, Canada and Dalian canola prices lower. Matif rapeseed prices huge premium to soyoil.
Soybean futures dropped on talk of Brazil farmers selling out old crop soybean due to early harvest. Brazil offering a few Nov/Dec cargoes. Some talking US soybean exports at 1,700 vs USDA 2,090. USDA could increase SU soybean crop, drop exports and raise carryout next week which is bearish.
Corn futures traded lower. US corn export commit ahead of USDA but slowing. Ethanol demand strong. USDA could raise US corn crop next week. Carryout could be higher unless USDA raises demand. Argentina corn plantings 28 pct vs 37 average. More second crop acres? France harvest 73 pct vs 93 ly. Matif futures lower but still could close at 6 straight week contact high close. Russia stocks 6 year low.
Black Sea Dec wheat futures higher and reflect $101 export tax vs $70 nearby. Farmers selling domestic .
Soybeans set for new weekly lower close. Weekly range 12.05-12.50. Numbers do not support 12.00. Weekly soymeal futures range 328-348. Support from higher US domestic demand. Corn futures also set for new weekly lower close. Weekly range 5.56-5.86. Corn needs new demand. Chicago wheat futures weekly range 7.79-8.07. Lower Russia supplies supportive. Slow exports negative.
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