US Harvest Could Be Early

MORNING AG OUTLOOK

Grains are lower. SX is down 6 cents and near 13.10. SMZ is near 387.3. BOZ is near 60.73. CZ is down 2 cents  and near 4.68. WZ is down 6 cents and near 5.85. KWZ is down 9 cents and near 7.25. MWZ is down 5 cents and near 7.72. US stocks are higher. US Dollar is lower. Crude is higher.

Soybean futures are lower. Dalian soybean, soymeal and vegoil futures are lower. Palmoil, RSO and sunoil prices are also lower. US soybean exports were near 766 mt vs 915 ly. US harvest is near 5 pct and crop is rated 52 G/E vs 55 LY. Brazil farmers have slowed new crop sales due to lower board and dry weather. US harvest and low navigation water levels plus slow start to soybean exports have pushed futures below key support.

Corn futures are lower. US corn exports were near 1.26 mmt vs 1.14 ly. US harvest is near 9 pct and crop is rated 52 G/E and lowest in 11 years. There remain rumors that China will buy Ukraine corn. US harvest could be early and fast. US domestic basis is wide and could limit farmer selling. Dalian corn future were lower. China annual corn exports were near 18.6 mmt vs USDA 18.5. USDA est 2023/24 China corn imports at 23.0.

Wheat futures are lower. Appears Russia will continue to average record monthly wheat exports. South Hemisphere crop conditions continue to decline due to dry weather.  World end users remain uncovered for 2024. EU lifted the ban on Ukraine grain imports. Poland, Hungary and Slovakia remain defiant. Wheat vessel is leaving Ukraine port for Israel. US wheat exports were near 5.1 mmt vs 7.2 ly.US spring wheat harvest is near 93 pct. Winter wheat planting is near 15 pct.

 

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