JULY 21 MORNING AG OUTLOOK

by Steve Freed

Grains are mixed. Price uncertainty continues. SU is down 7 cents and near 13.91. SX is down 5 cents and near 13.83. SMU is near 367.7. BOU is near 65.03. CU is up 2 cents and near 5.74. CZ is up 2 cents and near 5.68. WU is up 5 cents and near 7.05. KWU is up 5 cents and near 6.65. MWU is down 6 cents and near 9.10. Sep oats at new highs and near 4.62. US stocks are higher. More confidence that US will handle new virus. Crude is higher. Crude and Commodity Index held key support.

EU weather model hot/dry US west Midwest next 10 days. N Plains dry. GFS dry but not as hot in IA

Soybean futures flag technical formation support 13.53 with resistance 14.17. US summer weather key

Word that China bought 5 Argentina soybean cargoes of Aug-Sep. China US new crop demand slow

US soybean fob price $567. Brasil $563, Argentina $539. US soymeal fob $432, Argentina $388

Canada canola futures lower on forecast of rain in S Manitoba and SE Saskatchewan. To little to late?

Dalian soybean futures were lower, corn, soymeal, palmoil and soyoil all higher.

Sep corn near 5.76 resistance. Uncertain US weather/slow export pace keeps CU from filling 5.88 gap

US farmer not selling/buyers covered for now. Weekly ethanol data show slight increase in stocks

Managed funds unwilling to add to corn longs given negative seasonal and slow export demand pace

US fob corn prices near $282, Argentina $240, Brazil $264, Ukraine $274.

Chicago and KC wheat futures making 2 month highs. EU wheat lower on better harvest weather

Minneapolis wheat lower on profit taking and talk of Canada rain and Ag Canada raised wheat yield?

WU resistance near 7.20. KWU 6.80. MWU support 9.00 with resistance near 9.50

US HRW export prices near $310, Baltic $256, Germany $262, Russia $251, French $258

The information conveyed by ADMIS or it’s affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity future contracts.

2021-07-21T13:34:23+00:00 July 21st, 2021|