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
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