JULY 26 MORNING AG OUTLOOK

by Steve Freed

Grains are lower. Risk off. SU is down 11 cents and near 13.44. SX is down 12 cents and  near 13.39. SMU is near 351.0. BOU is near 64.09. CU is down 2 cents and near 5.44. CZ is down 3 cents and near 5.39. WU is down 1` cents and near 6.72. KWU is down 8 cents and near 6.37. MWU is down 12 cents and near 8.71. US stocks are lower. US Dollar is lower. Crude is lower. Gold is higher. China tightening grip on property, education and food delivery monopoly reform and hard rhetoric against US before planned talks is weighing on equity and commodity markets.

Chinese Vice Foreign Minister Xie Feng said during talks Monday with U.S. Deputy Secretary of State Wendy Sherman that the two countries’ relationship “is now in a stalemate and faces serious difficulties,” according to an English-language press release from China’s Ministry of Foreign Affairs

US Midwest was warm and dry. Weekend rains in NE SD, NW WI, SE IL, MI and OH. Canada/Russia dry

Most look for this weeks US corn and soybean ratings to drop 1-2 pct from last week.

EU forecast through Aug 4 has rains for SD, SW MIN, NW IA and WC IL. Normal temps east Midwest

Soybean futures below 20/100 day moving average and below 38 pct retracement of June high to low

Corn futures traded below 20 day, 50 day and 100 day price supports. Resistance near 5.73.

Chicago Sep wheat range 6.70-7.00; KC Sep 6.30-6.70, Minn Sep range 8.70-9.40

Momentum is lower. Strong negative price seasonal. Reduce volume into month end, USDA Aug report

Analyst est US 20/21 soybean carryout near 150 vs USDA 135, 21/22 120 vs USDA 155

Analyst est US 20/21 corn carryout near 1,015 vs USDA 1,082, 21/22 970 vs USDA 1,432

Analyst est US 21/22 wheat carryout 580 vs USDA 665. Russia crop 80 mmt vs USDA 85. Canada 21

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.

2021-07-26T13:47:54+00:00 July 26th, 2021|