Written Commentary
Wkly Futures Market Summary For 2.10.2025
February 10, 2025
MORNING AG OUTLOOK
Grains are mixed. SX is up. CZ is up. WZ is down. KWZ is unch. MWZ is up. US stocks are higher. US Dollar is higher. Crude is lower. Gold is higher.
SX is near 9.86. Dalian soybean, soymeal and palmoil were lower. US soybean export prices are lower than SA. USDA announced 264 mt of US new crop soybeans to China. Weekly US old crop soybean sales could drop 150 mt with new crops sales up 1.500-2,500. Demand for US soymeal remains good which is narrowing nearby spreads. SA weather is dry before plantings. US soybean premiums are firming on increase demand and lower Miss river water levels but record harvest looms. Parana, Amazon and Danube river water levels are also low.
CZ is near 3.91. Dalian corn futures were lower. There are rumors China added sorghum and barley to corn that traders were told not to buy. USDA announced 165 mt US new crop corn sold to Mexico and 100 mt new crop corn to Colombia. Weekly old crop export sales could be down 100 mt with new crop up 700-1,400 mt. US farmer has a lot of corn to sell which limits rallies. Dry SA weather before plantings is trying to offset big US crop and no China buying. Weekly US ethanol production was up 6 pct vs ly.
WZ is near 5.39. Weekly US export sales are est at 300-650 mt vs 492 last week. Russia wheat exporters remain aggressive sellers to cash buyers.. US Dollar is higher and energy prices are lower. Canada est wheat crop at 34.4 mmt vs USDA 35. There is some concern about US HRS quality.
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