Written Commentary
Global Ag News for Mar 25.24
March 25, 2024
MORNING OUTLOOK
Grains are mixed. SU is up 5 cents and near 13.31. SX is up 2 cents and near 13.21. SMU is near 356.4. BOU is near 60.50. CU is down 1 cent and near 5.35. CZ is down 2 cents and near 5.21. WU is down 2 cents and near 6.16. KWU is up 1 cent and near 5.89. MWU is up 5 cents and near 8.10. US stocks are higher. US Dollar is lower. Crude is higher. Gold and copper are higher.
For the week so far wheat prices are down 36 1/4 in SRW, down 29 1/2 in HRW, down 28 3/4 in HRS; Corn is down 57 3/4; Soybeans down 74 3/4; Soymeal down $2.78; Soyoil down 2.30.
For the month to date wheat prices are down 63 in SRW, down 69 1/4 in HRW, down 39 3/4 in HRS; Corn is down 66 1/2; Soybeans down 74 3/4; Soymeal down $21.40; Soyoil down 2.71.
Chinese Ag futures (SEP 21) Soybeans up 45 yuan ; Soymeal up 17; Soyoil up 68; Palm oil up 100; Corn down 3 — Malasyian Palm is up 116. Malaysian palm oil prices overnight were up 116 ringgit (+3.08%) at 3885 rebounding from three days of losses, as a weaker ringgit raised the appeal of the tropical oil in Malaysia while prices for the commodity traded in China headed for a third weekly advance.
Sep corn now below 20,50 and 100 day moving average, 5.46 resistance. Sep soybean also below 20, 50 and 100 day moving average. 13.50 resistance. Improved US central/east Midwest weather and slow export trade has weighed on prices. Sep Chicago wheat below 20, 50, 100 and 200 moving averages.
Lack of export trade, winter wheat harvest pressure offset lower HRS crop outlook. Key WOB report Monday. Trade afraid they will keep most key numbers unchanged from June.
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