Beans Futures At 7 Week High

MORNING AG OUTLOOK

Grains are mixed. SF is up 3 cents and near 13.31. SMZ is near 425.4. BOZ is near 50.75. CZ is unch and near 4.74. WZ is unch and near 5.66. KWZ is down 1 cent and near 6.40. MWZ is down 2 cents and near 7.08. US stocks are marginally lower after Thursdays gains. US Dollar is unch after Thursdays losses. Crude is unch. Gold is higher.

Soybean futures are higher. SF is 7 week high. There remains too much rain in S Brazil. Central and North Brazil forecast is drier. There is talk that China either has interest in US Feb gulf soybean or actually bought US. US soybean prices are competitive Dec forward. US soybean export commit is near 855 mil bu down 28 pct vs last year. Weekly US soymeal export sales were lower than expected but still 40 pct above ly. USDA est Brazil crop up 7 mmt (260 mil bu) vs ly and US carryout is 220. Lower Brazil crop tightens World supply. Dalian soybean, soymeal, soyoil and palmoil futures were higher.

Corn futures are unch but lowest weekly close since Sep,2021. There remains concern about slow demand for US corn. Weekly US corn export were lower than hoped. US corn export commit is near 720 mil bu and up 26 pct vs ly and vs USDA est of a 22 pct increase. Most of US Midwest is dry. Some fear that USDA could increase US corn yield on their November report. There is some concern that US could shutdown Nov 17 which could make this report last USDA until Congress increasing spending and debt.

Wheat futures are mixed. EU rains are slowing plantings. There is new concern about Ukraine export flow. US wheat export commit is down 7 pct ly vs USDA forecast of a 8 pct drop. Russia continues to offer cheap wheat for export. Managed funds remain big short in Chicago futures with no new news to liquidate.

 

Interested in more futures markets?  Explore our Market Dashboards here.

Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.

ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.                  

A subsidiary of Archer Daniels Midland Company.

© 2021 ADM Investor Services International Limited.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

Latest News & Market Commentary

Explore the latest edition of The Ghost in the Machine

Explore Now