Grain Calls Mixed to Higher
MORNING AG OUTLOOK
Black Friday. Grain calls are mixed to higher. SF is near 13.56. SMF is near 437.6. BOF is near 52.71. CH is near 4.87. WH is near 5.84. KWH is near 6.24. MWH is near 7.28. US stocks are higher. US Dollar is lower. Crude is lower. Short week. CBOT closes early at 12:05 for grains.
SF is near 13.65. S Brazil continues to see too much rain. Today’s C/N Brazil forecast is drier today. Temps are not as hot. Argentina markets are on hold. Farmers awaiting more devaluation of currency and elimination of export taxes. Argentina crush is only running at 25 pct of capacity. US weekly soybean export sales are estimated near 800-1,800 mt vs 3,918 last week. SF is near key support of 13.50. Resistance near 13.75. Lower Argentina crush could support SMF near 435. Dalian soymeal, palmoil and soyoil futures were lower.
CH is near 4.87. S Brazil continues to see too much rain. Today’s C/N Brazil forecast is drier. Temps are not as hot. Argentina markets are on hold. Farmers awaiting more devaluation of currency and elimination of export taxes. There is talk of a Ukraine bill to raise export taxes which could halt exports. US weekly corn export sales are estimated near 700-1,600 mt vs 1,807 last week. CH key support is 4.85. Resistance near 4.93. US farmers remain reluctant sellers of cash corn. Domestic basis remains firm.
Wheat futures calls are mixed. Futures rallied Friday on talk of Russia attack on Ukraine Odessa port. There remain uncertainty over potential Ukraine reaction on Russia ports. There is talk of a Ukraine bill to raise export taxes which could halt exports US HRW crop areas are dry. USDA announced US SRW sales to China. Weekly US export sales are estimated near 125-450 mt vs 176 last week.
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.