MORNING AG OUTLOOK
Grains are slightly higher. SX is up 1 cent and near 12.96. SMZ is near 438.2. BOZ is near 51.38. CZ is up 1 cent and near 4.85. WZ is up 2 cents and near 5.83. KWZ is up 3 cents and near 6.66. MWZ is up 8 cents and near 7.36. US stocks are lower . US Dollar is mixed. Crude may have found support near 82.94.
Soybean futures are slightly higher. Soymeal rallied Tuesday on talk of fund buying due to dryer long range SA weather forecast. Talk of higher US crush offset lower Argentina crush. US domestic soymeal basis remains firm despite higher futures. Sep Argentina crush was down to 1.8 mmt vs 2.0 in August and 2.8 ly. Extension of Argentina peso soybean policy could increase farmer selling. Matif rapeseed futures near 4 month low. Dalian soybean and SBO futures were lower. Central Brazil rains appear to be spotty
Corn futures are higher. CZ Is may be finding key support near 50 DMA. Lack of confirmation of China interest in US corn is offering resistance. USDA did announce more corn to Mexico. Midwest rains could slow harvest. US famer selling remain slow into processors. Brazil could see showers this week. Drier next week. Safrina corn plantings are near 42 pct. Argentina has seen needed rains. Argentina corn plantings are near 20 pct. Ukraine corn crop is estimated near 30.7 mmt or up 17 pct vs ly.
Wheat futures are higher. WZ remains between 5.72 support and 5.91 resistance. There remains uncertainty over Russia and Ukraine export pace. USDA will start weekly WW crop ratings Monday. Some could see as high as 50 pct G/E and highest since 2019 Wheat futures remain volatile near season lows. Is there any US export program? Australia futures are lower on increase harvest pressure.
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.