Grains Mixed Ahead of Report Day

MORNING AG OUTLOOK

 

USDA report day. CONAB day. Stats Canada day. Lunar New year. Carnival. Grains are mixed. SH is up 2 cents and near 11.91. SMH is near 349.9. BOH is near 47.15. CH is down 1 cent and near 4.33. WH is down 8 cents and near 5.93. KWH is down 6 cents and near 6.11. MWH is down 5 cents and near 6.91. US stocks are flat but S/P is over 5,000 for first time. US Dollar is flat. Crude is higher.

 

 

SH is near 11.90. Support is near 11.75. USDA report day. CONAB day. Brazil harvest pace is above normal. Argentina farmer selling slow due to uncertain politics. They have sold only 5 mmt of 50 mmt crop. Average trade est for US 2023/24 soybean carryout is 284 vs USDA 280. Trade est Brazil soybean crop at 153 mmt vs USDA 157. Argentina 51 mmt vs USDA 50. China lowered soybean imports to 97 mmt vs USDA 102.

CH is near 4.32. Support is near 4.30 on weekly chart. USDA report day. Spreads widened. Average trade est for US 2023/24 corn carryout is 2,146 vs USDA 2,162 Trade est Brazil corn crop at 124 mmt vs USDA 127. Argentina 55.6 mmt vs USDA 55. Weekly ethanol prod and stocks were higher than last year. Argentina farmer selling slow due to uncertain politics. They have sold only 10 mmt of 55 mmt crop. China est corn import at 17.5 mmt vs USDA 23. Matif corn lowest since Oct, 2020.

WH is near 5.93. KWH 6.11. MWH 6.91. USDA report day. Stats Canada day. Matif wheat testing 208 euro support. EU and Black Sea prices weakness due to oversupply. Russia lowered its export price. EU seeing rains. Black Sea weather mostly dry. US central plains and Midwest are dry. Trade watching cold US late Feb forecast. Average trade est for US 2023/24 wheat carryout is 647 vs USDA 648.

 

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