Grains Up, Weather Colder

MORNING AG OUTLOOK

Grains are higher. SH is up 2 cents and near 12.7. SMH is near 368.4. BOH is near 48.36. CH is up 1 cent and near 4.55. WH is up 3 cents and near 5.99.KWH is up 5 cents and near 6.20. MWH is up 4 cents and near 7.07. US Dollar is higher. US stocks are lower. Crude is higher. Nat Gas higher on colder north Hemisphere temps. Rumor PBOC could cut ratio reserve requirements. One US Fed Governor may be reversing her feeling about no rates cuts.

snowy barn

CH is near 4.55. USDA week. Some look for USDA to increase US 2023 corn crop and 2023/24 carryout. Average trade est for Brazil corn is 126 mmt vs USDA 129, Argentina 54.8 vs USDA 55. Corn futures are oversold with Managed funds short 209,000 contracts. Dalian corn prices were lower. Weekly US corn exports were 34 mil bu. Season to date exports up 28 pct vs ly and USDA up 26. Argentina and Ukraine corn export prices are below US. US domestic ethanol margins remain lower.

SH is near 12.47. SMH is down below 370 support. BOH back above 48. USDA week. Some look for USDA to increase US 2023 soybean crop and 2023/24 carryout. Trade est Brazil corn crop at 156.7 mmt vs USDA 161, Argentina 48.7 vs USDA 48. Weekly US export inspections were 34 mil bu. Season to date exports are down 21 pct vs ly. USDA est exports down 12 pct. Dalian soymeal, soyoil and palmoil prices were lower. SN-SX spread down to +60 vs +100 ly.

WH is near 5.99. KWH is near 6.20. MWH is near 7.07. Russia is still cheapest origin. There is talk China may have switched US wheat to cheaper France. US, EU and Black Sea temps turn colder. Few concerned about winterkill. Weekly US export inspections were 18 mil bu. Season to date exports are down 16 pct vs ly. USDA est exports down 4 pct.

 

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