Mixed Start For Grain Prices


Happy Thanksgiving. Grains are mixed. SF is up 2 cents and near 12.75. SMZ is near 362.8. BOZ is near 60.51. CZ is unch and near 5.80. WZ is unch and near 8.55. KWZ is up 2 cents and near 8.81. MWZ is unch and near 10.38.

US stocks are lower., US GDP, consumer spending and Fed minutes today. US Dollar is higher, Crude is unch,

US Midwest dry. EU showers. Russia snow. Australia wet. Argentina showers. Brazil weather favorable. Weekly US exports sales delayed until Friday. Bean bulls worried about slow China soybean buying.  Dalian soybean, corn, palmoil, soyoil lower. Soymeal higher. China and US relations declining.

World wheat buyers short, buying only hand to mouth. No 2022 coverage. KC futures could test 9.00. Matif wheat futures new highs. Russia domestic wheat prices higher. Large carry from Dec to March. Trade estimate of US 2021/22 wheat carryout from 570-640 depending upon final exports.

Corn futures may be in a 5.40-6.00 range. CZ22 new highs. Funds buying. Worries about US 2022 supply. Matif corn new highs. EU imports down 58 pct yoy. Only 2.6 mmt vs 6.3 ly. Stocks declining. Brazil corn exports remain active. Brazil domestic corn prices higher. US ethanol data supportive. Trade estimates US 2021/22 corn carryout near 1,390 mil bu vs USDA 1,493 due to higher demand.

SF found resistance near 13.00. 12.50 is key support. Soybean supported by positive US crush margins. China soybean coverage now through December. Brazil could have new crop soybean in Jan for export. Argentina threatening meat, corn and wheat export tax. Brazil soybean prices lower. Slow China buying. Brazil soymeal prices $50 discount to US. Could slow US soymeal export demand. Matif rapeseed futures lower. More EU 2022 acres. Canada canola futures higher. Tight 2021 supply.

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