Mixed to Higher Overnight Markets
Grains are higher. SN is up 11 cents and near 15.59. SX is up 13 cents and near 14.10. SMN is near 400.7. BON is near 68.65. CN is up 1 cent and near 6.89. CZ is up 2 cents and near 5.79. WN is up 5 cents and near 6.98 KWN is up 7 cents and near 6.44. MWN is up 18 cents and near 7.90.
US stocks are mixed. US Dollar is higher. Crude is higher on talk of better demand.
USDA 10 day weather forecast is dry and warm for US north plains, upper Midwest and PNW.
US 2021 corn crop was rated 76 pct G/E vs70 expected and 67 average. NE corn rated 88 pct G/E, IL 80, IA 81, OH 79, MN 76, IN 74, SD 67, MI 63. US soybean plantings were 84 pct vs 67 average. 15 pct US soybean acres and 10 pct corn in Dakotas.
USDA June WASDE S/D June 10. Analyst est US 2020/21 soybean carryout 110 and corn 1,030. Analyst est US 2021/22 corn acres near 93.0 carryout 1,150, soybean acres 88.5 carryout 110. USDA acreage and grain stocks report June 30. USDA reports, US weather, China demand key. Some est US June 1 corn stocks near 4,040 mil bu vs 5,019 ly, beans 776 vs 1,396 wheat 841 vs 1,028.
Last week, World soybean exports to China were 1.8 mmt, Year to date 68.8 mmt + 6 pct vs USDA +1. Last week China soybean crush was 2.1 mmt up 9 pct last year vs USDA est of +5.
Brazil soybean export demand slowing. June line up 7 mmt vs 14.3 shipped in May.
Matif rapeseed futures and Canada canola futures rallied to 3 week highs on US weather forecast.
On Tuesday, Managed funds were net buyers of 15,000 contracts of SRW Wheat; 35,000 Corn; 12,000 Soybeans, 7,000 soyoil, and 2,000 in soymeal. We estimate Managed Money net long 23,000 contracts of SRW Wheat; net long 334,000 Corn; long 158,000 Soybeans; long 34,000 Soymeal, and; net long 98,000 Soyoil.
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.