US Oct Weather Dry & Warm
MORNING AG OUTLOOK
Grains are mixed. SX is up 8 cents and near 12.81. SMZ is near 377.5. BOZ is near 57.30. CZ is unch and near 4.87. WZ is down 8 cents and near 5.60. KWZ is down 7 cents and near 6.75. MWZ is down 5 cents and near 7.20. US Dollar is lower. Crude is lower. US stocks are mixed. Gold. Silver, copper, coffee, cocoa and sugar are lower. Unconfirmed rumors suggest Ukraine export corridor may now be open with Russia support.
Soybean futures are higher. China is still on Holiday. USDA announced 265 mt US soybean to China. US soybean export price is competitive to China. Parts of Brazil and Argentina remains dry. S Brazil is wet, slowing plantings and export loadings. Slow S Brazil export pace could extend their export season. Argentina farmers has increased cash soybean sales but total sales are only 15 mmt vs 30 ly. US Midwest weather is mostly dry. This should increase harvest pace. Below normal rains continue to lower water levels.
Corn futures are slightly higher. Parts of Brazil and Argentina remains dry. S Brazil is wet, slowing plantings and export loadings. US Midwest weather should be mostly dry with should increase harvest. Argentina farmer has sold 25 mmt corn vs 40 ly. Unconfirmed rumors suggest Ukraine export corridor may now be open with Russia support. Ukraine corn prices and Brazil are lower than US. CZ-CH spread continues to widen do to slow exports.
Wheat futures are slightly lower. Wheat futures had tepid response after US sold SRW wheat to China. Some feel recent drop in futures has made US SRW competitive to China. Still WZ-WH continues to widen due to low exports. Some forecast US October weather drier and warmer than normal. W Australia remains dry. East is wet. Australia wheat futures are lower. Russia is dry. Argentina is dry. S Brazil remains too wet. More vessels are entering Black Sea to load grains from Ukraine.
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.