Wheat Futures Sharply Unch
MORNING AG OUTLOOK
Grains are mixed. SH is up 1 cent and near 13.03. SMH is near 387.0. BOH is near 49.58. CH is unch and near 4.73. WH is unch and near 6.12. KWH is unch and near 6.25. MWH is unch and near 7.14. Stocks are lower. Some tech signals suggest recent rally in stocks may be near a top. US Dollar is lower and lowest level since July,2023. Crude is higher and near $75. US PCI should show inflation down.
CH is near 4.73. Trade still worried about higher US Dec 1 stocks and USDA increase US 2023 corn crop in Jan. Trade awaiting Brazil rain amounts. Low water in Panama canal and increase Red Sea drone attacks has vessels rerouting. All this is increasing World freight rates which offers resistance to commodity prices. Dalian corn futures are higher. China still not buying US corn despite talk government wants to add to stocks. US export commit is near 1,109 mil bu vs 812 ly. USDA goal is 2,100 vs 1,661 ly. Weekly chart support 4.50. Resistance 5.00.
SH is near 13.03. SMH is below 390. Drop in soymeal values are pushing crush margins lower. BOH is back below 50 cents. Trade awaiting Brazil rain amount. Some est of Brazil crop is now near 155 but higher Argentina crop could offset lower Brazil. Dalian soybean futures were higher, soymeal, palmoil and soyoil futures were lower. Soybeans like most commodities are trading lower and searching for new demand. US export commit is near 1,299 mil bu vs 1,555 ly. USDA Gola is 1,755 vs 1,992 ly. Soymeal 6.8 mst vs 5.8 ly. USDA goal is 13.9 vs 13.30 ly. Weekly chart support 12.50. Resistance 14.00.
Push pull wheat futures trade continues with overnight futures sharply unchanged. US south plains rains are forecasted for this week. Increase World wheat buying interesting read but origin is mostly cheaper Russian. Australia wheat futures are sharply lower on talk crop now est at 28 mmt vs USDA 25.5. and export demand has slowed on talk of lower protein. US wheat export commit is near 545 mil bu vs 539 ly. Srw 155 vs 88 and HRW 93 vs 145.HRS 173 vs 161 ly.
CBOT closed Sunday Night, Monday and Monday night. Reopens Tuesday morning at 8:30. Happy Holiday to all!
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.