Written Commentary
MORNING OUTLOOK
Grains are mixed to higher. Trade trying to recover from Russia saying peace talks “constructive” versus continued attacks on central Ukraine. SK is up 6 cents and near 16.49. SMK is near 467.1. BOK is near 72.13. CK is up 7 cents and near 7.33. WK is unch and near 10.14. KWK is up 1 cent near 10.26. MWK is up 7 cents and near 10.50.
US stocks are lower. US Dollar is lower. Crude is higher. Gold, silver and copper are higher
Russia released a document calling for Humanitarian Corridor permitting vessels to leave Ukraine ports but nothing about vessels getting in or about ports being mined. There remains market concern about Ukraine corn exports and ability of Ukraine farmers to plant all intended 2022 crop acres. Ukraine supplies 50 pct World sunoil exports of 15 pct World vegoil exports.
All grains futures and Crude market took a beating yesterday with at one point corn and wheat futures down the daily limit. Besides bearish Ukraine war headlines negative technical action increased selling especially wheat, corn and soybeans.
Month end and quarter end long liquidation added to weak technical picture. US south plains continue to look drier than normal in April. Central and south US Midwest could continue to see cooler than normal temps and above normal rains. Could see delays in Delta 2022 spring crops plantings.
USDA March 1 stocks and estimate of 2022 planted acres tomorrow. Most looking for more corn and soybean and less wheat stocks vs last year. More soybean and wheat acres, less corn.
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.
