Nov 14, 2019 | Global Ag News Headlines
USDA Agency Reports
Follow us on Twitter @TradeADMIS
Grains are mixed. CZ is up 1 cent and near 3.76. WZ is up 1 cent and near 5.10. SF is down 2 cents and near 9.13. US Dollar is higher. Crude is higher. US stocks are lower. Gold is higher. Traders are still looking for new news concerning US and China trade talks, World economic news and updates on global weather patterns. Today is last trading day for November soybeans with open interest at 241 contracts.
Farm Purchases Stall Trade Deal. Beijing resists putting a number on how much it will import, seeking leeway. POTUS threat to jack up U.S. tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas. China customs says lifts restrictions on U.S. poultry meat imports.
China's economic activity growth slowed further last month, presenting challenges for Beijing while it tries to solve trade tensions with the U.S.; China's value-added industrial output in October rose 4.7% from a year earlier, slowing from September's 5.8% increase, the National Bureau of Statistics said
Jan soybean futures is near 9.12 support. Open interest is going up in down trend market. Resistance is near 9.25. Dec corn has found support near 3.72. Open interest remains near season lows. Resistance is near 3.84. Dec Chicago wheat is trading between 5.00 support and 5.20 resistance with open interest increasing from August lows.
The U.S. Midwest weather forecast continues with fair harvest conditions for the region over the next week to ten days. Any precip activity looks to move through the northern region of the area.
The South American weather forecast has rainfall for northern Brazil over the next 5 days. The 6 to 10 day forecast for Brazil is rains mostly in the northern regions with lesser amounts in the south. The 6 to 10 day forecast has rainfall for most Argentine growing regions. Temps are seen running near average in most of South America.
Reports suggest Informa is looking for US 2020 corn planted acres to be near 94.4 mil vs 89.9 this year, soybeans 86.4 vs 76.4, all wheat 44.6 vs 45.1 and cotton 12.3 vs 13.4. Total US acres all crops 314.2 vs 301.1 this year. CRP acres remain near 22.6. 2020 US prevent plant acres are estimated near 2.6 mil vs 17.5 this year.
This would suggest US 2020 corn crop near 15,454 mil bu vs 13,661 this year, soybeans 4,363 vs 3,550 and wheat 1,895 vs 1,920. HRW crop 720 vs 833, SRW 270 vs 239. HRS 575 vs 522.
On Wednesday, funds were net sellers of 5,000 contracts of SRW Wheat; 10,000 Corn; 4,000 Soybeans; bought 5,000 lots of Soymeal, and sold 6,000 Soyoil. We estimate Managed Money net short 10,000 contracts of SRW Wheat; net short 133,000 Corn; net long 44,000 contracts of Soybeans; net short 32,000 lots of Soymeal, and; net long 73,000 Soyoil.
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 Archer Daniels Midland Company. 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.
Get free guides and special offers in the Knowledge Center.
© 2018 ADM Investor Services
ADMIS is a member of all major U.S. futures exchanges, a registered Futures Commission Merchant, and a wholly owned subsidiary of the Archer Daniels Midland Company.