Lower Dollar May be Helping Grains
Grains are higher. SX is up 5 cents and near 13.79. SMZ is near 407.3. BOZ is near 63.85. CZ is up 3 cents and near 6.83. WZ is up 6 cents and near 9.18. KWZ is up 10 cents and near 9.99. MWZ is up 6 cents and near 9.86.
US 30 day Midwest weather looks dry with warm temps west and cool east. Argentina remains dry. Central Brazil is expected to see normal weather. S Brazil rains is slowing plantings there. Rains in Russia also slowing plantings.
Lower Dollar maybe helping corn futures. US corn harvest is near 20 pct vs 27 ly. Crop is still rated 52 pct G/E. There are no US Nov corn export offers due to low river water levels. Total US corn exports were up 4 pct vs ly but total export commit is down 49 pct vs ly. Brazil and Ukraine export prices are below US. Key to corn is harvest yields, farmer selling, USDA Oct report and SA weather.
Lower Dollar maybe helping soybean futures. US soybean harvest is near 22 pct vs 31 ly. Crop is still rated 55 pct G/E. There are no US Nov soybean and soymeal export offers due to low river water levels. Total US soybean exports were down 3 pct vs ly. Brazil and Argentina export prices are below US. Key to soybean is harvest yields, farmer selling, USDA Oct report and SA weather.
Lower Dollar maybe helping wheat futures. US winter wheat planting is near 40 pct vs 45 ly. Russia export offers are lower than US. Total US wheat exports were up 2 pct vs ly. Key to wheat is US weather and Black Sea exports. US topsoils are 58 pct short/VS vs 54 last week and 46 ly. KS 86, OK 92, NE 81, SD 80, OR 73, AR 86.
US stocks are higher. US Dollar is lower. Crude is higher. OPEC talking production cuts. China is on holiday. Gold, silver, copper, coffee, cocoa, sugar and cotton are higher.
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.