Written Commentary
MORNING AG OUTLOOK
Grains are mixed to lower. Stocks are higher. USD is slightly lower. Crude is slightly lower. Gold is higher. US cold but 2nd week warmer.
SOYBEANS
SH is near 10.86. Malaysian palmoil was lower on demand concerns. USDA announced 132 mt US soybeans to China. USDA also announced 104 mt US soymeal to Mexico. Soybean sales for week of Nov 20 are est at 800-3,000 mt. US Nov soybean crush is est at 220.3 mil bu vs 193.1 ly. Soyoil stocks are est at 1,408 mil lbs vs 1,084 and a 7 month high. Informa est US 25/26 soybean carryout at 402 mil bu vs USDA 290. This due to lower exports.
CORN
CH is near 4.40. CH supported by US export program. Resistance is from potential higher SA crops and talk of higher global feedgrain and feed wheat supplies. USDA announced 250 mt US corn to unknown. Corn sales for week of Nov 20 are est at 1,100-2,200 mt. Informa est US 25/26 corn carryout at 2,320 mil bu vs USDA 2,029 due to lower domestic use.
WHEAT
WH is near 5.25. 5.25 key support. KWH is near 5.14. MWH is near 5.765 Nov 20 wheat export sales are est at 300-750 mt. US June-Dec exports could exceed 20 mmt for first time since 2020. Informa est US 26/27 carryout at 844 mil bu vs USDA 25/26 902. This due to lower acres and crop.
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.
