Written Commentary
MORNING AG OUTLOOK
USDA report day. Grains are mixed. US stocks are mixed. US Dollar is higher. Crude is lower. Gold is higher.
SOYBEANS
SH is near 9.97. Dalian soybean, soymeal and soyoil were higher, palmoil lower. Rains are forecast for C/E Brazil. Rest of SA forecast is drier. N BA, Cordoba and Santa Fe soils are drying and soon will need rain. Malaysian Nov palmoil production was down pct pct but exports were down 15 pct. US soybean exports are up 19 pct vd ly and USDA est of up 8. Trade est US soybean carryout at 469 mil bu vs USDA Nov est of 470. Trade also est Brazil soybean crop at 169.3 mmt vs USDA Nov est of 169.0 and Argentina at 51.3 mmt vs 51.0. Trade est World soybean end stocks near 132.4 mmt vs USDA Nov 131.7.
CORN
CH is near 4.41. Dalian corn futures were higher. Nearby US demand supports futures. US corn exports are up 32 pct vs ly and USDA est of up 1 pct. Trade est US corn carryout at 1,906 mil bu vs USDA Nov est of 1,938. Trade also est Brazil corn crop at 127.1 mmt vs USDA Nov est of 127.0 and Argentina at 50.8 mmt vs 51.0. Brazil farmer has been active seller of corn. Trade est World corn end stocks near 303.5 mmt vs USDA Nov 304.1. Some est US Dec 1 corn stocks near last year despite a record 2024 yield.
WHEAT
WH is near 5.56. KWH is near 5.56. MWH is near 6.00. Talk of lower Russia export supplies helped rally futures. Some est Russia exports closer to 40 mmt vs USDA 48. US wheat exports were below expectations and up 30 pct vs ly and USDA est of up 16. Trade est US wheat carryout at 814 mil bu vs USDA Nov est of 815. Trade est World wheat end stocks near 257.7 mmt vs USDA Nov 257.5. Some feel USDA numbers are futile with World trade moving away from free market economics among largest World seller and buyer.
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.
