SUPPLY/DEMAND HIGHLIGHTS
Today’s USDA data is views as slightly friendly for the soybean complex, slightly bearish for corn while being neutral for wheat.
Corn
- Production increased 39 mil. bu. to 15.186 bil. 30 mil. above expectations
- Record yield at 183.6 bpa, vs. 183.1 last month
- Old crop stocks below expectations at 1.812 bil. due to stronger exports and usage for ethanol production
- New crop stocks at 2.057 bil. were above expectations
Beans
- Production trimmed 3 mil. bu. to 4.586 bil. 23 mil. below expectations
- Record yields were left unchanged at 53.2 bpa
- Old crop stocks cut 5 mil. to 340 mil. in line with estimates
- New crop stocks cut 10 mil. bu. to 550 mil. 34 mil. below expectations
- Ending stocks unchanged at 828 mil. bu. market was expected modest cut
- No production changes until month end report
- Global stocks slightly above expectations despite a 4 mmt cut to EU production
Infographic
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.