Explore Special Offers & White Papers from ADMIS

USDA Report Day and Grains Are Mixed

USDA report day. Grains are mixed.  SU is up 2 cents and near 8.97. CU is up 1 cents and near 3.50. WU is down 1 cent and near 5.23. US stocks are lower. US Dollar is mixed. Crude is lower. Gold is higher. Crude is lower on demand concerns.

For the week, SRW Wheat prices are up roughly 29 cents; HRW up 19; HRS up 15; Corn is up 5 cents; Soybeans up 7; Soymeal up $2.00, and; Soyoil up 15 points.

Chinese Ag futures (Sep) settled down 17 yuan, up 10 in Corn, up 15 in Soymeal, down 8 in Soyoil, and down 78 in Palm Oil. Malaysian palm oil prices were down 18 ringgit at 2,385 (basis September) at midsession on weaker July export expectations.

The southwestern US Corn Belt, such as Missouri and eastern Kansas, will still likely trend drier in the second week of the outlook; the position of the ridge of high pressure in the second week is likely to favor complexes of thunderstorms to move mostly through northern and eastern production areas of the Corn Belt.

An unusually cool air mass will drop down through the Northern Plains and into Nebraska and the northwestern Corn Belt Tuesday into Thursday. This will merge with a weather disturbance containing some monsoonal moisture leading to a potential significant rain event from Nebraska through Wisconsin within this timeframe.

The 11 to 16 day forecast has now turned mixed with the models. The GFS sees close to average rainfall and temps for the Midwest through the period. The European model sees ridging producing limited rainfall and above average temps.

USDA is expected to estimate US 2020 corn crop near 15,036 mil bu versus 15,995 previous

USDA is expected to estimate US 2020 soybean crop near 4,152 mil bu versus 4,125 previous

USDA is expected to estimate US 2020 wheat crop near 1,848 mil bu versus 1,877 previous

USDA is expected to estimate US 2019/20 corn carryout near 2,277 mil bu versus 2,103 previous

USDA is expected to estimate US 2019/20 soybean carryout near 584 mil bu versus 585 previous

USDA is expected to estimate US 2020/21 corn carryout near 2,683 mil bu versus 3,323 previous

USDA is expected to estimate US 2020/21 soybean carryout near 416 mil bu versus 395 previous

USDA is expected to estimate US 2020/21 wheat carryout near 948 mil bu versus 925 previous

USDA is expected to estimate World 2020/21 corn carryout near 325 mmt versus 337previous

USDA is expected to estimate World 2020/21 soybean carryout near 96 mmt versus 96 previous

USDA is expected to estimate World 2020/21 wheat carryout near 316 mmt versus 316 previous

On Thursday Managed funds were net buyers of 7,000 SRW Wheat; net bought 15,000 Corn; bought 4,000 Soybeans; net bought 4,000 lots of soymeal, and; sold 3,000 Soyoil. We estimate Managed Money net short 17,000 contracts of SRW Wheat; short 158,000 Corn; net long 80,000 Soybeans; net short 43,000 lots of Soymeal, and; long 2,000 Soyoil.



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.

Latest News & Market Commentary

Explore Special Offers & White Papers from ADMIS

Get Started