Ag Market View for Nov 16th
January Soybeans closed lower on the session after the early rally to the highest level since October 27 failed to attract new buying interest. December Soybean Oil closed sharply higher on the day, but Soybean Meal closed moderately lower with an inside trading day. Exporters announced the sale of 161,000 tonnes of US soybeans were sold to unknown destination. Traders are hopeful that meetings between the US president and the China president may be helpful in expanding trade.
December Corn closed moderately lower on the session and the market tested yesterday’s low. Ideas that the market is in an overbought condition plus talk that the weather in South America is favorable for the freshly planted crop helped to pressure. Exporters announced the sale of 270,000 tonnes of US corn for delivery to Mexico. South Korea bought 68,000 tonnes of corn overnight. With the US harvest 91% complete, traders will monitor South America production prospects more closely.
December Chicago Wheat closed sharply lower on the day and took out yesterday’s low. Talk of the overbought condition of the market and a continued strong gain in the US dollar has helped to pressure the market. December Minneapolis Wheat bounced off the low after a break to the lowest level since October 22. European milling wheat futures fell on ideas that Russia will be in the market to supply Algeria for their tender.
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.