Written Commentary
MORNING AG OUTLOOK
Grains are mixed. SX is up. CZ is up. WZ is down. KWZ is unch. MWZ is up. US stocks are higher. US Dollar is higher. Crude is lower. Gold is higher.
SX is near 9.86. Dalian soybean, soymeal and palmoil were lower. US soybean export prices are lower than SA. USDA announced 264 mt of US new crop soybeans to China. Weekly US old crop soybean sales could drop 150 mt with new crops sales up 1.500-2,500. Demand for US soymeal remains good which is narrowing nearby spreads. SA weather is dry before plantings. US soybean premiums are firming on increase demand and lower Miss river water levels but record harvest looms. Parana, Amazon and Danube river water levels are also low.
CZ is near 3.91. Dalian corn futures were lower. There are rumors China added sorghum and barley to corn that traders were told not to buy. USDA announced 165 mt US new crop corn sold to Mexico and 100 mt new crop corn to Colombia. Weekly old crop export sales could be down 100 mt with new crop up 700-1,400 mt. US farmer has a lot of corn to sell which limits rallies. Dry SA weather before plantings is trying to offset big US crop and no China buying. Weekly US ethanol production was up 6 pct vs ly.
WZ is near 5.39. Weekly US export sales are est at 300-650 mt vs 492 last week. Russia wheat exporters remain aggressive sellers to cash buyers.. US Dollar is higher and energy prices are lower. Canada est wheat crop at 34.4 mmt vs USDA 35. There is some concern about US HRS quality.
Interested in more futures markets? Explore our Market Dashboards here.
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.
