Written Commentary
MORNING AG OUTLOOK
Grains are lower. Good US harvest weather and better South America weather could open futures lower. US stocks are higher. US Dollar is higher. Crude is higher on increase Middle East tension. World weather and global geopolitical tensions adds to markets uncertainty.
SOYBEANS
Soybeans are lower. US Midwest weather should be warm and dry which should help harvest. Most look for US harvest to be near 50 pct done. 2 week South Americas forecast calls for normal rains. A 169 mmt Brazil 2025 soybean crop would be bearish soybean prices. USDA October report is Friday. Most look for a higher US 2024/25 soybean carryout due to lower export est. US jobs data rallied US Dollar. This could slow US exports. Threat of Israel attacking Iran refineries could support Crude. GSI Commodity Index rallied to highest level since July 19.
CORN
Corn futures are slightly lower. CZ failed at 4.35. Brazil is forecast to see normal rains after Wednesday. US west Midwest is warm and dry which should help harvest. US harvest is est at 38 pct. US ethanol margins have declined. USDA October report is Friday. Most look for a higher US 2024 crop to offset lower carryin. Most also look for higher US 2024/25 corn carryout due to lower export est. US jobs data rallied US Dollar. This could slow US exports. Threat of Israel attacking Iran refineries could support Crude. GSI Commodity Index rallied to highest level since July 19. Bulls want to buy 4.10 CZ.
WHEAT
Wheat calls are lower. WZ failed at 6.00 again. WZ-WH spread widening due to concern over SRW demand. US south plains and Black Sea are dry. EU is wet and cool. Russia wheat price have traded higher, but so has World prices. This continues to leave Russia competitive for buyers. Turkey new import policy suggest less imports. Egypt looking for toll import program.
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.
