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Grain Futures Trying to Find Support


Grains are mixed. SH is up 2 cents and near 13.14. SMH is near 423.2. BOH is near 42.37. CH is down 2 cents and near 4.98. WH is up 1 cent and near 6.35. KWH is up 1 cent and near 6.14. Last week fund selling appears to have stopped. US stocks are marginally higher. US Dollar is mixed to higher. Crude is higher, Gold and copper are higher.

Soybean, soymeal soyoil and wheat futures are trying to find support after last weeks losses.

Parts of north Brazil and central Argentina corn and soybean areas saw only 35 pct of normal rains last 30 days. Some look for Brazil soybean crop near 128 mmt vs USDA 133. Feb/Mar soybean  exports 10.5 mmt vs 15.6 ly.


Trade estimates that US corn exports will be 250-300 mil bu above USDA. US Carryout near 1,100

Trade could also see US 2020/21 ethanol use 5,075 (+125)and FSI 5,775 (125)

Trade could see US 2021/21 corn acres near 93.0, crop 15,390, total use 15,300, carryout 1,215

Trade estimates that US soybean exports be 150-225 mil bu above USDA. Negative US carryout?

Trade could see US 2021/21 soybean acres near 90.0, crop 4,550, total use 4,535, carryout 130

Trade could see US 2020/21 soyoil exports 2,900 vs USDA 2,750. End stocks 1,700 vs USDA 1,814.

Trade could see US 2020/21 soymeal use near 52,650 tst vs USDA 52,500. End stocks 325 vs USDA 350

Trade could also see US 2021/22 soymeal use near 52,500 tst. End stocks 275

Trade could see US 2020/21 wheat exports at 995 vs USDA 985. 2021 crop 1,860, use 2,075, carryout 735


On Friday, Managed funds were net sellers of 20,000 SRW Wheat; 42,000 Corn; 35,000 Soybeans; 12,000 lots of Soymeal, and; net 10,000 Soyoil. We estimate Managed Money net short 10,000 contracts of SRW Wheat; long 304,000 Corn; net long 109,000 Soybeans; net long 78,000 lots of Soymeal, and; long 91,000 Soyoil.

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.

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