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Grains Are Mostly Lower

MORNING OUTLOOK

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Grains are mostly lower. SX is down 3 cents and near 12.13. SMZ is near 342.7. BOZ is near 58.66. CZ is down 2 cents and near 5.66. WZ is down 3 cents and near 7.99. KWZ is down 1 cent and near 8.15. MWZ is up 6 cents and near 10.52. US stocks are higher.

US Dollar is higher. Crude is higher. Gold, silver and copper are higher. USDA closed. Export sales Friday.

Argentina and central Brazil rains. S Brazil dry. Midwest rains. Canada snow. EU and Black Sea dry.

Trade needs China to buy US Ag goods. China has bought 60 pct of Phase 1 trade deal. Expires Dec 31. China PPI data record high at 13.5 pct yoy. US CPI data highest in 30 years. US Fed raise rates sooner?

US soybean export commit is down 34 pct from last year versus USDA estimate of a 9.5 pct drop. USDA raised US soybean carryout only 20 mil bu to 340 vs analyst estimate closer to 400. Matif, Canada and Dalian rapeseed all higher and new highs. Dalian soybean higher. Corn lower.

On Nov 29 CME opens new Brazil soybean contract based on Santos port export prices.  Corn higher on talk China buying Ukraine corn. US landed prices to China lower. New China demand? Matif corn futures traded higher. Prices still below wheat. EU corn exports higher. EU imports lower.

KC futures made new highs on talk of tight World exporter supplies, decline in EU and Russia exports. Russia frustrated that export tax not slowing exports. Domestic prices still too high and above export. Russia export prices will need to rally to offset higher export tax and force farmers to sell export. Argentina is testing each wheat truck for GMO. Brazil millers do not want Argentina GMO wheat. Australia wheat futures higher due to wet harvest. Matif wheat futures new highs. Black Sea higher.

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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