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Grains Are Quietly Mixed


Grains are quietly mixed. SH is up 1 cent and near 15.04. SMH is near 466.5 BOH is near 60.75. CH is up 1 cent and near 6.75. WH is unch and near 7.41. KWH is up 3 cents and near 8.46. MWH is unch and near 9.10. US stocks are higher US Dollar is higher but trend is lower. Crude is higher but stuck in a 75-82 range. Gold, silver and copper are lower. Coffee, sugar, cocoa and cotton are higher.

SH is back above 15.00 holding key trend line support. Argentina rains and talk of China interest in Brazil May soybeans offers resistance. Dry S Brazil and wet N/C Brazil rains may be offering support. Weekly US soybean export sales are estimated near 600-1,200 mt. New news is lacking but nearby US soybean board crush margin dropped to 187 cents and oil share dropped below 40 percent. SMH is in a 454-468 range with concern higher crush and lower exports could increase soymeal supply. BOH is near 60 cent support. Malaysian palmoil is near 4 month low.

CH in a 6.50-6.88 range just like Crude is in a 75-82 range. Weekly US corn export sales are estimated near 600-1,400 mt. Corn bulls are hoping for increase sales with SA having limited supplies for export. Argentina rains may be keeping crop from getting smaller. Brail rains are slowing planting of safrinha crop. There remains talk that China is showing interest for Ukraine corn and new crop Brazil corn. US and Germany sending tanks to Ukraine is raising new concern about escalation of war and Ukraine corn export flow. Weekly US ethanol data showed 7 pct increase in stocks.

WH continues to rally on short covering from being oversold. Global wheat prices were below pre-war levels with zero war risk. US south plains is dry but next weeks polar vortex does not showing as far south into plains as yesterday. WH is unable to trade above long term lower trendline  but is near 7.47 resistance. Weekly US export sales are estimated near 150-500 mt.

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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