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Lower Grain Outlook This AM


Grains are lower. SX is down 8 cents and near 12.37. SMZ is near 326.8. BOZ is near 63.86. CZ is down 2 cents and near 5.36. WZ is down 6 cents and near 7.43. KWZ is down 8 cents and near 7.51. MWZ is down 2 cents and near 9.87.

US stocks are lower. US Dollar is higher. China is looking at ways to lower coal prices. This is weighing on copper and Crude prices.

Mexico Ag Minister said Mexico will not limit imports of US GMO corn. Mexico imports 630 mil US corn. China Dalian corn, soybean, palmoil, soyoil and rapeseed oil prices are higher and making new highs.

Brazil weather favorable. Rains central and north. Drier south. Argentina dry. US Midwest dry. Brazil Real lower on political problems and inflation. Brazil truckers could strike. Farmers selling.

US Midwest dry. East Midwest to see rains next week, slow harvest. EU and Black Sea dry.

Matif rapeseed futures made new contract highs. Canada canola prices higher. 6 days higher.  EU corn prices higher in low imports. Brazil and Argentina limited exports. EU has 25 pct tax on US corn.

US ethanol margins, livestock feed margins, US corn export prices, soybean crush margins all positive. Weekly US ethanol data suggest final US corn use for ethanol could be 100 mil bu than USDA.

MWZ made new highs due to low World milling supplies. Matif wheat futures making new9 year highs. Higher KC wheat futures has US HRW less competitive to buyers. RSI suggest futures overbought.

Battle is already on between corn, soybean, wheat and oat 2022 US acres. Weekly US corn export sales est at 700-1,400 mt, soybean 1,599902,500, wheat 250-650. US corn commit suggest to some final corn exports could be 350 mil bu higher than USDA est.

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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