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New Month Sees Mixed Grains

MORNING AG OUTLOOK

New Month. Grains are mixed. SF is down 1 cent and near 13.09. SMZ is near 430.2. BOZ is near 51.30. CZ is up 1 cent and near 4.79. WZ is up 3 cents and near 5.60. KWZ is up 6 cents and near 6.35. MWZ is up 1 cent and near 7.10. US stocks are lower. US Dollar is higher. Crude is higher after Mondays steep losses. Gold is lower. There is new talk of higher chances of US Nov shutdown, US consumer confidence is down.

Soybean futures are lower. There remains too much rain in S Brazil, showers Central and dry North and east. Argentina continues to see needed rains. Argentina also sees lower diesel supplies with some talk of corn acres being switched to soybeans. US Sep soybean crush should be near 175 mil bu and new record. Soyoil stocks could be 1,600 and new low. EIA data suggest used cooking oil use is up 58 pct vs ly. Soyoil use slightly lower but could be up 29 pct vs ly.

Corn futures are slightly higher. Slow US farmer selling is supporting basis. CZ prices are flat with little new news. There remains concern about slow demand for US corn. Most of US Midwest is dry. There will be more rain/snow across US Great lakes the 2nd week of the forecast. Nearby Matif corn futures traded lower. On Tuesday, KC wheat made new lows. China manufacturing data was negative.

Wheat futures are higher. There is talk that China is buying Australia and French wheat. There is also talk of lower China milling wheat supply. Russia wheat prices are as low as $220-$230. There is still lower demand especially to N Africa due to lower currencies. KC and MLS futures made new lows. US SRW prices are comparable to EU and a Baltic, US HRW is plus $30 vs Germany and $50 over Russia, Matif wheat futures are near 5 month lows.

 

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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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