Written Commentary
ADM Reports Q1 2025 Results
May 6, 2025
MORNING AG OUTLOOK
Grains are mixed. SN is up. CN is up. WN is down. KWN is unch. MWN is up. US stocks are lower. US Dollar is unch. Crude is slightly higher but near $77. Gold is range bound.
SN is near 11.84. SN-SX spread is near +25. Weekly US soybean export sales are est at 175-650 mt vs 329 last week. Talk of higher global soybean supply, drop in global crush margins, slowdown in new demand for US soymeal export and uncertain demand for US biodiesel demand offers resistance. EU, US, Brazil and Argentina export fob premiums are firmer on increase demand interest and slow farmer selling.
CN is near 4.43.. CN-CZ near -20. Weekly US corn export sales are est at 600-1,2 mt vs 810 last week. US weekly ethanol production increased for the 4h straight week.US Midwest. 6-10 day is drier and warmer. Demand for US corn export is growing into EU, N Africa and Asian via from US PNW. Brazil safrina harvest is near 4 pct, South RGDS harvest is slow with talk of mold.
WN is near 6.41. Weekly US wheat sales are est at 209-500 mt vs 381 last week. Widening US futures spread suggest lower demand for US wheat export. Large quantity of wheat and lower prices offered to both Algeria and Egypt offered resistance. Australia wheat futures were lower on talk west Australia rains. Favorable start to Canada and US HRS crop is offering seasonal resistance.
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