Written Commentary
ADM Appoints Monish Patolawala as EVP and CFO
July 10, 2024
MORNING AG OUTLOOK
Grain are mixed. SU is up 11 cents and near 14.80. SMU is near 447.4. BOU is near 66.80. CU is down 1 cent and near 5.39. WU is down 2 cents and near 7.17. KWU is up 5 cents and near 8.70. MWU is up 8 cents and near 9.04. US stocks are higher. US Dollar is higher. Crude is higher and nearing $80.
Soybeans are higher. US domestic soymeal basis is firm on talk that buyers are adding coverage before exports increase. Some look for higher weekly US soymeal export sales today. Dalian soymeal prices continue to make new contract highs. US and China crush margins are positive and continues to trade higher. Higher US crush for soymeal is offering resistance to soyoil prices. Matif rapeseed prices are lower due to harvest pressure. Talk that Ukraine oilseeds may be shipped by truck and rail is also offering resistance to EU oilseed prices. Weekly US soybean export sales is est at 50-400 mt old crop vs 127 last week and 300-800 mt new crop vs 760 last week. This weeks USDA flash soybean new crop soybean sales were near 501 mt.
Corn futures are mixed. Weekly US ethanol production was highest since October, 2021. Most of US Midwest rains will be in Lake states and upper Midwest but central Midwest is warm and dry. Most look for Mondays corn crop ratings to drop 1-2 pct. Weekly US old crop corn sales are est at 100-500 mt vs 236 last week. New crop sales are est at 200-500 vs 49 last week. China imports remain a large unknown with Ukraine exports in question. For now Ukraine is loading corn in small barges.
Wheat futures are mixed. EU Ag Ministers are looking for ways to pay for additional transport cost to move Ukraine grain through solidarity lines. Overnight Russia fired missiles from a submarine at Odesa ports. There is also talk that Russia found explosives on a second civilian vessel. 2nd day of US spring wheat tour est yield near 45.7 vs 47.7 ly and 38 average. USDA 47. Last year 50. Weekly US wheat sales are est at 150-400 mt vs 170 last week.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2024 ADM Investor Services International Limited.
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.
