Debate Continues Over Corn Yield

MORNING AG OUTLOOK

Grains are higher. SX is up 2 cents and near 13.18. SMZ is near 391.6. BOZ is near 60.25. CZ is up 2 cents  and near 4.78. WZ is up 9 cents and near 5.93. KWZ is up 7 cents and near 7.38. MWZ is up 7 cents and near 7.87. US Fed day. US stocks are higher. US Dollar is lower. Crude is lower.

 

Soybean futures are higher. Dalian soybean and palmoil were higher. Soymeal and soyoil were lower. Debate continues over US soybean yield. It is too early to make an educated guess but early soybean seed size is smaller than normal. Brazil is dry. Conab est the crop near 162.4 mmt vs 154.6 ly and USDA 163. Brazil farmer selling is slow due to lower board and dry weather. US Midwest could see rains over the next 7 days favoring north. 2nd week forecast is drier.

Corn futures are higher. Debate continues over US corn yield. It is too early to make an educated guess but early ear weight and size could be smaller than normal. Brazil is dry. Conab est the crop near 119.8 mmt vs 131.9 ly and USDA 129. Brazil farmer selling is slow due to lower board and dry weather. US Midwest could see rains over the next 7 days favoring north. 2nd week forecast is drier. Weekly ethanol production should be similar vs last few weeks. Stocks remain low. Margins are positive due to higher energy prices and lower corn prices.

Wheat futures are higher. US HRS prices should increase vs feed wheat. Higher feed wheat supply reduce milling wheat supply. Algeria bot 120 mmt. Russia lowest fob price near 237. Germany 241. Egypt is tendering for Nov wheat. Australia remains dry with some crop estimates near 24-25 mmt vs USDA 26 and could go even lower. Last years crop was 39.7.

 

Interested in more futures markets?  Explore our Market Dashboards here.

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.

Latest News & Market Commentary

Explore the latest edition of The Ghost in the Machine

Explore Now