Written Commentary
ADM Corporate Sustainability Report 2023
May 16, 2024
MORNING AG OUTLOOK
Grains are mixed. SN is unch.. CN is down. WN is down. KWN is down. MWN is down. Stocks are higher. US Dollar is higher. Crude is higher. Gold is lower.
SN is near 12.46. US and Brazil farmers increased cash sales on Mondays rally. US Midwest weather improving for plantings. Some now est potential S Brazil losses more like 1 mmt vs 5 mmt earlier fears. Trade est US 2024 soybean crop near 4,440 mil bu vs 4,165 ly. Trade est US 2023/24 carryout at 339 mil bu vs USDA 340 and estimate US 2024/25 carryout at 431 mil bu. One crop watcher est Brazil soybean crop at 147 mmt vs USDA 155. He est Argentina soybean crop at 51 mmt vs USDA 50. Dalian soymeal and soyoil were higher.
CN is near 4.65. Was in TN yesterday. Farmer asking about outlook for CZ price range and has been active seller of 2023 corn. Trade est US 2024 corn crop near 14,887 mil bu vs 15,342 ly. US crop off to a good start. Trade est US 2023/24 carryout at 2,100 mil bu vs USDA 2,122 and estimate US 2024/25 carryout at 2,284 mil bu. One crop watcher est Brazil corn crop at 112 mmt vs USDA 124. He est Argentina corn crop at 47 mmt down 2 mmt from previous est and vs USDA 55.
WN is near 6.43. US farmers increased cash sales on Mondays rally. Was in TN yesterday, Crops look great. Farmer asking about WZ price range. Trade estimate US 2024/25 carryout at 786 mil bu due to higher crop. Trade est US 2024 all wheat crop at 1,884 mil bu vs 1,812 ly. Winter wheat 1.311 vs 1,248 ly. Trade est US 2024/25 wheat carryout at 786 mil bu with range 705-879.
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.
