Written Commentary
ADM Appoints Monish Patolawala as EVP and CFO
July 10, 2024
Happy Friday. Grains are mixed. SN is up 3 cents and near 8.49. CN is up 3 cents and near 3.29. WN is down 2 cents and near 5.27. US stocks are higher. Crude is lower. US Dollar is higher. Gold is lower. Have a safe weekend.
Talk that US states may soon adopt plans to slowly reduce coronavirus stay at home rules may be offering support.
Drop in US feed and fuel demand offers resistance to grain futures. US and Black Sea weather looks to be improving. NOAA 90 day US Midwest forecast suggest favorable weather. May could see better rains in Europe and south Black Sea.
Soybean open interest has increase 70,000 contract. SN support is near 8.45. Resistance is near 8.69. Lack of China buying US soybeans offers resistance. Seasonal weather uncertainty and lack of farmer selling could offer support.
Soymeal and soyoil futures have loss 100,000 in open interest due to talk of lower demand. SMN support is near 295. Resistance 300. BON support 26.50. Resistance 28.00.
Corn futures open interest has increase 88,000. Corn futures is oversold. Some feel this is new demand pricing against t new speculative selling. CN support 3.25. Resistance 3.40. Price trend still lower. Nearby futures supported by lack of US farmer selling.
Wheat futures open interest down 150,000 since Feb on slow demand and less weather concerns. WN support 5.00 Resistance near 5.40.
On Thursday, Managed funds were net sellers of 6,000 contracts of SRW Wheat; net bought 2,000 Corn; net sold 4,000 contracts of Soybeans; net even Soymeal, and sold 2,000 Soyoil. We estimate Managed Money net long 7,000 contracts of SRW Wheat; net short 130,000 Corn; net long 4,000 contracts of Soybeans; net long 28,000 lots of Soymeal, and; net short 7,000 Soyoil.
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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.
