MORNING AG OUTLOOK
Grains are lower. SX is down 6 cents and near 13.10. SMZ is near 387.3. BOZ is near 60.73. CZ is down 2 cents and near 4.68. WZ is down 6 cents and near 5.85. KWZ is down 9 cents and near 7.25. MWZ is down 5 cents and near 7.72. US stocks are higher. US Dollar is lower. Crude is higher.
Soybean futures are lower. Dalian soybean, soymeal and vegoil futures are lower. Palmoil, RSO and sunoil prices are also lower. US soybean exports were near 766 mt vs 915 ly. US harvest is near 5 pct and crop is rated 52 G/E vs 55 LY. Brazil farmers have slowed new crop sales due to lower board and dry weather. US harvest and low navigation water levels plus slow start to soybean exports have pushed futures below key support.
Corn futures are lower. US corn exports were near 1.26 mmt vs 1.14 ly. US harvest is near 9 pct and crop is rated 52 G/E and lowest in 11 years. There remain rumors that China will buy Ukraine corn. US harvest could be early and fast. US domestic basis is wide and could limit farmer selling. Dalian corn future were lower. China annual corn exports were near 18.6 mmt vs USDA 18.5. USDA est 2023/24 China corn imports at 23.0.
Wheat futures are lower. Appears Russia will continue to average record monthly wheat exports. South Hemisphere crop conditions continue to decline due to dry weather. World end users remain uncovered for 2024. EU lifted the ban on Ukraine grain imports. Poland, Hungary and Slovakia remain defiant. Wheat vessel is leaving Ukraine port for Israel. US wheat exports were near 5.1 mmt vs 7.2 ly.US spring wheat harvest is near 93 pct. Winter wheat planting is near 15 pct.
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.
© 2021 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.