MORNING AG OUTLOOK
Grains are mixed to lower. SF is down 3 cents and near 13.43. SMF is near 427.7. BOF is near 52.56. CH is down 1 cent and near 4.72. WH is unch and near 5.71. KWH is up 2 cents and near 6.20. MWH is up 1 cent and near 7.14. US stocks are higher. US Dollar is higher. Crude is higher.
SF is near 13.43. New US soybeans sales and higher soyoil futures supported a soybean rally to 13.52 and 20 DMA. There is talk that China may have bought additional 6-8 US soybean cargoes for Feb. Both Brazil and Argentina farmers have slowed cash sales. MB Agro lowered Brazil soybean crop to 155 mmt. They lowered soybean exports to 96 mmt vs 100 previous.
CH is near 4.72. Corn futures seeing more tech selling. CZ-CH carry out to 22 cents due to lower export demand. Brazil corn futures rallied while Dalian corn futures were lower. Brazil 1st corn plantings is near 55 pct vs 69 ly. RGDS is only 37 vs 65 ly. There remains uncertainty over Black Sea corn exports either due to weather or politics. US does have window for new export. Can increase S Korea and Japan buying support futures without China buying?
Wheat futures are mixed. Futures rallied due to being oversold. There remain some uncertainty over potential Ukraine and Russia wheat exports due to weather and politics. US south Plains forecast is warm and dry. Argentina wheat, Brazil feed wheat and Black Sea wheat is cheaper to SE Asia vs Australia. This is weighing on Australia futures. Stats Canada could est wheat crop at 31.1 mmt vs 29.8 previous.
Interested in more futures markets? Explore our Market Dashboards here.
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.