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Mixed Markets With Corn Unch


Grains are mixed. SK is down 1 cent and near 11.79. SMK is near 333.6. BOK is near 47.99. CK is unch and near 4.35. WK is down 5 cents and near 5.60. KWK is down 5 cents and near 5.80. MWK is down 2 cents and near 6.47. Stocks are mixed. US Dollar is lower. Crude is higher as Gaza ceasefire talk fade. Gold is making new highs as geopolitical tension continue.


ground corn


SK is near 11.79. Dalian soybean and soymeal futures were higher. Palmoil and soyoil prices were lower. US soybean exports remains down 19 pct vs ly and USDA estimate of a 12 pct drop. Last week Brazil farmers sold most cash crop to date. Argentina soybean harvest is 2 pct with crop rated 77 pct G/E vs 34 ly. Increase Argentina harvest and crush should weigh on soymeal futures. Trade awaiting news on China soybean demand. WASDE report this week. Trade looks for USDA to keep US 2023/24 carryout near 315 mil bu. Trade also looks for USDA to drop Brazil soybean crop 3-4 mmt.

CK is near 4.35. Dalian corn futures were higher. US corn exports remains up 35 pct vs ly and USDA estimate of a 26 pct increase. USDA estimated Midwest planting.at 3 pct. West Midwest weather forecast is dry which should speed plantings. East, south and SE is wet which could slow plantings. US cash corn basis is firming on slow farmer selling. WASDE report this week. Trade looks for USDA to drop US 2023/24 corn carryout 70 mil bu. Trade also looks for USDA to drop Brazil corn crop 2 mmt.. Brazil corn futures were lower and near 3 week low as needed rains are forecast for the dry corn areas. Argentina lowered their corn crop 2 mmt to 52 mmt.

WK is near 5.60. USDA left US winter wheat rating at 56 pct G/E vs 27 ly. This is offering resistance to futures overnight. US south plains forecast is warmer and drier. . US wheat exports remains down 11 pct vs ly and USDA estimate of a 4 pct drop. Trade looks for USDA to increase US 2023/24 wheat carryout 20 mil bu.


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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.

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