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US CPI Wed, Grains Are Up


US CPI Wednesday. Grains are higher. SU is up 16 cents and near 15.28. SQ is near 17.03. SMU is near 453.5. BOU is near 65.67. CU is up 3 cents and near 6.19. WU is up 9 cents and near 7.90. KWU is up 10 cents and near 8.62. MWU is up 7 cents and near 9.00. US stocks are higher.

US Dollar is lower.  Crude is lower. Gold and silver are lower. Copper is higher.

Corn futures are higher on continue talk of lower EU crop and higher imports. There is also talk of USDA lowering US 2002 corn yield on Friday. Warm and dry conditions will continues across US SW for another 15 days. US ECB weather forecast remains normal. Brazil corn futures are at 7 week high. Matif corn keeps trading higher and is now over wheat prices. Also on Friday USDA could increase Ukraine corn exports. EU has doubled its Ukraine corn imports vs ly. 6.37 CU is still key resistance.

Nearby soybean futures are higher. Strong US cash crush margins and declining soybean supplies may be supporting soybean futures. There is also talk US crushers have increased soymeal basis. Some feel USDA could slightly drop US soybean yield on Friday but could offset that with lower exports. August is key month for US soybean crop. US soybean crop rating is now below last year. Crop ratings are lower in NE, TN, OH, and KY. Highest IL, IA and WI. China July pork prices up 26 pct from June despite Q2 production 14 mmt and highest since 2015. SU now over all moving average with next resistance 16.00.

Wheat futures are higher. World importer demand is higher. Matif wheat futures are higher. Still some debate over EU exports, which are up 30 pct vs ly vs higher domestic prices. USDA has a big question concerning World wheat trade matrix to answer on Friday. Some could see higher Russia, Ukraine and Australia exports vs lower India and Argentina. Trade will need to watch Russia and US SW weather. WU still trading near 20 day moving average but a long way away from next resistance near 9.00.


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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