MORNING AG OUTLOOK
Grains are lower. SX is down 4 cents and near 12.91. SMZ is near 386.1. BOZ is near 59.14. CZ is down 2 cents and near 4.75. WZ is down 2 cents and near 5.77. KWZ is down 4 cents and near 7.06. MWZ is down 2 cents and near 7.67. US stocks are lower. US Dollar is higher. Crude is higher.
Soybean futures are lower. Dalian soybean futures were lower. Soymeal, palmoil and soyoil were higher. One group estimates US 2022/23 soybean carryout at 258 mil bu vs USDA 250 due to lower demand. They also estimate US 2023/24 soybean carryout near 252 vs USDA 220. Higher crush cannot offset lower exports vs USDA. Last week China bought 3-4 Brazil OND soybean cargoes, 2-3 Argentina Oct and 1-2 US Oct PNW.
Corn futures are lower. East US Midwest was dry and should help harvest. Yields are variable. West was wet. Brazil is dry. Brazil and US corn export prices are on par to buyers. Over the weekend, Russia refused to reopen the Ukraine export corridor. Ukraine continues to attack key Crimea military and navel locations. US farmer remains slow seller of corn with ethanol margins positive. Managed Money could cover some shorts before USDA report on Friday. One group estimates US 2022/23 soybean carryout at 258 mil bu vs USDA 250 due to lower demand. They also estimates US 2023/24 soybean carryout near 252 vs USDA 220. Higher crush cannot offset lower exports vs USDA. Thus due to lower exports vs USDA.
Wheat futures are lower. Australia remains dry. It remains warm and dry across S Russia winter crops area. US south plains is dry. Higher Russia export supplies and lower prices limit upside in futures. One group estimates US 2023/24 wheat carryout near 669 vs USDA 615.This due to slight increase in the crop and drop in domestic feed use.
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.
Latest News & Market Commentary
ADM & Industry News
Cocoa Market Remains Weather Sensitive
September 6, 2024
Crude Oil Subdued Reaction to Jobs Data
September 6, 2024