MORNING OUTLOOK
Grains are higher. SX is up 23 cents and near 13.90. SMZ is near 406.5. BOZ is near 66.77. CZ is up 5 cents and near 6.89. WZ is up 36 cents and near 9.16. KWZ is up 23 cents and near 9.99. MWZ is up 9 cents and near 9.88.
China is back from Holiday with new US Congress this week. Soybeans are higher on hopes China will soon return to buy US soybeans. China domestic soybean crush margins are record high. US soybean harvest is estimated near 44-48 pct done. Talk of better US river logistics is helping soybean futures
Corn futures are caught between lower supply risk but even lower US export demand. US corn harvest is estimated near 32-35 pct. Ukraine war is escalating which adds price risk uncertainty in what will Russia next military move be. Ukraine export a record 2 mmt of corn in September with October estimated near 2.5. Argentina continues to be dry.
Wheat futures last week dropped from key resistance in part due to talk of lower global demand. Bombing of Crimea bridge adds to talk that now Russia may not extend Ukraine corridor export deal. US south plains remains dry. USDA October supply and demand report could be friendly after USDA dropped US 2022 crop.
US Dollar is higher. US stocks are lower. Crude is lower. Gold. Silver, coffee and sugar are lower. Copper, coffee, cocoa and cotton are higher. US Fed Governors said again they will raise US rates until inflation is down 2 pct continues to rally US Dollar. S&P is lower.
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.