Written Commentary
Wkly Futures Market Summary For 2.10.2025
February 10, 2025
MORNING OUTLOOK
Grains are lower. SF is down 9 cents and near 12.31. SMH is near 339.6. BOH is near 56.62. CH is down 7 cents and near 5.75. WH is down 12 cents and near 8.09. KWH is down 16 cents and near 8.40. MWZ is down 16 cents and near 10.29.
US stocks are sharply lower. Crude is lower. US Dollar is lower. Cocoa, sugar, cotton and copper are lower. Moderna CEO said vaccines may not work against new virus. US Fed Chairman said Covid offers downside risk to employment and economic recovery and increase uncertainty about inflation and need for higher wages.
Dalian soybean, palmoil and soyoil futures are lower. Corn and soymeal are higher. US south plains dry. US WW rated 44 pct G/E. SW Canada rains. E Australia rains.
Soybean market is seeing new selling on concern about slowing US soybean export demand and favorable South America weather. Brazil could see new crop Brazil soybeans for export in January. Brazil is also offering soymeal for export at a discount to US. Bulls need a South America weather problem forr prices to rally. Forecast looks for drier S Brazil and Argentina weather. Matif and Canada canloa futures are lower.
Corn futures are lower. Some feel Fridays rally was overdone due to option expiration. Trade is worried about larger Argentina and Ukraine supplies reducing US corn export demand. Strong domestic corn basis offers support. Some feel US domestic corn users remain short and need corn for use. EU raised corn stocks 3 mmt, removed 25 pct corn import tax.
Wheat futures are lower. Some feel the large increase in Australia estimate of the wheat crop may be weighing on wheat futures. Egypt bought 600 mt wheat at $376-379 vs 374 previous.
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.
