Explore Special Offers & White Papers from ADMIS

Ag Market View for Jan 13 22


Soybeans ended lower. SH ended near 13.76. High was 13.99. Funds turned sellers on lack of new bullish news and prospects for needed rains early next week across some of the dry areas of South America. Brazil Agroconsult lowered their estimate of the Brazil soybean crop to 134 mmt vs 144 previous and USDA 138. USDA kept US 2021/22 soybean exports at 2,050. Total US soybean export commit is down 24 pct from last year. USDA estimates exports will be down 10 pct. USDA dropped Argentina crop 3 mmt. Rosario Exchange today dropped the crop to 40 mmt vs USDA 46.5. Argentina ships 40 pct of World soymeal trade and 50 pct of soyoil. SH had an inside day. Some feel SH support is near 13.50. Initial resistance is now near 14.00.


March corn futures are back below 5.90. USDA report was considered neutral. USDA raised US crop 53 mil bu, raised ethanol 75 mil bu but lowered exports 75 mil bu. Net result, carryout of 1,540 mil bu vs 1,493 in Dec and 1,235 last year. USDA dropped Argentina .5 mmt and Brazil 3 mmt. Rosario estimated the Argentina corn crop at 48 mmt vs USDA 54. USDA raised Ukraine 2 mmt. USDA raised Ukraine exports 1 mmt. IGC lowered their estimate of World corn crop 5 mmt. Most of the drop was in South America. Argentina down 2 mmt and Brazil down 4 mmt. Weekly US corn sales were 457 mt. Total commit is down 9 pct from last year. USDA estimates exports down 12 pct. China commit is near 12 mmt. Some feel US will export 14 mmt to China vs 21 last year. China total imports are est at 27 mmt vs 30 last year. Of the total Ukraine is estimated near 12 mmt vs 8 ly. US is expected to ship a record 16 mmt to Mexico. US is also expected to ship a record 4 mmt to Canada. CH high was 5.99. CH tested 50 day moving average near 5.87. Support is now 5.80 then 5.60. Resistance is near 6.00.


Wheat futures are still on the defensive. USDA lowered US wheat imports 10 mil bu, lowered feed use 25 mil bu and exports 15 mil bu. Carryout of 628 is negative unless US 2022 weather is dry. USDA also estimated US 2022 winter wheat acres at 34.4 million vs 33.6 ly. HRW 23.8 vs 23.5, SRW 7.2 vs 6.5, white winter 3.5 vs 3.5. IGC raised World wheat crop 4 mmt. IGC raised Australia 3.5 mmt. WH ended near 7.47. High was 7.57. WH rejected 775. Next support is 7.34. KWH is near 7.58. High was 7.77. KWH rejected 7.77. Next key support is 7.50 then 7.24.  MWH is in freefall from Dec 30 high near 10.00. MWH ended near 8.93. High was 9.26. Market is oversold. Last key support is 8.78.

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

Explore Special Offers & White Papers from ADMIS

Get Started