Written Commentary
MORNING COMMENTS
Macroeconomics:
Equity markets start the holiday week up. Seems like investors are still hesitant to buy US treasuries, even at high yields. The Dollar slumps, giving life to most currencies across the board. Crude oil is down this morning, but Nat gas still looks like it wants to run into this upcoming chilly weather. Temps in the single digits to start the month of December.
Ag Fundamentals:
Thanksgiving week starts with another solid flash sale of US corn to Mexico this morning. The first notice day for December futures is Friday. Many are liquidating their Dec positions already. Normal market close on Wednesday, market will be closed on Thursday observing the holiday, and will have a shorted trading session on Friday from 8:30 am to 12:05pm. With Funds getting long corn, Corn usage remaining strong, and Mexico consistently making purchases we should see some support for corn ahead of the holiday. Brazilian weather has signs of lower than normal rainfall over the next 7 days in parts of Mato Grosso. Southern Brazil and northern Argentina are expecting to see a good soaker within that time though.
Weather:
Soil Moisture is looking much better heading into winter. Rains have relieved most of the US from dryness over the last month. I would like to see the river level in Memphis get above 10 feet to assure river logistics remaining healthy before some parts in the north freeze.
October 23rd (Left) November 23rd (Right) Glad to see the soil moisture map is back in much better shape after rains have dropped across most of the country over the last 30 days.
The Memphis River Gauge is sitting at -1.4 feet this morning. Normal tows and drafts are still seen St. Louis and south.
First Day of December: Check out how cold it will be in the North-Central US.. Winter is coming
Export & World News
454,090 MT of corn sold to Mexico from the US and of that 89K MT of it will be for e2025/2026 marketing year.
Malaysian palm oil futures were up overnight 54 ringgit, now at 4696.
Daily Trading Limits: Corn $0.30 (expanded $0.45); Soybeans $0.85 (expanded $1.30); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
>>Interested in more commentary by Joe Mauck? Go 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.
