Explore Special Offers & White Papers from ADMIS

Brazil Corn Planting Delayed

MORNING AG OUTLOOK

Grains are lower. SH is down 7 cents and near 13.24. SMH is near 395.7. BOH is near 50.01. CH is down 2 cents and near 4.80. WH is down 4 cents and near 6.24. KWH is down 8 and near 6.34. MWH is down 6 and near 7.24. Stocks are higher. US Dollar is lower. Crude is lower. Gold is higher. 2024 will remain year of War, US Election, more protest and end of Central Bank rate hikes.

 

CH remains in a broad 4.70-4.95 range. Trade still worried about higher US Dec 1 stocks and USDA increase US 2023 corn crop in Jan. Brazil corn planting is delayed and could help US exports Jan-Mar. Some fear Brazil corn crop could drop 500-700 mil bu from current USDA est. It was 103-108 across C Brazil over the weekend. EU model forecast 1.00-3.00 inch rains across C/N Brazil later this week. GFS has .50-1.50 of scattered rain.

SH remains near midpoint of 13.00-13.50 range. SMH is below 400. BOH moved near 50 cents. Brazil soybean planting is delayed and could help US exports Jan-Mar. China continues to buy US soybeans. US soybean crush is near record high. SH found resistance near 13.50. on talk of better Brazil weather. Weather models are mixed for this weeks forecast with EU model wetter than GFS. MGDS, MG and Goias saw weekend temps near 103-108 F.

Push pull wheat futures trade continues with overnight futures lower. HRW/SRW spread only +10 vs +180 in May. Recent China business could push SRW over HRW. More US south plains rains are forecasted for this week. Combined 2023 Brazil, Argentina and Australia wheat crops are down 10 mmt but market more focus on end of China buying US wheat and lower Black Sea and EU prices. WH. 6.50 remains key resistance.

 

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

Explore Special Offers & White Papers from ADMIS

Get Started