Sept 28 Morning Ag Commentary

by Steve Freed,

Grains are mixed to lower. SX is down 1 cent and near 10.01. SMZ is near 339.3. BOZ is near 32.65. CZ is down 2 cents and near 3.63. WZ is down 3 cents and near 5.40. KWZ is down 3 cents and near 4.72. US stocks are higher. US Dollar is lower. Crude is lower. Gold is lower.

Grains could be seeing some long liquidation before USDA Sep 30 stocks report and month end, talk China may soon be done buying US soybean and corn and concern about virus impact on global food and fuel demand. Increase US farmer cash selling s harvest advances could also weigh on futures and basis.

Chinese Ag futures (January) settled down 7 yuan in soybeans, up 30 in Corn, up 10 in Soymeal, up 70 in Soyoil, and up 72 in Palm Oil. Malaysian palm oil prices were unchanged at 2,822 (basis December) awaiting further input.

The 6 to 10 day forecast for the Midwest is cool and dry. 8-14 day is warm west and cool east and dry. The Southern Plains over the 6 to 10 day period sees little to no rainfall.

The Brazilian growing regions look to see moderate rainfall in central/east sections of the region over the next 6 to 10 days with little in the way of rainfall for the rest of the areas. The Argentine growing regions look to see light to moderate rainfall in the central sections of the region today with dry weather to be dominant for the rest of the week.

Ukraine will get enough rain in the coming week to ten days to support planting. Russia weather over the next ten days will be drier biased except near the Baltic States, Belarus and Ukraine borders where some rain is expected.

The information conveyed by ADMIS or its affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity futures contracts.

2020-09-28T12:23:25+00:00 September 28th, 2020|