OCTOBER 25 MORNING AG OUTLOOK

by Steve Freed

Grains are higher. SX is up 9 cents and near 12.29. SMZ is near 330.0. BOZ is near 62.96. CZ is up 2 cents and near 5.40. WZ is up 6 cents and near 7.62. KWZ is up 3 cents and near 7.77. MWZ is up 6 cents and near 10.19. US Fed Chairman said supply chain constraints have worsened, creating more inflation risk. US taper bond buying in November?  Crude higher. US Dollar higher. Big Tech earnings this week.

Heavy rains fell across US Midwest. More rain this week. FH Nov drier/cooler.

Dalian corn/soymeal futures higher. Palmoil higher. Matif wheat futures higher. 892 mt wheat auction

Increase China Covid cases could slow China economy. China Central Bank increase stimulus.

Corn futures traded higher as focus shifted from supply to increase demand. US demand up 400 mil bu?

Some feel CZ could trade over 6.00 post US harvest on higher demand and lower US 2022 acres.

Trade estimates US 2021/22 corn carryout from 1,243 to 1,305 mil bu vs USDA 1,500

US ethanol industry near 95 pct capacity. US corn harvest near 65 pct vs 54 ave. Rains could slow harvest

Informa est US 2022 corn acres at 92.3 vs 93.3 ly, US 2022 corn crop 15,213 vs 15,019 ly

Weekly US soybean export sales 106 mil bu. Total commit 1,075 vs 1,666 ly USDA goal 2,090 vs 2,265 ly

SX in narrow range. US cash soybean crush near +$2.40. Higher meal/soyoil basis lower soybean helping

Trade est US soybean harvest near 77 pct versus 70 average. US 2021/22 carryout 365-415 vs USDA 320

Argentina seeking needed rains. Brazil crop plantings ahead of normal. Brazil Jan beans +49 vs US +1.10.

Informa est US 2022 soybean acres 87.3 vs 87.2. US 2022 soybean crop 4,455 vs 4,448 ly.

MWZ traded over 10.00. Tight World supplies supportive. La Nina could force KWZ to 8.25.

Informa est US 2022 wheat acres 48.8 vs 46.7. US 2022 wheat crop 2,059 vs 1,646 ly

Trade estimates US 2021/22 wheat carryout 550-640 vs USDA 580. US winter wheat crop 65-69 pct G/E

EU wheat exports should slow, higher prices, Russia wheat prices higher as export tax higher.

The information conveyed by ADMIS or it’s 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 future contracts.

2021-10-25T13:54:20+00:00 October 25th, 2021|