Skip to main content

Market Signals Weekly Report

The following are comments and discussion items from the weekly conference call of the Market Signals Team.

Discussion Items:

  • Nearby corn futures dropped from $6.84 to $6.29 on talk in South America imports and good U.S. spring weather, then rallied to $6.98 on higher demand.
  • Nearby soybean futures dropped from $15.74 to $14.90 on talk in South America imports, then rallied to $15.63 on higher soyoil demand.
  • Nearby wheat futures dropped from $7.69 to $7.11 following corn, then rallied to $7.53 U.S. north plain and Canada weather concerns.
  • World vegoil prices traded higher on talk of increased U.S. biofuel. Concern about lower India demand due to virus cases increase offered resistance.
  • World soymeal prices continue to drift sideways to lower on concern about China demand and higher U.S. crush for soyoil.
  • Two-week U.S. Midwest weather forecast could help U.S. crops. Summer could be warm with normal to below rains but the U.S. north plains could be warm and dry.
  • U.S. corn plantings near 46 percent done, soybean near 24 percent. Spring wheat planting is near 49 percent done and Winter wheat condition at 48 percent G/E.
  • USDA estimated U.S. 2020/21 corn carryout near 1,352 million bushels. Private estimates are near 1,100. Key is final exports.
  • USDA estimated U.S. 2020/21 soybean carryout near 120 million bushels. Private estimates are near 100. Key is final supply versus crush demand.
  • USDA estimated U.S. 2021/22 wheat carryout near 770 million bushels. Key to U.S. 2021/22 carryout will be global weather versus trade.
  • Managed funds are net long 180,000 soybean contracts, 390,000 corn and long 11,000 Chicago wheat. Funds may be reducing due to increase price limits.
  • Farmer should continue to use a scale up cash selling for new crop sales. Still, prices have yet to trade any summer weather problems.

Contact Your ADM Grain Representative

From early crop-year planning, ‘til your money’s in the bank, we pledge to be the best grain marketing strategists you can find. Ask for ideas anytime.

Enter your ZIP code


Find Your ADM Fertilizer Representative

We’re specialists in driving down nutrient costs through forward pricing and direct purchasing. Let us help you build better margins into your bottom line.