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Market Signals Weekly Update Posted on 07-26-2021

Market Signals Weekly Report

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

Discussion Items:

  • Slow US new crop corn, soybean and wheat export trade has weighed on futures. Talk of Midwest rains is also negative.
  • Today’s maps were drier. Saturday’s US Midwest forecast was warm and dry. Sunday’s forecast was wetter across central Midwest.
  • The flip and flop weather maps add to price discovery uncertainty and limits new buying until US August 12 crop report.
  • Nearby corn futures traded from a high on July 21 at $5.79 to today’s low near $5.36. Sep corn ended near $5.50 on drier US forecast.
  • Trade estimates US 2021 corn crop near 14,874 mil bu versus USDA 15,165 and 21/22 carryout near 970 vs USDA 1,432.
  • Nearby soybean futures traded from a high on July 21 at $14.31 to todays low near $13.36. Sep soybean ended near $13.62 on drier US forecast.
  • Trade estimates US 2021 soybean crop near 4,379 mil bu and 21/22 carryout near 120 vs USDA 155. There was talk of China interest in US soybeans.
  • Nearby Chicago wheat futures have traded from a July 20 high near $7.18 to todays low near $6.65, KC $6.74 to $6.31 and Minn $9.44 to $8.70 on slow demand.
  • Trade estimates US 2021 wheat crop near 1,700 mil bu and 21/22 carryout near 580 vs USDA 665.
  • Managed Funds are long to 225,000 contracts, soybean long to 85,000 and Chicago wheat short 12,000.
  • Soyoil gain on soymeal on better demand.
 

Performance Charts

Now you can review the price and performance history of the Market Signals group back to 2011.
Click Unsold pieces to reveal Recommendations, when applicable.

All price recommendations below are futures price references (not cash equivalents).


2021-crop

(December 2021 Futures)
07-26-2021 Board Settle Price: $5.4675

2022-crop

(December 2022 Futures)
07-26-2021 Board Settle Price: $4.9850

2021-crop

(November 2021 Futures)
07-26-2021 Board Settle Price: $13.5775

2022-crop

(November 2022 Futures)
07-26-2021 Board Settle Price: $12.5825

Chicago Wheat 2021-crop

(September 2021 Futures)
07-26-2021 Board Settle Price: $6.7700

Chicago Wheat 2022-crop

(July 2022 Futures)
07-26-2021 Board Settle Price: $6.8125

KC Wheat 2021-crop

(September 2021 Futures)
07-26-2021 Board Settle Price: $6.3900

KC Wheat 2022-crop

(July 2022 Futures)
07-26-2021 Board Settle Price: $6.5250

MPLS Wheat 2021-crop

(December 2021 Futures)
07-26-2021 Board Settle Price: $8.6725

MPLS Wheat 2022-crop

(December 2022 Futures)
07-26-2021 Board Settle Price: $7.4900

ADM is providing this communication for informational purposes, and it is not a solicitation or offer to purchase or sell commodities. The recommendations in this communication do not take into account any particular individual's or company's objectives or needs, which should be considered before engaging in any commodity transactions based on these recommendations. The sources for the information and recommendations in this communication are believed to be reliable, but ADM does not warrant or guarantee the accuracy of the information or recommendations. ADM or its affiliates may hold or take positions for their own accounts that are different from the positions recommended in this communication. The information and recommendations in this communication are subject to change without notice.