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Market Signals Weekly Update Posted on 10-25-2021

Market Signals Weekly Report

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

Discussion Items:

  • US/Global inflation continues to increase especially energy and food. Higher energy is pushing fertilizer prices higher.
  • Increase Covid cases in China could slow their economy and reduce commodity imports.
  • Short covering rally has pushed Nov 21 futures back to near the midpoint of the trading range and $12.30
  • South America 2022 soybean crop off to favorable start. Brazil plantings ahead of average and Argentina is dry.
  • Some feel higher final US corn ethanol and export demand could drop US carryout down closer to 1,300 M bushels.
  • End user buying and new chart bottom pick has CZ now testing key resistance near $5.40.
  • Midwest rains have slowed US corn and soybean harvest. Corn harvest est near 66 pct, soybean 75.
  • Wheat futures continue an uptrend from June 2020 low. Some feel tight World stocks could send futures higher.
  • Minneapolis wheat traded over $10.00 on tight World wheat supplies. La Nina US weather could push KWZ to $8.25.
  • USDA lowered US 2021/22 wheat carryout 35 mil bu to 590 and first time the carryout has been below 600 in 8 years.

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)
10-25-2021 Board Settle Price: $5.3800

2022-crop

(December 2022 Futures)
10-25-2021 Board Settle Price: $5.3325

2021-crop

(January 2022 Futures)
10-25-2021 Board Settle Price: $12.4700

2022-crop

(November 2022 Futures)
10-25-2021 Board Settle Price: $12.3400

Chicago Wheat 2021-crop

(December 2021 Futures)
10-25-2021 Board Settle Price: $7.5950

Chicago Wheat 2022-crop

(July 2022 Futures)
10-25-2021 Board Settle Price: $7.6325

KC Wheat 2022-crop

(July 2022 Futures)
10-25-2021 Board Settle Price: $7.6575

MPLS Wheat 2022-crop

(December 2022 Futures)
10-25-2021 Board Settle Price: $8.4025

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.