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Market Signals Weekly Update Posted on 11-22-2021

Market Signals Weekly Report

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

Discussion Items:

  • Higher inflation talk is triggering increase corn, soybean and wheat speculative futures buying.
  • Last week Managed funds were net buyers of 84.000 contracts of US Ag futures. The largest week increase since May.
  • Nearby soybean futures traded up to $12.89 on talk of lower US supply and long range forecast of drier Argentina weather.
  • $13.00 January soybean is key resistance. Need more China buying US soybeans to push higher. South America weather is favorable.
  • Dec corn and Dec Chicago wheat futures open interest remains historically high going into first delivery notice.
  • Some feel higher final US corn ethanol and export demand could drop US carryout down closer to 1,250.
  • Some feel CZ is in a trade range between $5.40 and $6.00 until more is known about US exports and South Americas weather.
  • WZ and KWZ futures made new contract high. Some feel tight World stocks could send futures higher.
  • Early guesses for US 2022 acres are near 91.0 million corn acres vs 93.3 this year, soybean 87.9 vs 87.2 and all wheat 49.4 vs 46.7.

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)
11-22-2021 Board Settle Price: $5.7675

2022-crop

(December 2022 Futures)
11-22-2021 Board Settle Price: $5.5875

2021-crop

(January 2021 Futures)
11-22-2021 Board Settle Price: $12.7425

2022-crop

(November 2022 Futures)
11-22-2021 Board Settle Price: $12.5600

Chicago Wheat 2022-crop

(July 2022 Futures)
11-22-2021 Board Settle Price: $8.4875

Chicago Wheat 2023-crop

(July 2023 Futures)
11-22-2021 Board Settle Price: $7.8025

KC Wheat 2022-crop

(July 2022 Futures)
11-22-2021 Board Settle Price: $8.4875

KC Wheat 2023-crop

(July 2023 Futures)
11-22-2021 Board Settle Price: $7.9250

MPLS Wheat 2022-crop

(December 2022 Futures)
11-22-2021 Board Settle Price: $9.2050

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.