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Market Signals Weekly Update Posted on 05-16-2022

Market Signals Weekly Report

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

Discussion Items:

  • Volatility in most commodities continues due to talk of continued Ukraine war, drop in China demand due to covid and US Fed raising interest rates.
  • Last week, July soybean futures traded from low near $15.78 to today’s high near $16.68. This due to talk of higher demand for US soybeans.
  • USDA estimated US 2021/22 soybean carryout near 235 versus 260 last month. They estimated US 2022/23 carryout at 310.
  • Last week, July corn futures rallied from a low near $7.69 to a high today near $8.10. Wet US Midwest planting weather offered support.
  • USDA estimated US 2021/22 corn carryout near 1,440 versus 1,440 last month. They estimated US 2022/23 carryout at 1,360.
  • Last week, July Chicago wheat futures traded from a low near $10.83 to a high today near $12.47. India banning wheat exports rallied prices.
  • USDA estimated US 2021/22 wheat carryout near 655 versus 678 last month. They estimated US 2022/23 carryout at 619.
  • Trade estimates US corn plantings near 49 pct vs 22 last week, soybeans 29 vs 12, spring wheat 43 vs 27, WW crop is est to be rated 30 pct G/E vs 29 lw.
  • Some estimate US farmer has 10 pct 2021 soybean crop and 15 pct of 2021 corn crop left to sell. They are 25-30 pct 2022 corn sold and 30-40 pct soybean sold.

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

(July 2022 Futures)
05-16-2022 Board Settle Price: $8.0950

2022-crop

(December 2022 Futures)
05-16-2022 Board Settle Price: $7.6550

2023-crop

(December 2023 Futures)
05-16-2022 Board Settle Price: $6.5450

2021-crop

(July 2022 Futures)
05-16-2022 Board Settle Price: $16.5650

2022-crop

(November 2022 Futures)
05-16-2022 Board Settle Price: $15.1200

2023-crop

(November 2023 Futures)
05-16-2022 Board Settle Price: $13.8150

Chicago Wheat 2022-crop

(July 2022 Futures)
05-16-2022 Board Settle Price: $12.4750

Chicago Wheat 2023-crop

(July 2023 Futures)
05-16-2022 Board Settle Price: $11.1675

KC Wheat 2022-crop

(July 2022 Futures)
05-16-2022 Board Settle Price: $13.5200

KC Wheat 2023-crop

(July 2023 Futures)
05-16-2022 Board Settle Price: $11.8625

MPLS Wheat 2022-crop

(December 2022 Futures)
05-16-2022 Board Settle Price: $13.7300

MPLS Wheat 2023-crop

(December 2023 Futures)
05-16-2022 Board Settle Price: $11.2025

ADM is providing this communication for informational purposes, and it is not a solicitation or offer to purchase or sell commodities. The sources for the information in this communication are believed to be reliable, but ADM does not warrant the accuracy of the information. The information in this communication is subject to change without notice. If applicable, any information and/or 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. ADM or its affiliates may hold or take positions for their own accounts that are different from the positions recommended in this communication.