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Market Signals Weekly Update Posted on 08-08-2022

Market Signals Weekly Report

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

Discussion Items:

  • Corn, soybean wheat futures rallied on concern about US and EU weather and China buying US soybeans.
  • Managed funds continue to be reluctant buyers of grains futures due to inflation concerns and US Fed raising interest rates.
  • Last week, September corn futures rallied from $5.83 to $6.16 on a US SW Midwest warm and dry forecast. EU is buying US corn.
  • Trade estimate US 2021/22 corn carryout near 1,615 versus USDA 1,510 and 2022/23 near 1,512 vs USDA 1,470.
  • Last week, September soybean futures traded from $13.90  to $14.78 on China buying US and Brazil soybeans.
  • US futures and cash soybean crush margins pushed higher. US new Green energy bill could add to soy oil demand and more US acres.
  • Trade estimate US 2021/22 soybean carryout near 235 versus USDA 215 and 2022/23 255 vs USDA 230.
  • Last week, September Chicago wheat futures rallied from $7.52 to $7.93 on increase World importer demand.
  • US corn crop was rated 60 pct G/E , soybeans 59 pct G/E and spring wheat 70 pct G/E. US WW harvest is est near 89 pct.

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).


2022-crop

(December 2022 Futures)
08-08-2022 Board Settle Price: $6.0725

2023-crop

(December 2023 Futures)
08-08-2022 Board Settle Price: $5.8025

2022-crop

(November 2022 Futures)
08-08-2022 Board Settle Price: $14.0000

2023-crop

(November 2023 Futures)
08-08-2022 Board Settle Price: $13.2100

Chicago Wheat 2022-crop

(September 2022 Futures)
08-08-2022 Board Settle Price: $7.7975

Chicago Wheat 2023-crop

(July 2023 Futures)
08-08-2022 Board Settle Price: $8.3000

KC Wheat 2022-crop

(September 2022 Futures)
08-08-2022 Board Settle Price: $8.4775

KC Wheat 2023-crop

(July 2023 Futures)
08-08-2022 Board Settle Price: $8.5775

MPLS Wheat 2022-crop

(December 2022 Futures)
08-08-2022 Board Settle Price: $8.9475

MPLS Wheat 2023-crop

(December 2023 Futures)
08-08-2022 Board Settle Price: $9.0600

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.