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Market Signals Weekly Update Posted on 09-19-2022

Market Signals Weekly Report

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

Discussion Items:

  • Corn and soybean futures dropped last week on demand worries. Wheat traded lower on recession worries.
  • News that Biden administration might impose new China sanctions due to Taiwan weighed on commodities.
  • Biden administration could begin to buy Crude for SOR near $80. They sold at $100.
  • Ukraine, Argentina and Brazil corn prices are lower than US. Russia wheat export prices are lower than US and Argentina soybeans, soymeal and soyoil prices are lower.
  • Last week, December corn futures dropped from $6.99 to today low of $6.68. New harvest bushels could weigh on basis.
  • USDA estimated US 2022 corn crop at 13,944 mil bu and 172.5 yield. 2022/23 carryout 1,219 versus 1,388 in August.
  • Last week, November soybean futures traded from $15.08 down to today’s low near $14.38 on lower demand due to lower SA prices and reduced China demand.
  • USDA estimated US 2022 soybean crop at 4,378 mil bu and 50.5 yield. 2022/23 carryout 200 versus 245 in August.
  • Last week, December Chicago wheat futures rallied from $8.26 to $8.84 on Black Sea export worries only to drop to today’s low near $8.19 on weak Russia prices.
  • US corn crop was rated 53 pct G/E with 10 pct harvest , soybeans 56 pct G/E with 5 pct harvest. USDA est 20 pct US winter wheat crop is planted.
  • US south plains are dry. Central China is dry. Most of EU is seeing rains. Russia is seeing rains. Brazil and E Argentina are seeing rains.

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)
09-19-2022 Board Settle Price: $6.7825

2023-crop

(December 2023 Futures)
09-19-2022 Board Settle Price: $6.2200

2022-crop

(November 2022 Futures)
09-19-2022 Board Settle Price: $14.6125

2023-crop

(November 2023 Futures)
09-19-2022 Board Settle Price: $13.8275

Chicago Wheat 2022-crop

(December 2022 Futures)
09-19-2022 Board Settle Price: $8.3050

Chicago Wheat 2023-crop

(July 2023 Futures)
09-19-2022 Board Settle Price: $8.5075

KC Wheat 2022-crop

(December 2022 Futures)
09-19-2022 Board Settle Price: $9.0975

KC Wheat 2023-crop

(July 2023 Futures)
09-19-2022 Board Settle Price: $8.9850

MPLS Wheat 2022-crop

(December 2022 Futures)
09-19-2022 Board Settle Price: $9.1825

MPLS Wheat 2023-crop

(December 2023 Futures)
09-19-2022 Board Settle Price: $9.0175

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.