Market Signals Weekly Report
The following are comments and discussion items from the weekly conference call of the Market Signals Team.
- SK3 dropped from to $14.97 to $14.05 on risk off due to concerns over US banking system.
- CK3 rallied from $6.23 to $6.48 on talk of increase demand for US corn exports.
- WK3 dropped from $7.08 to $6.84 on low Russia prices then rallied to $7.06 on fund short covering.
- Managed funds are estimated to be long only 87,000 soybeans, short 38,000 corn and 81,000 wheat.
- Trade estimates US 2023 corn acres near 90.9 mil vs 88.6 ly and 2023/24 carryout at 2,053.
- Trade estimates US 2023 soybean acres near 88.3 vs 87.4 ly and 2023/24 carryout at 355.
- Trade estimates US 2023 wheat acres near 48.9 vs 45.7 ly and 2023/24 carryout at 655.
- Talk of US Central Bank slowing interest rate increases helped stocks and weighed on US Dollar.
- Most US farmers still looking for $14.00 new crop beans, $6.25 new crop corn and $9.00 new crop KC wheat.
Now you can review the price and performance history of the Market Signals group back to 2011.
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All price recommendations below are futures price references (not cash equivalents).
Chicago Wheat 2023-crop
KC Wheat 2023-crop
MPLS Wheat 2022-crop
MPLS Wheat 2023-crop
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.