ADMIS Morning Grain Comments January 8, 2013
ADMIS Morning Grain Comments
January 8, 2013
Friday’s USDA report will be released at 11:00 am cst not 7:30 am. Grains are called quietly higher. SH is up 1 cent and near 13.88. CH is unchanged and near 6.89. WH is up 1 cent and near 7.52. Dollar is higher. Most commodities are slightly lower. Index funds will continue to buy soymeal and sell Chicago wheat today. They will also be buying KC wheat. This had little impact on Tuesday’s prices. CONAB est Brazil 2013 soybean crop near 82.7 mmt and the corn crop near 72.2 mmt. China is buying new crop Argentina soybeans. Guess both countries are comfortable with the outlook for the Argentina 2013 soybean crop. Jan China soybean imports are est near 3.3 mmt vs 6.3 in Dec and 4.6 ly. Last year, China imported 3.8 mmt in Feb and 4.8 mmt in March. China Oct-Jan soybean imports are est near 17.7 mmt vs 19.5 ly. China crush margins remain positive. China is also buying Canada canola. Deutsche Bank est that in 2013, short term grain prices may be oversold but are positive soyoil. They are cautious deferred hogs. They suggest taking profits in long cattle short corn positions. They are bullish Crude oil. Morgan Stanley is most bullish Gold, soybean, corn and silver in 2013, Most bearish Sugar, cattle and cotton. Neutral hogs, Crude oil and cotton. Brazil should see normal rains this week. Argentina should turn warmer and drier. US storm should be mostly south this week. Traditional funds sold 2,000 soybeans on Tuesday. They are net long 99,000 soybeans. They sold 3,000 soyoil and are net short 48,000. They bought 2,000 soymeal and are long 39,000. Funds bought 6,000 corn and are net long 132,000. They also sold 1,000 wheat and are net short 23,000. Index funds are long 69,300 soybeans (unch), 89,300 soyoil(+1), 16,000 soymeal (+1), 220,700 corn (unch) and 126,000 wheat (+2). Commercials are short 186.700 soybeans (-4), 325,200 corn(unch) and 88,600 wheat(unch).
141 West Jackson Blvd. Suite 1600A Chicago, IL 60604 www.admis.com
Support Resistance Mch Beans 1376 1396 Mch Bean Oil 49.42 49.83 Mch Meal 407.0 413.4 Mch Corn 685 695 Mch Chi. Wheat 747 757 Mch KC Wheat 805 816 The information and comments contained herein is provided by ADM Investor Services, Inc. (“ADMIS”) and NOT Archer Daniels Midland Company. Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Any reproduction or retransmission of this report without the express written consent of ADM Investor Services, Inc. is strictly prohibited. Again, the information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by Archer Daniels Midland Company. Copyright © ADM Investor Services, Inc.
Freed
The information and comments contained herein is provided by ADM Investor Services, Inc. (“ADMIS”) and NOT Archer Daniels Midland Company. Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Any reproduction or retransmission of this report without the express written consent of ADM Investor Services, Inc. is strictly prohibited. Again, the information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by Archer Daniels Midland Company. Copyright © ADM Investor Services, Inc.
January 8, 2013
Friday’s USDA report will be released at 11:00 am cst not 7:30 am. Grains are called quietly higher. SH is up 1 cent and near 13.88. CH is unchanged and near 6.89. WH is up 1 cent and near 7.52. Dollar is higher. Most commodities are slightly lower. Index funds will continue to buy soymeal and sell Chicago wheat today. They will also be buying KC wheat. This had little impact on Tuesday’s prices. CONAB est Brazil 2013 soybean crop near 82.7 mmt and the corn crop near 72.2 mmt. China is buying new crop Argentina soybeans. Guess both countries are comfortable with the outlook for the Argentina 2013 soybean crop. Jan China soybean imports are est near 3.3 mmt vs 6.3 in Dec and 4.6 ly. Last year, China imported 3.8 mmt in Feb and 4.8 mmt in March. China Oct-Jan soybean imports are est near 17.7 mmt vs 19.5 ly. China crush margins remain positive. China is also buying Canada canola. Deutsche Bank est that in 2013, short term grain prices may be oversold but are positive soyoil. They are cautious deferred hogs. They suggest taking profits in long cattle short corn positions. They are bullish Crude oil. Morgan Stanley is most bullish Gold, soybean, corn and silver in 2013, Most bearish Sugar, cattle and cotton. Neutral hogs, Crude oil and cotton. Brazil should see normal rains this week. Argentina should turn warmer and drier. US storm should be mostly south this week. Traditional funds sold 2,000 soybeans on Tuesday. They are net long 99,000 soybeans. They sold 3,000 soyoil and are net short 48,000. They bought 2,000 soymeal and are long 39,000. Funds bought 6,000 corn and are net long 132,000. They also sold 1,000 wheat and are net short 23,000. Index funds are long 69,300 soybeans (unch), 89,300 soyoil(+1), 16,000 soymeal (+1), 220,700 corn (unch) and 126,000 wheat (+2). Commercials are short 186.700 soybeans (-4), 325,200 corn(unch) and 88,600 wheat(unch).
141 West Jackson Blvd. Suite 1600A Chicago, IL 60604 www.admis.com
Support Resistance Mch Beans 1376 1396 Mch Bean Oil 49.42 49.83 Mch Meal 407.0 413.4 Mch Corn 685 695 Mch Chi. Wheat 747 757 Mch KC Wheat 805 816 The information and comments contained herein is provided by ADM Investor Services, Inc. (“ADMIS”) and NOT Archer Daniels Midland Company. Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Any reproduction or retransmission of this report without the express written consent of ADM Investor Services, Inc. is strictly prohibited. Again, the information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by Archer Daniels Midland Company. Copyright © ADM Investor Services, Inc.
Freed
The information and comments contained herein is provided by ADM Investor Services, Inc. (“ADMIS”) and NOT Archer Daniels Midland Company. Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Any reproduction or retransmission of this report without the express written consent of ADM Investor Services, Inc. is strictly prohibited. Again, the information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by Archer Daniels Midland Company. Copyright © ADM Investor Services, Inc.
