Significant pressure to start the week on some big volume totals. At 06030 CZ20 off 3 ½¢ at $3.95 (vol 65K) and SF21 9 ¼¢ lower at $10.47 (vol 26K). KC and Chi wheat 2 and 4¢ lower. Price pressure hanging over from last week’s pressure and spread action.
Broader market uncertainty and resurging Covid – 19 cases around the world also. helping pressure price action. Soybeans hit 4-year highs last week as well helping. create uncertainty.
Dow futures 440 points higher this morning after last weeks worst performance since March. Crude 82¢ lower but well-off overnight lows.
StoneX customer driven final production survey today. Anecdotal evidence to this point suggesting Iowa corn yield off sharply from last months estimate. Suspect the Iowa loss still does not move the needle appreciably.
Deliveries against the SX20 contract jumped up to 501 contracts this morning.CHS and ADM IS put out the bulk of receipts.
CFTC adjusted data Friday has Funds net long 210K corn and 192K soybeans.
Still possible the US soybean ending stocks number could drop below the 200 mln bu mark. That idea is what helped drive price to 4-year highs early last week.
USDA November supply / demand report a week from tomorrow.
Cursory look at SA weather looks a little more promising for rainfall this morning after a weekend of perhaps less than hoped. Needle on Brazil production today growing.
Dalian corn futures sharply lower overnight.
Weekly export inspection data later this morning. Harvest progress and StoneX production survey this afternoon.
INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.
E- mail: Bruce.Nelson@IFCS.com
1075 Jordan Creek Parkway Suite 300
West Des Moines, IA 50266
800-422-3087 Ext 3791