Steve Freed

VP of Grain Research for ADM Investor Services

Overseeing the analysis of all market information and trading strategies for over 1100 brokers. He creates daily short and long-term market outlooks, monthly grain PowerPoint presentation updates, daily market outlook video and an electronic statistical manual identifying changes in world supply and demand conditions. Steve’s market opinion is often quoted in newspapers and business journals around the world, and he is regularly a featured speaker at seminars and workshops.

Born and raised on a grain and livestock farm in central Illinois, Steve received a Bachelor of Science degree in Agriculture from Illinois State University. His career began as a crop analyst, then as a grain analyst creating trade recommendations based on international and domestic crop conditions. Before joining ADMIS in 1992, he was with Continental Grain Company and later held the position of Vice President of Futures Research at Dean Witter Reynolds. While there, he sharpened his ability to create trade recommendations based on crop conditions, seasonal trends and changes in cash inputs.

Long recognized as an industry expert, today Steve is one of the most respected and followed grain analysts in the nation.

Tel: +1 312 242 7000

AM Futures Commentary by Steve Freed

February 26, 2020    follow us on Twitter @TradeADMIS  

Grains are mixed to lower. SK is unchanged and near 8.88. CK is unchanged and near 3.75. WK is down 2 cents and near 5.41. Continued spread of coronavirus outside of China adds to market uncertainty. The virus is now in 43 countries. Number of cases in China is now near 81,259. Number of deaths is 2,770. US CDC warmed US citizens yesterday to prepare for the virus to spread in the US. US stocks are mixed. Gold is lower. Crude is lower. 

May soybean futures are trying to hold support near 8.80. Resistance is near 8.96. Lack of new China demand for US soybean and talk of a record 2020 Brazil crop offers resistance. Lack of US farmer selling offers support.

May corn futures trying to find support near season lows. Lack of export demand and talk of a record US 2020 corn crop offers resistance. Lack of farmer selling offers support. US end users are looking to add to coverage. May Chicago wheat trying to hold support near 5.28. US domestic end users are adding to Q2 coverage. 

The South American weather forecast for Brazil continues with decent rains in the 6 to 10 day forecast mainly north of Parana with the south dry. The Argentine weather forecast remains mostly quiet, dry for the week ahead. 

Farmers holding on to their old crop corn inventories in wait for better prices may be providing a lift for corn in the short term, but that may soon change -- which would weigh heavily on CBOT corn futures. 

On Tuesday, Managed funds were net sellers of 5,000 contracts of SRW Wheat; net even Corn; bought 6,000 Soybeans; net bought 3,000 Soymeal, and; sold 3,000 Soyoil. We estimate Managed Money net long 31,000 contracts of SRW Wheat; net short 107,000 Corn; net short 101,000 contracts of Soybeans; net short 77,000 lots of Soymeal, and; net long 26,000 Soyoil.  

Preliminary Open Interest saw SRW Wheat futures down roughly 16,000 contracts; HRW Wheat down 5,300; Corn down 6,600; Soybeans down 5,700 contracts; Soymeal down 3,500 lots, and; Soyoil down 4,200.

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.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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