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

September 21, 2018       follow us on Twitter @TradeADMIS

Grains are mixed. SX is down 6 cents and near 8.43. CZ is up 1 cent and near 3.54. WZ is down 1 cent and near 5.22. US Dollar is higher. Crude is higher. 

Chicago soybean futures is lower on Friday but the market is poised for its biggest weekly gain in a month as prices recover from a 10-year low, supported by strong demand. Wheat eased, giving up some of the gains over the last two days which were sparked by tightening global supplies following dry weather in several exporting countries including Russia and Australia. 

For the week, Winter Wheat prices were up roughly 11 cents for SRW, up 10 in the HRW, and up 15 for HRS; Corn is up 3; Soybeans up 14 cents; Soymeal up $5.00, and; Soyoil down 5 points (December crushing margins are down roughly 6 cents at around $1.48, oil-share is down 1% at 30%). 

For the week ended September 13th, U.S. All Wheat sales are running 22% behind a year ago, shipments 31% behind with the USDA forecasting a 14% increase on the year. Corn sales are running 50% ahead of a year ago, shipments up 27% with a 1% decline on the year seen. Soybean sales are running 7% behind a year ago, shipments 19% behind with a 3% decline seen. 

The U.S. Midwest weather forecast has things remaining mostly wet with a front moving through the east over the next day; another system hits the region the middle of next week; a third front shows up the following weekend bringing good rains to the region. Colder air is still seen for the Dakota’s and Minnesota. 

The 11 to 16 day forecast has average temps for the Midwest and Plains with precip running average in the Midwest and below average in the Plains. 

Funds bought 14,000 soybeans, 5,000 soymeal, 4,000 soyoil, 28,000 corn and 2,000 wheat on Thursday. Funds are estimated to be net short 56,000 soybeans, 101,000 soyoil, long 28,000 soymeal, short 107,000 corn and long 11,000 wheat.

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 risk of loss in trading futures and options can be substantial. Past results are not indicative of future results or performance. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. Research analyst does not currently maintain positions in the commodities specified within this report. 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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