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

Early AM Commentary by Steve Freed

October 23, 2017

Grain calls are mixed. SF is unchanged and near 9.89. CZ is up 1 cent and near 3.45. WZ is unchanged and near 4.26. US Dollar is higher. US equities are higher. US tax reform or else? 

Chinese Ag futures (January) were down 35 yuan in Soybeans, down 7 for Corn, down 9 in Soymeal, up 46 in Soyoil, and up 80 in Palm Oil. The Malaysian Palm Oil market was up 46 ringgit at 2,787, basis January, supported by firmer soyoil prices. 

The Midwest US weather forecast will turn mainly dry the rest of the week with another system for the region next weekend with heavier totals of precip to areas east of the Mississippi------temps fall to average to a bit below and stay there; a hard freeze is likely in all areas by next weekend or early next week. 

US corn harvest is est near 40 pct vs 60 ly and 66 ave. Soybean harvest is est near 65 vs 75 ly and 80 ave. 

Most est US 2017/18 soybean carryout near 430-460 VS USDA 431, corn 2,290-2,320 vs USDA 2,340 and wheat 925-950 vs USDA 960. Some est US 2018/29 soybean carryout near 450, corn 2,160 and wheat 860. 

The South American weather forecast has Argentina fairly quiet for the week before rains fall towards the end of the week and early next week; soaking rains are seen for southern Brazil with spotty rains north of Parana; the 6 to 10 day forecast has good rains for all of Brazil, including the north----temps look average to below in Argentina and southern Brazil over the next ten days; average to above average temps are seen for northern Brazil. Brazil soybean planting near 20 pct vs 29 ly. 

Funds were net sellers of 8,000 soybeans, 4,000 soymeal, 11,000 corn and 3,000 wheat and bought 5,000 soyoil . Funds are estimated to be long 64,000 soybeans, long 17,000 soymeal, long 32,000 soyoil, short 186,000 corn and short 782000 wheat. 

The information and comments contained herein are provided as general commentary of market conditions and are not and should not be interpreted as trading advice or recommendation.  The information and comments contained herein are not and should not be interpreted to be predictive of any future market event or condition.  The information and comments contained herein is provided by ADM Investor Services, Inc. and not Archer Daniels Midland Company.  Copyright © ADM Investor Services, Inc.

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