Market Commentary: Bulls Rest Amid Quiet Headlines but Weather Minimizes Downside Potential
The CBOT was mixed to close a week that has generally featured quiet or range-bound trade (except the soyoil market) with traders seemingly weighing their long-term outlooks amid conflicting weather and production signals. Wheat was lower on Friday with pressure coming from larger-than-expected...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...
Summary of Futures
Jul 24 Corn closed at $4.525/bushel, down $0.045 from yesterday's close. Jul 24 Wheat closed at $6.5125/bushel, down $0.12 from yesterday's close. Jul 24 Soybeans closed at $12.28/bushel, up $0.1175 from yesterday's close. Jul 24 Soymeal closed at $368.8/short ton, up $1.1 fro...
Oilseeds Highlights: Defying the Odds
The Market Despite worries about used cooking oil imports, slow exports, and a drop in the NOPA crush, July soybeans closed the week up 9 cents (0.73 percent) at 1228/bushel. Traders must have Brazilian flooding on their minds. However, the November contract lost 2.5 cents (-0.18 percent) to en...
House Farm Bill Draft Commodity Program Proposals
As we reported Monday, 13 May, the full draft of the House Agriculture Committee’s farm bill was expected to be released today, and it was. Following are some key details on crop programs in the House bill. First, the Ag Risk Coverage (ARC) payment guarantee is increased to 90 perce...
Market Commentary: A Breather in the Market
There was little pushing the market one way or another today, other than a sense that things had been pushed high enough for now. The open was mostly higher but that softened not long after the open. The run-up in prices last week led to farmer selling, and so this was a third day of selling co...
Livestock Roundup: Pork Demand Rebound
Going into the summer, a big question for meat has been: how will consumer demand hold up? This is especially the case with steadily increasing beef prices. The pork cutout trends show that pork demand has improved, which is a positive sign going into June and July when the cutout i...
Summary of Futures
Jul 24 Corn closed at $4.57/bushel, down $0.055 from yesterday's close. Jul 24 Wheat closed at $6.6325/bushel, down $0.025 from yesterday's close. Jul 24 Soybeans closed at $12.1625/bushel, up $0.0275 from yesterday's close. Jul 24 Soymeal closed at $367.7/short ton, down $4 f...
China Retaliation?; WTO Dispute System Not Urgent
China Retaliation? The assumption is that China will retaliate against U.S. agriculture for any new tariffs applied to Chinese goods by President Biden under Section 301. But at least one American expert on China doesn’t think that is a given. Under this construct, Beijing views the new t...
FOB Prices and Freight Rate App (Updated 16 May)
Ocean Freight Comments - 16 May 2024 By Matt Herrington Dry-bulk freight markets remain choppy and volatile albeit with a generally higher trend. Rates took a step back this week amid weaker cargo demand in the Atlantic and Pacific markets, which created a surplus of ship availability. Time cha...
Interactive Ocean Freight Rates (Updated 16 May)
Ocean Freight Comments - 16 May 2024 By Matt Herrington Dry-bulk freight markets remain choppy and volatile albeit with a generally higher trend. Rates took a step back this week amid weaker cargo demand in the Atlantic and Pacific markets, which created a surplus of ship availability. Time cha...
Market Commentary: CBOT Pauses and Drifts Lower; NOPA Crush Disappoints; Energies Rally as Inflation Eases
The CBOT started out firm again in the overnight session but quickly turned lower once the day session started. The reason seemed to be “sell the fact” trade after the recent weather market rise in prices with traders seeming to think grain and oilseed supplies may be a bit better t...
Market Commentary: Bulls Rest Amid Quiet Headlines but Weather Minimizes Downside Potential
The CBOT was mixed to close a week that has generally featured quiet or range-bound trade (except the soyoil market) with traders seemingly weighing their long-term outlooks amid conflicting weather and production signals. Wheat was lower on Friday with pressure coming from larger-than-expected...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...
Summary of Futures
Jul 24 Corn closed at $4.525/bushel, down $0.045 from yesterday's close. Jul 24 Wheat closed at $6.5125/bushel, down $0.12 from yesterday's close. Jul 24 Soybeans closed at $12.28/bushel, up $0.1175 from yesterday's close. Jul 24 Soymeal closed at $368.8/short ton, up $1.1 fro...
Oilseeds Highlights: Defying the Odds
The Market Despite worries about used cooking oil imports, slow exports, and a drop in the NOPA crush, July soybeans closed the week up 9 cents (0.73 percent) at 1228/bushel. Traders must have Brazilian flooding on their minds. However, the November contract lost 2.5 cents (-0.18 percent) to en...
House Farm Bill Draft Commodity Program Proposals
As we reported Monday, 13 May, the full draft of the House Agriculture Committee’s farm bill was expected to be released today, and it was. Following are some key details on crop programs in the House bill. First, the Ag Risk Coverage (ARC) payment guarantee is increased to 90 perce...
Market Commentary: A Breather in the Market
There was little pushing the market one way or another today, other than a sense that things had been pushed high enough for now. The open was mostly higher but that softened not long after the open. The run-up in prices last week led to farmer selling, and so this was a third day of selling co...
Livestock Roundup: Pork Demand Rebound
Going into the summer, a big question for meat has been: how will consumer demand hold up? This is especially the case with steadily increasing beef prices. The pork cutout trends show that pork demand has improved, which is a positive sign going into June and July when the cutout i...
Summary of Futures
Jul 24 Corn closed at $4.57/bushel, down $0.055 from yesterday's close. Jul 24 Wheat closed at $6.6325/bushel, down $0.025 from yesterday's close. Jul 24 Soybeans closed at $12.1625/bushel, up $0.0275 from yesterday's close. Jul 24 Soymeal closed at $367.7/short ton, down $4 f...
China Retaliation?; WTO Dispute System Not Urgent
China Retaliation? The assumption is that China will retaliate against U.S. agriculture for any new tariffs applied to Chinese goods by President Biden under Section 301. But at least one American expert on China doesn’t think that is a given. Under this construct, Beijing views the new t...
FOB Prices and Freight Rate App (Updated 16 May)
Ocean Freight Comments - 16 May 2024 By Matt Herrington Dry-bulk freight markets remain choppy and volatile albeit with a generally higher trend. Rates took a step back this week amid weaker cargo demand in the Atlantic and Pacific markets, which created a surplus of ship availability. Time cha...
Interactive Ocean Freight Rates (Updated 16 May)
Ocean Freight Comments - 16 May 2024 By Matt Herrington Dry-bulk freight markets remain choppy and volatile albeit with a generally higher trend. Rates took a step back this week amid weaker cargo demand in the Atlantic and Pacific markets, which created a surplus of ship availability. Time cha...
Market Commentary: CBOT Pauses and Drifts Lower; NOPA Crush Disappoints; Energies Rally as Inflation Eases
The CBOT started out firm again in the overnight session but quickly turned lower once the day session started. The reason seemed to be “sell the fact” trade after the recent weather market rise in prices with traders seeming to think grain and oilseed supplies may be a bit better t...