Market Commentary: Wheat Rallies on ADM Delivery Receipt Cancellation; Soy Complex Under Pressure
The CBOT was mixed to end the week with wheat surging to new highs and helping put a bid under corn futures as well. The soy complex was weaker due to soyoil, which was pulled lower after Malaysian palm oil futures posted a huge reversal Thursday. The biggest reason for the KCBT rally was...
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...
Cattle on Feed: Surprise (Kind of, but Not Really) on Placements
USDA released its monthly Cattle on Feed report today showing a total inventory of cattle and calves in feed yards of 11.6 million head on 1 October. That was in-line with pre-report expectations and is the second highest October inventory on record – last year was the highest. Marketings...
Sustainability Impacts; Sustainability Lingo
Sustainability Impacts Policymakers brandishing climate change and sustainability as their objectives may find adverse impacts hitting their home markets harder. Part of the mantra that is supposedly better for the environment is short supply chains. Using policy to shorten supply chains rather...
Shifting Protein Consumption
By far, Americans consume more animal protein than either China or the EU, but the composition is different. The Chinese and Europeans consume more pork per capita than the U.S., while Americans eat more beef and poultry. However, the composition of animal protein in the diet has changed in bo...
FOB Prices and Freight Rate App (Updated 22 October)
Ocean Freight Comments - 21 October 2021 By Jay O'Neil Commodity Consulting Volatility is the one constant in dry-bulk markets, and I have no doubts about it continuing through the next year or more. The global fleet is insufficient to meet growing market needs – especially those of China...
Interactive Ocean Freight Rates (Updated 22 October)
Ocean Freight Comments - 21 October 2021 By Jay O'Neil Commodity Consulting Volatility is the one constant in dry-bulk markets, and I have no doubts about it continuing through the next year or more. The global fleet is insufficient to meet growing market needs – especially those of China...
Market Commentary: Downside of Up
Markets have their ups and downs and today was the downside of up. After pretty much adding points for the last several days, today was a modest correction. There were macro influences such as oil pressed lower and the dollar higher. Equities were mixed, with the Dow dragged lower by sin...
Livestock Round Up: Cattle on Feed Preview
Tomorrow USDA will release the monthly Cattle on Feed report. Analysts’ pre-report estimates peg the total number of cattle on feed as of 1 October at 99 percent of a year ago. The range of estimates was between 98 and 100 percent. The implied inventory of cattle on feed would be 11.6 mil...
Read My Lips; Trickle Down Policy; Red Threat
Read My Lips Former U.S. President George H.W. Bush infamously assured voters that he would not raise taxes by saying, “Read my lips.” Once elected, he raised taxes. Mexican Agriculture Minister Victor Villalobos reassured USDA Secretary Tom Vilsack that his country would not allow...
Oilseed Highlights: Soy Export Sales; China Soy Stocks; New Renewable Diesel Facility
U.S. Soybean Export Sales and Exports Continue to Surge Today’s USDA/FAS export sales report confirmed exporters are seeing surging sales of soybeans for export as well as loading large shipments of soybeans for export. Soymeal export sales also are rising, but not as fast as for soybeans...
Market Commentary: Soyoil Breaks Resistance, Soy Complex Rallies; Lean Hogs Break Support
The CBOT was higher overnight with wheat and the soy complex leading the way. European wheat and rapeseed futures were also stronger, creating spillover buying in American markets. Notably, soyoil futures broke key resistance in the overnight session, which created a strong opening for the day...
Market Commentary: Wheat Rallies on ADM Delivery Receipt Cancellation; Soy Complex Under Pressure
The CBOT was mixed to end the week with wheat surging to new highs and helping put a bid under corn futures as well. The soy complex was weaker due to soyoil, which was pulled lower after Malaysian palm oil futures posted a huge reversal Thursday. The biggest reason for the KCBT rally was...
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...
Cattle on Feed: Surprise (Kind of, but Not Really) on Placements
USDA released its monthly Cattle on Feed report today showing a total inventory of cattle and calves in feed yards of 11.6 million head on 1 October. That was in-line with pre-report expectations and is the second highest October inventory on record – last year was the highest. Marketings...
Sustainability Impacts; Sustainability Lingo
Sustainability Impacts Policymakers brandishing climate change and sustainability as their objectives may find adverse impacts hitting their home markets harder. Part of the mantra that is supposedly better for the environment is short supply chains. Using policy to shorten supply chains rather...
Shifting Protein Consumption
By far, Americans consume more animal protein than either China or the EU, but the composition is different. The Chinese and Europeans consume more pork per capita than the U.S., while Americans eat more beef and poultry. However, the composition of animal protein in the diet has changed in bo...
FOB Prices and Freight Rate App (Updated 22 October)
Ocean Freight Comments - 21 October 2021 By Jay O'Neil Commodity Consulting Volatility is the one constant in dry-bulk markets, and I have no doubts about it continuing through the next year or more. The global fleet is insufficient to meet growing market needs – especially those of China...
Interactive Ocean Freight Rates (Updated 22 October)
Ocean Freight Comments - 21 October 2021 By Jay O'Neil Commodity Consulting Volatility is the one constant in dry-bulk markets, and I have no doubts about it continuing through the next year or more. The global fleet is insufficient to meet growing market needs – especially those of China...
Market Commentary: Downside of Up
Markets have their ups and downs and today was the downside of up. After pretty much adding points for the last several days, today was a modest correction. There were macro influences such as oil pressed lower and the dollar higher. Equities were mixed, with the Dow dragged lower by sin...
Livestock Round Up: Cattle on Feed Preview
Tomorrow USDA will release the monthly Cattle on Feed report. Analysts’ pre-report estimates peg the total number of cattle on feed as of 1 October at 99 percent of a year ago. The range of estimates was between 98 and 100 percent. The implied inventory of cattle on feed would be 11.6 mil...
Read My Lips; Trickle Down Policy; Red Threat
Read My Lips Former U.S. President George H.W. Bush infamously assured voters that he would not raise taxes by saying, “Read my lips.” Once elected, he raised taxes. Mexican Agriculture Minister Victor Villalobos reassured USDA Secretary Tom Vilsack that his country would not allow...
Oilseed Highlights: Soy Export Sales; China Soy Stocks; New Renewable Diesel Facility
U.S. Soybean Export Sales and Exports Continue to Surge Today’s USDA/FAS export sales report confirmed exporters are seeing surging sales of soybeans for export as well as loading large shipments of soybeans for export. Soymeal export sales also are rising, but not as fast as for soybeans...
Market Commentary: Soyoil Breaks Resistance, Soy Complex Rallies; Lean Hogs Break Support
The CBOT was higher overnight with wheat and the soy complex leading the way. European wheat and rapeseed futures were also stronger, creating spillover buying in American markets. Notably, soyoil futures broke key resistance in the overnight session, which created a strong opening for the day...