Market Commentary: Corn, Soy Complex Pause Rallies while Technical Buying Lifts Wheat
When markets opened on Monday there were just nine trading sessions before the quarterly Grain Stocks and Acreage Intentions reports from USDA, which meant that traders were focused on adjusting positions and forecasts ahead of those numbers. Beyond that, the weather is the market’s prima...
Summary of Futures
May 24 Corn closed at $4.36/bushel, down $0.0075 from yesterday's close. May 24 Wheat closed at $5.4275/bushel, up $0.1425 from yesterday's close. May 24 Soybeans closed at $11.8775/bushel, down $0.105 from yesterday's close. May 24 Soymeal closed at $331.9/short ton, down $2...
Mercosur Regional Analysis
Corn Intense rains have fallen over practically all of Argentina’s agricultural region in the last few days, delaying the corn harvest. The reported weekly progress was only 1 percent, and the total harvested area stands at only 3.2 percent. Several days of good weather will be nece...
European Market Analysis
Regional News The EU Commission is proposing new support measures for farmers after widespread protests rocked the region in recent weeks. Farmers were pushing back against the suite of regulations aimed at making European farming more climate friendly. Russia attacked the Ukrainian port...
Market Commentary: Technical Trade Dominates on Quiet Fundamentals
The CBOT was mixed to end the week with scant, fresh fundamental news leading to more technically-oriented trade over the past few weeks. Wheat futures were the downside leader as deteriorating chart conditions and China’s recent cancellations of U.S. SRW export bookings weighed on trader...
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
May 24 Corn closed at $4.3675/bushel, up $0.03 from yesterday's close. May 24 Wheat closed at $5.285/bushel, down $0.0375 from yesterday's close. May 24 Soybeans closed at $11.9825/bushel, up $0.03 from yesterday's close. May 24 Soymeal closed at $334.7/short ton, down $2.7 fr...
Export Sales
Export Sales and Shipments for March 1-7, 2024. Wheat: Net sales of 83,800 metric tons (MT) for 2023/2024--a marketing-year low--were down 69 percent from the previous week and 71 percent from the prior 4-week average. Export shipments of 453,500 MT were up 23 percent from the previous we...
Summary of Futures
May 24 Corn closed at $4.3375/bushel, down $0.075 from yesterday's close. May 24 Wheat closed at $5.3225/bushel, down $0.12 from yesterday's close. May 24 Soybeans closed at $11.9525/bushel, down $0.015 from yesterday's close. May 24 Soymeal closed at $337.4/short ton, up $1 f...
Market Commentary: Quirky Export Sales and Low Momentum
Equities markets reacted negatively to inflationary U.S. economic indictors and spread a risk-off mentality to commodities. The dollar rose in response to likely continued high interest rates, dampening export prospects. Soymeal and lean hogs were the only commodities to end in the...
Market Commentary: Lower Volume Except in Soyoil and Cattle
For most commodities it was a lackluster day but there was higher volume trading in soyoil and cattle. Palm oil was the support behind soyoil and cattle values push higher as slaughter falters and demand for boxed beef remains supportive. The U.S. Energy Information Agency (EIA) reported...
Summary of Futures
May 24 Corn closed at $4.4125/bushel, down $0.005 from yesterday's close. May 24 Wheat closed at $5.4425/bushel, down $0.0325 from yesterday's close. May 24 Soybeans closed at $11.9675/bushel, up $0.0075 from yesterday's close. May 24 Soymeal closed at $336.4/short ton, down $...
Market Commentary: Corn, Soy Complex Pause Rallies while Technical Buying Lifts Wheat
When markets opened on Monday there were just nine trading sessions before the quarterly Grain Stocks and Acreage Intentions reports from USDA, which meant that traders were focused on adjusting positions and forecasts ahead of those numbers. Beyond that, the weather is the market’s prima...
Summary of Futures
May 24 Corn closed at $4.36/bushel, down $0.0075 from yesterday's close. May 24 Wheat closed at $5.4275/bushel, up $0.1425 from yesterday's close. May 24 Soybeans closed at $11.8775/bushel, down $0.105 from yesterday's close. May 24 Soymeal closed at $331.9/short ton, down $2...
Mercosur Regional Analysis
Corn Intense rains have fallen over practically all of Argentina’s agricultural region in the last few days, delaying the corn harvest. The reported weekly progress was only 1 percent, and the total harvested area stands at only 3.2 percent. Several days of good weather will be nece...
European Market Analysis
Regional News The EU Commission is proposing new support measures for farmers after widespread protests rocked the region in recent weeks. Farmers were pushing back against the suite of regulations aimed at making European farming more climate friendly. Russia attacked the Ukrainian port...
Market Commentary: Technical Trade Dominates on Quiet Fundamentals
The CBOT was mixed to end the week with scant, fresh fundamental news leading to more technically-oriented trade over the past few weeks. Wheat futures were the downside leader as deteriorating chart conditions and China’s recent cancellations of U.S. SRW export bookings weighed on trader...
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
May 24 Corn closed at $4.3675/bushel, up $0.03 from yesterday's close. May 24 Wheat closed at $5.285/bushel, down $0.0375 from yesterday's close. May 24 Soybeans closed at $11.9825/bushel, up $0.03 from yesterday's close. May 24 Soymeal closed at $334.7/short ton, down $2.7 fr...
Export Sales
Export Sales and Shipments for March 1-7, 2024. Wheat: Net sales of 83,800 metric tons (MT) for 2023/2024--a marketing-year low--were down 69 percent from the previous week and 71 percent from the prior 4-week average. Export shipments of 453,500 MT were up 23 percent from the previous we...
Summary of Futures
May 24 Corn closed at $4.3375/bushel, down $0.075 from yesterday's close. May 24 Wheat closed at $5.3225/bushel, down $0.12 from yesterday's close. May 24 Soybeans closed at $11.9525/bushel, down $0.015 from yesterday's close. May 24 Soymeal closed at $337.4/short ton, up $1 f...
Market Commentary: Quirky Export Sales and Low Momentum
Equities markets reacted negatively to inflationary U.S. economic indictors and spread a risk-off mentality to commodities. The dollar rose in response to likely continued high interest rates, dampening export prospects. Soymeal and lean hogs were the only commodities to end in the...
Market Commentary: Lower Volume Except in Soyoil and Cattle
For most commodities it was a lackluster day but there was higher volume trading in soyoil and cattle. Palm oil was the support behind soyoil and cattle values push higher as slaughter falters and demand for boxed beef remains supportive. The U.S. Energy Information Agency (EIA) reported...
Summary of Futures
May 24 Corn closed at $4.4125/bushel, down $0.005 from yesterday's close. May 24 Wheat closed at $5.4425/bushel, down $0.0325 from yesterday's close. May 24 Soybeans closed at $11.9675/bushel, up $0.0075 from yesterday's close. May 24 Soymeal closed at $336.4/short ton, down $...