Recent Feed Grains Analysis
Market Commentary: Macro Markets Stabilize, Soy Rallies on China Buying; Wheat Weaker on Planting
The CBOT was mixed on Tuesday with soybeans grinding lower and breaking support early in the day before rumors of Chinese purchases pushed the market to a positive close. Wheat was lower on last week’s news of a lower Russian export tax and corn seemed caught between the wheat and soybean...
PM Post - Loss of Upside Steam
THE OPEN Nov beans: 3 higher Dec meal: 1.30 higher Dec soyoil: 15 higher Dec corn: 1 lower Dec wheat: 4 lower Prices opened as called but oilshare quickly found more selling pressure as traders bot meal/sold soy oil. The markets continued to find...
AM Outlook - Still Awaiting Upside Reversal
GOOD MORNING, Prices overnight continue to trend lower for grains, while attempting to put in some stabilization trade for soyoil and beans. Outside markets are showing a recovery from yesterday's nose-dive, with crude up which is supporting soyoil futures. Beans are also seei...
Technical Views - Soy to Lead
SPREADS Dec crush trades to 89c while oilshare trades to 44.76%. Dec/March corn carry trades from 8c to 8 1/4c, while Dec 21/22 trades from 20c inverse to 19c. Dec /March wheat trades from 10 3/4c to 11c carry. Dec wheat/corn trades 1.76 1/2c. Nov/Jan trades from 9c to 9...
WPI Crop Progress and Conditions App (Updated 20 September)
Update for 20 September 2021: If you don't see the app on the WPI homepage, you can always find it here: https://www.worldperspectives.com/articles/wpi-crop-progress-app The app contains a large volume of data, so please be patient while it loads. Also, if you have any feedback abou...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Morocco is forecast by USDA-FAS to be importing about 4.5 MMT of wheat in 2021/22 – down from 5.4 MMT in 2020/21. The drop is due to the greatly increased wheat production, up from last year’s drought affected production...
Market Commentary: Macro Risk-Off Trade Pressures CBOT
The CBOT was lower to start the week with widespread “risk off” trade taking place in light of weaker macro markets. U.S. and world stocks were sharply lower as China’s largest property developer, Evergrande, is in the middle of a debt crisis and missed payments this morning,...
Summary of Futures
Dec 21 Corn closed at $5.2175/bushel, down $0.055 from yesterday's close. Dec 21 Wheat closed at $7.0075/bushel, down $0.08 from yesterday's close. Nov 21 Soybeans closed at $12.625/bushel, down $0.215 from yesterday's close. Dec 21 Soymeal closed at $339.8/short ton, down $2...
European Market Analysis
Milling Wheat World wheat markets are steady/higher this week after futures markets rallied despite the September WASDE’s addition of 4 MMT to world ending stocks. There was a sense that wheat futures were oversold heading into the report and a round of short covering and end-user b...
Mercosur Regional Analysis
Corn It’s been an interesting week for the corn market with significant volumes traded. Almost every exporter has been pushing for grain, paying up following the CBOT’s rally, and prices have increased $6-7/MT this week. Exporters have already purchased about 37.5 MMT in...
PM Post - Beans Beaten Worst
THE OPEN Nov beans: 17 lower Dec meal: 2.80 lower Dec soyoil: 108 pts lower Dec corn: 11 lower Dec wheat: 10 lower The markets opened into lower prices due to weight from outside markets, which included sharply lower stocks, weaker energies, and a firmer US dollar...
AM Outlook - Exiting Some Longs
GOOD MORNING, Prices are lower across the board on more fund selling as weather moving forward continues to favor a good pace of harvest. Outside markets are lower, so there seems to be a macro-influence here along with harvest pressure. Crude oil prices are lower as world stock mar...
Market Commentary: Macro Markets Stabilize, Soy Rallies on China Buying; Wheat Weaker on Planting
The CBOT was mixed on Tuesday with soybeans grinding lower and breaking support early in the day before rumors of Chinese purchases pushed the market to a positive close. Wheat was lower on last week’s news of a lower Russian export tax and corn seemed caught between the wheat and soybean...
PM Post - Loss of Upside Steam
THE OPEN Nov beans: 3 higher Dec meal: 1.30 higher Dec soyoil: 15 higher Dec corn: 1 lower Dec wheat: 4 lower Prices opened as called but oilshare quickly found more selling pressure as traders bot meal/sold soy oil. The markets continued to find...
AM Outlook - Still Awaiting Upside Reversal
GOOD MORNING, Prices overnight continue to trend lower for grains, while attempting to put in some stabilization trade for soyoil and beans. Outside markets are showing a recovery from yesterday's nose-dive, with crude up which is supporting soyoil futures. Beans are also seei...
Technical Views - Soy to Lead
SPREADS Dec crush trades to 89c while oilshare trades to 44.76%. Dec/March corn carry trades from 8c to 8 1/4c, while Dec 21/22 trades from 20c inverse to 19c. Dec /March wheat trades from 10 3/4c to 11c carry. Dec wheat/corn trades 1.76 1/2c. Nov/Jan trades from 9c to 9...
WPI Crop Progress and Conditions App (Updated 20 September)
Update for 20 September 2021: If you don't see the app on the WPI homepage, you can always find it here: https://www.worldperspectives.com/articles/wpi-crop-progress-app The app contains a large volume of data, so please be patient while it loads. Also, if you have any feedback abou...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Morocco is forecast by USDA-FAS to be importing about 4.5 MMT of wheat in 2021/22 – down from 5.4 MMT in 2020/21. The drop is due to the greatly increased wheat production, up from last year’s drought affected production...
Market Commentary: Macro Risk-Off Trade Pressures CBOT
The CBOT was lower to start the week with widespread “risk off” trade taking place in light of weaker macro markets. U.S. and world stocks were sharply lower as China’s largest property developer, Evergrande, is in the middle of a debt crisis and missed payments this morning,...
Summary of Futures
Dec 21 Corn closed at $5.2175/bushel, down $0.055 from yesterday's close. Dec 21 Wheat closed at $7.0075/bushel, down $0.08 from yesterday's close. Nov 21 Soybeans closed at $12.625/bushel, down $0.215 from yesterday's close. Dec 21 Soymeal closed at $339.8/short ton, down $2...
European Market Analysis
Milling Wheat World wheat markets are steady/higher this week after futures markets rallied despite the September WASDE’s addition of 4 MMT to world ending stocks. There was a sense that wheat futures were oversold heading into the report and a round of short covering and end-user b...
Mercosur Regional Analysis
Corn It’s been an interesting week for the corn market with significant volumes traded. Almost every exporter has been pushing for grain, paying up following the CBOT’s rally, and prices have increased $6-7/MT this week. Exporters have already purchased about 37.5 MMT in...
PM Post - Beans Beaten Worst
THE OPEN Nov beans: 17 lower Dec meal: 2.80 lower Dec soyoil: 108 pts lower Dec corn: 11 lower Dec wheat: 10 lower The markets opened into lower prices due to weight from outside markets, which included sharply lower stocks, weaker energies, and a firmer US dollar...
AM Outlook - Exiting Some Longs
GOOD MORNING, Prices are lower across the board on more fund selling as weather moving forward continues to favor a good pace of harvest. Outside markets are lower, so there seems to be a macro-influence here along with harvest pressure. Crude oil prices are lower as world stock mar...