Recent Feed Grains Analysis
WASDE Corn
U.S. corn outlook is for greater feed and residual use, increased corn used for ethanol production, larger exports, and lower ending stocks. Corn used to produce ethanol is raised 25 million bushels and exports are increased 75 million bushels. The season-average farm price is unchanged at $4.3...
Market Commentary: Wheat Weather Rally Continues; USDA Cuts U.S. Corn Stocks
The April WASDE featured fewer changes than expected with USDA remaining cautious about increasing U.S. demand expectations. The agency was similarly neutral the South American crops, where most analysts had been expecting production cuts. The market reaction to the April report was mixed with...
Summary of Futures
May 21 Corn closed at $5.7725/bushel, down $0.025 from yesterday's close. May 21 Wheat closed at $6.3875/bushel, up $0.1 from yesterday's close. May 21 Soybeans closed at $14.03/bushel, down $0.1225 from yesterday's close. May 21 Soymeal closed at $401.2/short ton, down $5.6 f...
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...
PM Post - Corn Supported; Soy Holds
THE OPEN May beans: 1 lower May meal: 1.40 higher May soyoil: 35 lower May corna; 2 1/2 higher May wheat: 5 1/2 higher The markets opened as expected with further gains in wheat on short-covering. Wheat prices corrected sharply after trading above moving aver...
AM Outlook - Report Day!
GOOD MORNING, Report day! At 11:00 central time traders will see how the new carry-out levels and SA production estimates impact prices. Funds seemed to be onto something yesterday, with corn prices accelerating from the start of the day. As mentioned before, fund buying would...
Technical Views - Bull Flags, Ascending Triangles
SPREADS July crush trads to 60.25c/bu while oilshare trades to 38.23%. Spreads are slightly weaker for July/Nov inverse, trading down to 1.33 1/4c, while May/July inverse trades from 5-6c. July/Dec meal trades from $18.00 inverse to $16.10, while May/July trades from $3.40 out to $3...
Market Commentary: Setting Up Surprise
Traders say they do not like surprises but they seem to be setting up for one tomorrow. There is a lot of room for disappointment when USDA releases its April WASDE report. For 80 percent of the datapoints surveyed by Reuters, the trade expects USDA to give them more bullish numbers (see table...
Summary of Futures
May 21 Corn closed at $5.7975/bushel, up $0.1925 from yesterday's close. May 21 Wheat closed at $6.2875/bushel, up $0.125 from yesterday's close. May 21 Soybeans closed at $14.1525/bushel, up $0.065 from yesterday's close. May 21 Soymeal closed at $406.8/short ton, down $2.3 f...
PM Post - Buying Ahead
THE OPEN May beans: 2 lower May meal: 1.20 lower May soyoil: 5 lower May corn: 6 3/4 higher May wheat: 7 3/4 higher The markets opened as called with a sharp rally in corn leading the way higher for other markets to do much the same. Wheat futures ran more shorts o...
Export Sales
Wheat: Net sales of 82,000 metric tons (MT) for 2020/2021--a marketing-year low--were down 67 percent from the previous week and 75 percent from the prior 4-week average. Corn: Net sales of 757,000 MT for 2020/2021 were down 5 percent from the previous week and 54 percent from...
AM Outlook - Grains Firmer; Oilseeds Weaker
GOOD MORNING, Prices continue to slip into trading ranges in front of the April 9 WASDE report. Sharply lower soyoil futures were the key to soy complex weakness yesterday, with one wire talking about a hedge fund selling out its soyoil length in front of Friday's report. Soyo...
WASDE Corn
U.S. corn outlook is for greater feed and residual use, increased corn used for ethanol production, larger exports, and lower ending stocks. Corn used to produce ethanol is raised 25 million bushels and exports are increased 75 million bushels. The season-average farm price is unchanged at $4.3...
Market Commentary: Wheat Weather Rally Continues; USDA Cuts U.S. Corn Stocks
The April WASDE featured fewer changes than expected with USDA remaining cautious about increasing U.S. demand expectations. The agency was similarly neutral the South American crops, where most analysts had been expecting production cuts. The market reaction to the April report was mixed with...
Summary of Futures
May 21 Corn closed at $5.7725/bushel, down $0.025 from yesterday's close. May 21 Wheat closed at $6.3875/bushel, up $0.1 from yesterday's close. May 21 Soybeans closed at $14.03/bushel, down $0.1225 from yesterday's close. May 21 Soymeal closed at $401.2/short ton, down $5.6 f...
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...
PM Post - Corn Supported; Soy Holds
THE OPEN May beans: 1 lower May meal: 1.40 higher May soyoil: 35 lower May corna; 2 1/2 higher May wheat: 5 1/2 higher The markets opened as expected with further gains in wheat on short-covering. Wheat prices corrected sharply after trading above moving aver...
AM Outlook - Report Day!
GOOD MORNING, Report day! At 11:00 central time traders will see how the new carry-out levels and SA production estimates impact prices. Funds seemed to be onto something yesterday, with corn prices accelerating from the start of the day. As mentioned before, fund buying would...
Technical Views - Bull Flags, Ascending Triangles
SPREADS July crush trads to 60.25c/bu while oilshare trades to 38.23%. Spreads are slightly weaker for July/Nov inverse, trading down to 1.33 1/4c, while May/July inverse trades from 5-6c. July/Dec meal trades from $18.00 inverse to $16.10, while May/July trades from $3.40 out to $3...
Market Commentary: Setting Up Surprise
Traders say they do not like surprises but they seem to be setting up for one tomorrow. There is a lot of room for disappointment when USDA releases its April WASDE report. For 80 percent of the datapoints surveyed by Reuters, the trade expects USDA to give them more bullish numbers (see table...
Summary of Futures
May 21 Corn closed at $5.7975/bushel, up $0.1925 from yesterday's close. May 21 Wheat closed at $6.2875/bushel, up $0.125 from yesterday's close. May 21 Soybeans closed at $14.1525/bushel, up $0.065 from yesterday's close. May 21 Soymeal closed at $406.8/short ton, down $2.3 f...
PM Post - Buying Ahead
THE OPEN May beans: 2 lower May meal: 1.20 lower May soyoil: 5 lower May corn: 6 3/4 higher May wheat: 7 3/4 higher The markets opened as called with a sharp rally in corn leading the way higher for other markets to do much the same. Wheat futures ran more shorts o...
Export Sales
Wheat: Net sales of 82,000 metric tons (MT) for 2020/2021--a marketing-year low--were down 67 percent from the previous week and 75 percent from the prior 4-week average. Corn: Net sales of 757,000 MT for 2020/2021 were down 5 percent from the previous week and 54 percent from...
AM Outlook - Grains Firmer; Oilseeds Weaker
GOOD MORNING, Prices continue to slip into trading ranges in front of the April 9 WASDE report. Sharply lower soyoil futures were the key to soy complex weakness yesterday, with one wire talking about a hedge fund selling out its soyoil length in front of Friday's report. Soyo...