Recent Feed Grains Analysis
Market Commentary
Markets were weaker to start the Sunday evening session, and that negative trading pattern persisted throughout today. As another analyst wrote, the market is starving for news of any kind. China talk continues to dominate the markets’ attitude and direction. There was more chatter over t...
March Corn Update
There have been changes to the 2018/19 corn balance sheet since our first look at the potential supply/demand outlook on 18 January. USDA reduced the export and ethanol forecasts by 75 million bushels and 25 million bushels, respectively, in the March WASDE. The result was a 100 million bushel...
Mercosur Regional Analysis
Soybeans Market Overview There was some movement at the beginning of last week when Chinese crushers decided to cover their open positions for March, April and May. The U.S. should not be competitive for these months, especially considering the significant delays in shipments at the U.S. Gulf d...
Summary of Futures
May 19 Corn closed at $3.715/bushel, down $0.0175 from yesterday's close. May 19 Wheat closed at $4.5675/bushel, down $0.055 from yesterday's close. May 19 Soybeans closed at $9.0575/bushel, down $0.035 from yesterday's close. May 19 Soymeal closed at $309.8/short ton, down $1...
Southeast Europe Regional Analysis
Milling Wheat The Black Sea market has reversed the downward trend it had been following since January. The buyers/consumers have certainly appreciated the $20 collapse, and they don’t want to miss the opportunity to lock in the current prices. Russia’s exports have reached 30 MMT,...
Summary of Futures
May 19 Corn closed at $3.7325/bushel, up $0.03 from yesterday's close. May 19 Wheat closed at $4.6225/bushel, up $0.095 from yesterday's close. May 19 Soybeans closed at $9.0925/bushel, up $0.1075 from yesterday's close. May 19 Soymeal closed at $310.8/short ton, up $4.9 from...
Market Commentary
Corn and soybean markets were steady to slightly higher overnight with wheat 1-2 cents lower. Soybean futures led the markets all higher this morning on another round of positive news surrounding the China/U.S. trade talks. It seems that most are now convinced an agreement is near. This belief...
More Things to Keep You Up at Night
- Grain and oilseed markets were firm today, mostly on growing chatter that the U.S. and China are very close to reaching an agreement on trade. The devil is always in the details, which won’t be known until the deal is made public. Much of the commentary on various business channels toda...
Market Commentary
Traders showed more interest in the overnight session. Volume was not back to Tuesday’s level, but it was notably higher than Wednesday’s. Pricewise, the results were mixed. Grains were steady to firm, but soybeans traded mostly lower. A wire service reported late in the overnight s...
Summary of Futures
May 19 Corn closed at $3.7025/bushel, up $0.0375 from yesterday's close. May 19 Wheat closed at $4.5275/bushel, up $0.055 from yesterday's close. May 19 Soybeans closed at $8.985/bushel, down $0.025 from yesterday's close. May 19 Soymeal closed at $305.9/short ton, up $1.2 fro...
Export Sales
Wheat: Net sales of 263,000 metric tons for delivery in the 2018/2019 marketing year were reported for Nigeria (106,300 MT, including 24,000 MT switched from unknown destinations), Japan (62,500 MT), Yemen (44,000 MT, including 40,000 MT switched from unknown destinations), Vietnam (32,80...
Market Commentary
NASS has decided to no longer conduct actual field surveys in compiling production and yield estimates for corn and soybeans in the August WASDE as they are deemed too early at that time to be very meaningful. It will instead only use farmer surveys, weather/yield models and satellite data. Fie...
Black Sea Regional Analysis
Russian Grain Markets: 4-7 March 2019 Grain prices on the domestic market mainly decreased under pressure from negative trends on the export market. The average milling wheat export price dropped $2/MT to $228/MT FOB Black Sea, but purchase prices grew to $201-203/MT CPT-Black Sea port. Meanwhi...
Summary of Futures
May 19 Corn closed at $3.665/bushel, up $0.0075 from yesterday's close. May 19 Wheat closed at $4.4725/bushel, down $0.0575 from yesterday's close. May 19 Soybeans closed at $9.01/bushel, up $0.04 from yesterday's close. May 19 Soymeal closed at $304.7/short ton, up $1.7 from...
China In-Country Analysis
Marco Trends February Economic Data Points to Serious Weakness Data from China’s National Bureau of Statistics indicates the country’s Purchasing Managers’ Index (PMI) fell to 49.2 percent last month, the lowest level since May 2017. It should be noted that a figure below 50 p...
Market Commentary
It was a vivid “Turnaround Tuesday” for grain and soy markets after Monday’s dive to test recent lows and, in some case, set new record lows. It began rather gradually in the overnight session, which saw trading volume notably higher than average. Prices started out slightly l...
Summary of Futures
May 19 Corn closed at $3.6575/bushel, up $0.0375 from yesterday's close. May 19 Wheat closed at $4.53/bushel, up $0.245 from yesterday's close. May 19 Soybeans closed at $8.97/bushel, up $0.07 from yesterday's close. May 19 Soymeal closed at $303/short ton, up $1.7 from yester...
Where Have All the Bulls Gone?
It has been a very tough few weeks for grain and soy market bulls, assuming there are still any left. Those markets have been in a rather steady retreat with hardly any respite, although they have managed a bounce today. Along the way, the wheat and corn markets have set a series of new contrac...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS The Egyptian GASC has rejected a shipment of Romanian wheat, saying that it does not meet tender specifications. The falling number analysis shows 130 seconds, while the tender standard is 200 seconds. Falling number is important in bread baki...
Mercosur Regional Analysis
Soybeans Market Update Last week China finally decided to buy more U.S. soybeans, purchasing approximately 2 MMT. The stocks were mainly from the Pacific Northwest (PNW), but there was some volume from the U.S. Gulf (USG). The trades were around 148/150 for PNW and 162/160N for USG, all perform...
Market Commentary
Corn, wheat and soybean started ever so slightly firmer Sunday evening and then traded mixed the rest of the night. All the markets started today’s session lower, and the losses mounted as the day wore on. There just isn’t any fundamental news out to ignite even a minor short-coveri...
Summary of Futures
May 19 Corn closed at $3.62/bushel, down $0.0225 from yesterday's close. May 19 Wheat closed at $4.285/bushel, down $0.11 from yesterday's close. May 19 Soybeans closed at $8.9/bushel, down $0.0575 from yesterday's close. May 19 Soymeal closed at $301.3/short ton, down $2.4 fr...
Southeast Europe Regional Analysis
Milling Wheat The Black Sea market continues to erode in sympathy with the MATIF and CBOT futures. Russia has exported approximately 29.5 MMT since the start of the campaign. The weather in southern Russia and Ukraine is mild for the season. The snow is melting, and vegetation will soon resume...
WASDE Corn
According to USDA: This month’s 2018/19 U.S. corn outlook is for lower corn used for ethanol, reduced exports, and larger stocks. Corn used to produce ethanol is lowered 25 million bushels to 5.550 billion based on the most recent data from the Grain Crushings and Co-Products...
Market Commentary
Markets were weaker to start the Sunday evening session, and that negative trading pattern persisted throughout today. As another analyst wrote, the market is starving for news of any kind. China talk continues to dominate the markets’ attitude and direction. There was more chatter over t...
March Corn Update
There have been changes to the 2018/19 corn balance sheet since our first look at the potential supply/demand outlook on 18 January. USDA reduced the export and ethanol forecasts by 75 million bushels and 25 million bushels, respectively, in the March WASDE. The result was a 100 million bushel...
Mercosur Regional Analysis
Soybeans Market Overview There was some movement at the beginning of last week when Chinese crushers decided to cover their open positions for March, April and May. The U.S. should not be competitive for these months, especially considering the significant delays in shipments at the U.S. Gulf d...
Summary of Futures
May 19 Corn closed at $3.715/bushel, down $0.0175 from yesterday's close. May 19 Wheat closed at $4.5675/bushel, down $0.055 from yesterday's close. May 19 Soybeans closed at $9.0575/bushel, down $0.035 from yesterday's close. May 19 Soymeal closed at $309.8/short ton, down $1...
Southeast Europe Regional Analysis
Milling Wheat The Black Sea market has reversed the downward trend it had been following since January. The buyers/consumers have certainly appreciated the $20 collapse, and they don’t want to miss the opportunity to lock in the current prices. Russia’s exports have reached 30 MMT,...
Summary of Futures
May 19 Corn closed at $3.7325/bushel, up $0.03 from yesterday's close. May 19 Wheat closed at $4.6225/bushel, up $0.095 from yesterday's close. May 19 Soybeans closed at $9.0925/bushel, up $0.1075 from yesterday's close. May 19 Soymeal closed at $310.8/short ton, up $4.9 from...
Market Commentary
Corn and soybean markets were steady to slightly higher overnight with wheat 1-2 cents lower. Soybean futures led the markets all higher this morning on another round of positive news surrounding the China/U.S. trade talks. It seems that most are now convinced an agreement is near. This belief...
More Things to Keep You Up at Night
- Grain and oilseed markets were firm today, mostly on growing chatter that the U.S. and China are very close to reaching an agreement on trade. The devil is always in the details, which won’t be known until the deal is made public. Much of the commentary on various business channels toda...
Market Commentary
Traders showed more interest in the overnight session. Volume was not back to Tuesday’s level, but it was notably higher than Wednesday’s. Pricewise, the results were mixed. Grains were steady to firm, but soybeans traded mostly lower. A wire service reported late in the overnight s...
Summary of Futures
May 19 Corn closed at $3.7025/bushel, up $0.0375 from yesterday's close. May 19 Wheat closed at $4.5275/bushel, up $0.055 from yesterday's close. May 19 Soybeans closed at $8.985/bushel, down $0.025 from yesterday's close. May 19 Soymeal closed at $305.9/short ton, up $1.2 fro...
Export Sales
Wheat: Net sales of 263,000 metric tons for delivery in the 2018/2019 marketing year were reported for Nigeria (106,300 MT, including 24,000 MT switched from unknown destinations), Japan (62,500 MT), Yemen (44,000 MT, including 40,000 MT switched from unknown destinations), Vietnam (32,80...
Market Commentary
NASS has decided to no longer conduct actual field surveys in compiling production and yield estimates for corn and soybeans in the August WASDE as they are deemed too early at that time to be very meaningful. It will instead only use farmer surveys, weather/yield models and satellite data. Fie...
Black Sea Regional Analysis
Russian Grain Markets: 4-7 March 2019 Grain prices on the domestic market mainly decreased under pressure from negative trends on the export market. The average milling wheat export price dropped $2/MT to $228/MT FOB Black Sea, but purchase prices grew to $201-203/MT CPT-Black Sea port. Meanwhi...
Summary of Futures
May 19 Corn closed at $3.665/bushel, up $0.0075 from yesterday's close. May 19 Wheat closed at $4.4725/bushel, down $0.0575 from yesterday's close. May 19 Soybeans closed at $9.01/bushel, up $0.04 from yesterday's close. May 19 Soymeal closed at $304.7/short ton, up $1.7 from...
China In-Country Analysis
Marco Trends February Economic Data Points to Serious Weakness Data from China’s National Bureau of Statistics indicates the country’s Purchasing Managers’ Index (PMI) fell to 49.2 percent last month, the lowest level since May 2017. It should be noted that a figure below 50 p...
Market Commentary
It was a vivid “Turnaround Tuesday” for grain and soy markets after Monday’s dive to test recent lows and, in some case, set new record lows. It began rather gradually in the overnight session, which saw trading volume notably higher than average. Prices started out slightly l...
Summary of Futures
May 19 Corn closed at $3.6575/bushel, up $0.0375 from yesterday's close. May 19 Wheat closed at $4.53/bushel, up $0.245 from yesterday's close. May 19 Soybeans closed at $8.97/bushel, up $0.07 from yesterday's close. May 19 Soymeal closed at $303/short ton, up $1.7 from yester...
Where Have All the Bulls Gone?
It has been a very tough few weeks for grain and soy market bulls, assuming there are still any left. Those markets have been in a rather steady retreat with hardly any respite, although they have managed a bounce today. Along the way, the wheat and corn markets have set a series of new contrac...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS The Egyptian GASC has rejected a shipment of Romanian wheat, saying that it does not meet tender specifications. The falling number analysis shows 130 seconds, while the tender standard is 200 seconds. Falling number is important in bread baki...
Mercosur Regional Analysis
Soybeans Market Update Last week China finally decided to buy more U.S. soybeans, purchasing approximately 2 MMT. The stocks were mainly from the Pacific Northwest (PNW), but there was some volume from the U.S. Gulf (USG). The trades were around 148/150 for PNW and 162/160N for USG, all perform...
Market Commentary
Corn, wheat and soybean started ever so slightly firmer Sunday evening and then traded mixed the rest of the night. All the markets started today’s session lower, and the losses mounted as the day wore on. There just isn’t any fundamental news out to ignite even a minor short-coveri...
Summary of Futures
May 19 Corn closed at $3.62/bushel, down $0.0225 from yesterday's close. May 19 Wheat closed at $4.285/bushel, down $0.11 from yesterday's close. May 19 Soybeans closed at $8.9/bushel, down $0.0575 from yesterday's close. May 19 Soymeal closed at $301.3/short ton, down $2.4 fr...
Southeast Europe Regional Analysis
Milling Wheat The Black Sea market continues to erode in sympathy with the MATIF and CBOT futures. Russia has exported approximately 29.5 MMT since the start of the campaign. The weather in southern Russia and Ukraine is mild for the season. The snow is melting, and vegetation will soon resume...
WASDE Corn
According to USDA: This month’s 2018/19 U.S. corn outlook is for lower corn used for ethanol, reduced exports, and larger stocks. Corn used to produce ethanol is lowered 25 million bushels to 5.550 billion based on the most recent data from the Grain Crushings and Co-Products...