Recent Feed Grains Analysis
Market Commentary: Fewer Bears Ahead of WASDE
Confidence in short positions was slightly challenged today as traders positioned ahead of tomorrow’s USDA December WASDE. January soybeans jumped back 16.25 cents today, though not enough to offset a string of earlier double-digit losses. Thus far this week, January soybeans are down 13...
Summary of Futures
Mar 24 Corn closed at $4.88/bushel, up $0.0375 from yesterday's close. Mar 24 Wheat closed at $6.4225/bushel, up $0.0875 from yesterday's close. Jan 24 Soybeans closed at $13.1175/bushel, up $0.1625 from yesterday's close. Jan 24 Soymeal closed at $406.8/short ton, down $1.7 f...
Export Sales
Export Sales and Shipments for November 24-30, 2023. Wheat: Net sales of 356,400 metric tons (MT) for 2023/2024 were down 43 percent from the previous week, but up 8 percent from the prior 4-week average. Export shipments of 198,900 MT were down 42 percent from the previous week and 27 pe...
Market Commentary: Brazil Rains, Profit Taking Push CBOT Lower; Cattle Find New Contract Lows
The CBOT turned red for the day with the rallies in wheat and corn fading with the December WASDE looming on Friday. USDA reported fresh SRW wheat export sales to China, which boosted wheat futures initially, but there was a subsequent sense of reluctance to exit profitable short positions ahea...
Summary of Futures
Mar 24 Corn closed at $4.8425/bushel, down $0.0625 from yesterday's close. Mar 24 Wheat closed at $6.335/bushel, up $0.0225 from yesterday's close. Jan 24 Soybeans closed at $12.955/bushel, down $0.1 from yesterday's close. Jan 24 Soymeal closed at $408.5/short ton, down $9.3...
Black Sea Regional Analysis
Russian Grain Markets: 27 November–1 December 2023 Russian markets finally broke the bear which has been present almost since the beginning of the new season. High quality milling wheat is unmistakably bullish; the main factor is a lower share of high-quality milling wheat even though whe...
Market Commentary: Second Day of SRW Sales to China Boosts Wheat; Pre-WASDE Consolidation Begins
Trends at the CBOT continue to diverge with wheat futures rallying sharply on fresh Chinese interest in U.S. SRW wheat. The wheat market has been the upside leader for the past several sessions as a combination of growing bullish fundamentals and aggressive fund short covering lift the market...
Summary of Futures
Mar 24 Corn closed at $4.905/bushel, up $0.05 from yesterday's close. Mar 24 Wheat closed at $6.3125/bushel, up $0.1075 from yesterday's close. Jan 24 Soybeans closed at $13.055/bushel, down $0.0075 from yesterday's close. Jan 24 Soymeal closed at $417.8/short ton, up $9.5 fro...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Red Sea and Arabian Sea shipments in transit are being attacked by forces said to be from Yemen or Somalia. Attackers say that they are only attacking vessels with some relationship with Israel. Both Zim lines and...
Market Commentary: Rains Send Soy Complex Lower; China Sales, Short Covering Extend Wheat Rally
Rains in Brazil and Argentina heavily influenced the CBOT to start the week and sent the entire soy complex sharply lower. The precipitation also weighed on corn futures, which settled essentially unchanged, but was offset by the continuing rally in wheat futures. Wheat was again sharply higher...
Summary of Futures
Mar 24 Corn closed at $4.855/bushel, up $0.0075 from yesterday's close. Mar 24 Wheat closed at $6.205/bushel, up $0.1775 from yesterday's close. Jan 24 Soybeans closed at $13.0625/bushel, down $0.1875 from yesterday's close. Jan 24 Soymeal closed at $408.3/short ton, down $4.4...
European Market Analysis
Regional News On 1 December, Bulgaria lifted its import ban on four agricultural products (wheat, corn sunflower seed, and rapeseed) from Ukraine. Last week, Russia announced an export quota for grains of 24 MMT for 15 February through 30 June 2024, which would imply monthly exports...
Mercosur Regional Analysis
Wheat Argentina’s wheat harvest keeps moving at high speed and advanced 10 percent last week, which put the total harvest above 35 percent of the area. Most fields are being harvested 7-10 days earlier than usual, which is why at this point last year the harvest was only 20 percent comple...
Market Commentary: Grains Rally, Soy Falls to End Volatile Week; Grain Crushing Report Bullish
The CBOT continued its mid-week trends into the week’s end with corn and wheat futures posting another higher day with short covering and technical, speculative buying offering support. The soy complex struggled for the day and all three components of the crush ended lower as the weekend...
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
Mar 24 Corn closed at $4.8475/bushel, up $0.02 from yesterday's close. Mar 24 Wheat closed at $6.0275/bushel, up $0.0475 from yesterday's close. Jan 24 Soybeans closed at $13.25/bushel, down $0.1775 from yesterday's close. Jan 24 Soymeal closed at $412.7/short ton, down $11.3...
Market Commentary: Exports versus Weather and Crude Oil
It was a mixed day for futures trading with corn and wheat rebounding from early week contract lows but the soy complex sliding lower on a weak petroleum market that dragged soyoil down with it. Weather added a bearish overlay as rains continue to be helpful for Argentina and the forecas...
Summary of Futures
Mar 24 Corn closed at $4.8275/bushel, up $0.07 from yesterday's close. Mar 24 Wheat closed at $5.98/bushel, up $0.1225 from yesterday's close. Jan 24 Soybeans closed at $13.4275/bushel, down $0.0425 from yesterday's close. Jan 24 Soymeal closed at $424/short ton, down $3 from...
Export Sales
Export Sales and Shipments for November 17-23, 2023. Wheat: Net sales of 622,800 metric tons (MT) for 2023/2024 were up noticeably from the previous week and from the prior 4-week average. Export shipments of 340,400 MT were up 14 percent from the previous week and 61 percent from the pri...
Market Commentary: Corn Posts Bullish Reversal; Wheat, Hogs Follow Through on Reversals
Grains were once again the upside leader at the CBOT on Wednesday with wheat following through on Tuesday’s reversal in KCBT futures and the large gains in the CBOT market. On Wednesday, however, the corn market joined in on the rally and the March contract posted a bullish reversal on it...
Summary of Futures
Mar 24 Corn closed at $4.7575/bushel, up $0.0225 from yesterday's close. Mar 24 Wheat closed at $5.8575/bushel, up $0.1375 from yesterday's close. Jan 24 Soybeans closed at $13.47/bushel, up $0.005 from yesterday's close. Jan 24 Soymeal closed at $427/short ton, down $3.5 from...
Black Sea Regional Analysis
Russian Grain Markets: 20–24 November 2023 Russian markets remained quite volatile, however, the Asian area finally stabilized because Kazakhstan seems to have replenished their stocks for the moment. The Siberian market is stable and although prices for 3rd grade milling wheat are...
Market Commentary: Oil Rally Pulls Soy Complex Higher; Livestock, Wheat Post Reversals
Tuesday’s ag commodity trade featured several interesting developments, not the least of which was the bullish key reversal in KCBT wheat. All three wheat futures markets turned sharply higher after Monday’s drubbing, but the Kansas City market formed a bullish technical reversal, w...
Summary of Futures
Dec 23 Corn closed at $4.515/bushel, down $0.04 from yesterday's close. Mar 24 Wheat closed at $5.72/bushel, up $0.11 from yesterday's close. Jan 24 Soybeans closed at $13.465/bushel, up $0.1675 from yesterday's close. Jan 24 Soymeal closed at $430.5/short ton, down $6.1 from...
Market Commentary: Fewer Bears Ahead of WASDE
Confidence in short positions was slightly challenged today as traders positioned ahead of tomorrow’s USDA December WASDE. January soybeans jumped back 16.25 cents today, though not enough to offset a string of earlier double-digit losses. Thus far this week, January soybeans are down 13...
Summary of Futures
Mar 24 Corn closed at $4.88/bushel, up $0.0375 from yesterday's close. Mar 24 Wheat closed at $6.4225/bushel, up $0.0875 from yesterday's close. Jan 24 Soybeans closed at $13.1175/bushel, up $0.1625 from yesterday's close. Jan 24 Soymeal closed at $406.8/short ton, down $1.7 f...
Export Sales
Export Sales and Shipments for November 24-30, 2023. Wheat: Net sales of 356,400 metric tons (MT) for 2023/2024 were down 43 percent from the previous week, but up 8 percent from the prior 4-week average. Export shipments of 198,900 MT were down 42 percent from the previous week and 27 pe...
Market Commentary: Brazil Rains, Profit Taking Push CBOT Lower; Cattle Find New Contract Lows
The CBOT turned red for the day with the rallies in wheat and corn fading with the December WASDE looming on Friday. USDA reported fresh SRW wheat export sales to China, which boosted wheat futures initially, but there was a subsequent sense of reluctance to exit profitable short positions ahea...
Summary of Futures
Mar 24 Corn closed at $4.8425/bushel, down $0.0625 from yesterday's close. Mar 24 Wheat closed at $6.335/bushel, up $0.0225 from yesterday's close. Jan 24 Soybeans closed at $12.955/bushel, down $0.1 from yesterday's close. Jan 24 Soymeal closed at $408.5/short ton, down $9.3...
Black Sea Regional Analysis
Russian Grain Markets: 27 November–1 December 2023 Russian markets finally broke the bear which has been present almost since the beginning of the new season. High quality milling wheat is unmistakably bullish; the main factor is a lower share of high-quality milling wheat even though whe...
Market Commentary: Second Day of SRW Sales to China Boosts Wheat; Pre-WASDE Consolidation Begins
Trends at the CBOT continue to diverge with wheat futures rallying sharply on fresh Chinese interest in U.S. SRW wheat. The wheat market has been the upside leader for the past several sessions as a combination of growing bullish fundamentals and aggressive fund short covering lift the market...
Summary of Futures
Mar 24 Corn closed at $4.905/bushel, up $0.05 from yesterday's close. Mar 24 Wheat closed at $6.3125/bushel, up $0.1075 from yesterday's close. Jan 24 Soybeans closed at $13.055/bushel, down $0.0075 from yesterday's close. Jan 24 Soymeal closed at $417.8/short ton, up $9.5 fro...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Red Sea and Arabian Sea shipments in transit are being attacked by forces said to be from Yemen or Somalia. Attackers say that they are only attacking vessels with some relationship with Israel. Both Zim lines and...
Market Commentary: Rains Send Soy Complex Lower; China Sales, Short Covering Extend Wheat Rally
Rains in Brazil and Argentina heavily influenced the CBOT to start the week and sent the entire soy complex sharply lower. The precipitation also weighed on corn futures, which settled essentially unchanged, but was offset by the continuing rally in wheat futures. Wheat was again sharply higher...
Summary of Futures
Mar 24 Corn closed at $4.855/bushel, up $0.0075 from yesterday's close. Mar 24 Wheat closed at $6.205/bushel, up $0.1775 from yesterday's close. Jan 24 Soybeans closed at $13.0625/bushel, down $0.1875 from yesterday's close. Jan 24 Soymeal closed at $408.3/short ton, down $4.4...
European Market Analysis
Regional News On 1 December, Bulgaria lifted its import ban on four agricultural products (wheat, corn sunflower seed, and rapeseed) from Ukraine. Last week, Russia announced an export quota for grains of 24 MMT for 15 February through 30 June 2024, which would imply monthly exports...
Mercosur Regional Analysis
Wheat Argentina’s wheat harvest keeps moving at high speed and advanced 10 percent last week, which put the total harvest above 35 percent of the area. Most fields are being harvested 7-10 days earlier than usual, which is why at this point last year the harvest was only 20 percent comple...
Market Commentary: Grains Rally, Soy Falls to End Volatile Week; Grain Crushing Report Bullish
The CBOT continued its mid-week trends into the week’s end with corn and wheat futures posting another higher day with short covering and technical, speculative buying offering support. The soy complex struggled for the day and all three components of the crush ended lower as the weekend...
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
Mar 24 Corn closed at $4.8475/bushel, up $0.02 from yesterday's close. Mar 24 Wheat closed at $6.0275/bushel, up $0.0475 from yesterday's close. Jan 24 Soybeans closed at $13.25/bushel, down $0.1775 from yesterday's close. Jan 24 Soymeal closed at $412.7/short ton, down $11.3...
Market Commentary: Exports versus Weather and Crude Oil
It was a mixed day for futures trading with corn and wheat rebounding from early week contract lows but the soy complex sliding lower on a weak petroleum market that dragged soyoil down with it. Weather added a bearish overlay as rains continue to be helpful for Argentina and the forecas...
Summary of Futures
Mar 24 Corn closed at $4.8275/bushel, up $0.07 from yesterday's close. Mar 24 Wheat closed at $5.98/bushel, up $0.1225 from yesterday's close. Jan 24 Soybeans closed at $13.4275/bushel, down $0.0425 from yesterday's close. Jan 24 Soymeal closed at $424/short ton, down $3 from...
Export Sales
Export Sales and Shipments for November 17-23, 2023. Wheat: Net sales of 622,800 metric tons (MT) for 2023/2024 were up noticeably from the previous week and from the prior 4-week average. Export shipments of 340,400 MT were up 14 percent from the previous week and 61 percent from the pri...
Market Commentary: Corn Posts Bullish Reversal; Wheat, Hogs Follow Through on Reversals
Grains were once again the upside leader at the CBOT on Wednesday with wheat following through on Tuesday’s reversal in KCBT futures and the large gains in the CBOT market. On Wednesday, however, the corn market joined in on the rally and the March contract posted a bullish reversal on it...
Summary of Futures
Mar 24 Corn closed at $4.7575/bushel, up $0.0225 from yesterday's close. Mar 24 Wheat closed at $5.8575/bushel, up $0.1375 from yesterday's close. Jan 24 Soybeans closed at $13.47/bushel, up $0.005 from yesterday's close. Jan 24 Soymeal closed at $427/short ton, down $3.5 from...
Black Sea Regional Analysis
Russian Grain Markets: 20–24 November 2023 Russian markets remained quite volatile, however, the Asian area finally stabilized because Kazakhstan seems to have replenished their stocks for the moment. The Siberian market is stable and although prices for 3rd grade milling wheat are...
Market Commentary: Oil Rally Pulls Soy Complex Higher; Livestock, Wheat Post Reversals
Tuesday’s ag commodity trade featured several interesting developments, not the least of which was the bullish key reversal in KCBT wheat. All three wheat futures markets turned sharply higher after Monday’s drubbing, but the Kansas City market formed a bullish technical reversal, w...
Summary of Futures
Dec 23 Corn closed at $4.515/bushel, down $0.04 from yesterday's close. Mar 24 Wheat closed at $5.72/bushel, up $0.11 from yesterday's close. Jan 24 Soybeans closed at $13.465/bushel, up $0.1675 from yesterday's close. Jan 24 Soymeal closed at $430.5/short ton, down $6.1 from...