Recent Feed Grains Analysis
Market Commentary: Corn Touches $6.30 and Wheat Hits Trendline; New Highs for Hogs
The CBOT saw the continued influence of fund managers and investors looking to bull spread commodities against equities, as well as the impact of (continually) escalating tensions between Russia and everyone else. Wheat futures rallied 15+ cents again Tuesday with short covering accelerating as...
Summary of Futures
Mar 22 Corn closed at $6.2/bushel, down $0.01 from yesterday's close. Mar 22 Wheat closed at $8.18/bushel, up $0.175 from yesterday's close. Mar 22 Soybeans closed at $14.0725/bushel, up $0.0425 from yesterday's close. Mar 22 Soymeal closed at $392/short ton, down $1.9 from ye...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Turkish flour miller Ulusoy Un Sanayi has received $25 million in six year debt facility from Hollands FMQ development bank. Ulusoy is one of Turkey’s largest flour millers with its business split 50/50 between local flour busi...
Market Commentary: Wheat, Corn Rally After No Diplomatic Progress; Hogs Post New Highs While Cattle Falter
As expected, the weekend’s developments in the Black Sea drove market action to start the week. Over the weekend, U.S. and Russian diplomats ended discussions in a stalemate and the State Department urged U.S. citizens to avoid travel to Ukraine and Russia. Later, the U.S. ordered nonesse...
Summary of Futures
Mar 22 Corn closed at $6.21/bushel, up $0.0475 from yesterday's close. Mar 22 Wheat closed at $8.005/bushel, up $0.205 from yesterday's close. Mar 22 Soybeans closed at $14.03/bushel, down $0.1125 from yesterday's close. Mar 22 Soymeal closed at $393.9/short ton, up $1.2 from...
Mercosur Regional Analysis
Corn Argentina Last week’s heatwave in Argentina was as bad with temperatures above 40C (104F) and strong winds in many places. By the week’s end, however, the weather pattern changed, and rains fell over nearly all the agricultural area with total precipitation amounts varying grea...
European Market Analysis
Regional News Grain markets in Europe and the Black Sea remain dominated by one factor: the looming possibility that Russia will invade Ukraine. Diplomatic discussions have, so far, failed to prompt Russia to standdown its posture and further escalation of tensions is likely. Freight rate...
Summary of Futures
Mar 22 Corn closed at $6.1625/bushel, up $0.0525 from yesterday's close. Mar 22 Wheat closed at $7.8/bushel, down $0.1025 from yesterday's close. Mar 22 Soybeans closed at $14.1425/bushel, down $0.115 from yesterday's close. Mar 22 Soymeal closed at $392.7/short ton, down $8.1...
Market Commentary: Corn, Soyoil, Hogs Post Bullish Days; Soybeans, Wheat Fall on Profit Taking
The CBOT traded a mixed day to end a volatile and mostly bullish week. Corn and lean hog futures rallied with March corn posting a new seven-month high and hog futures posting fresh contract highs. Soybeans and wheat, however, could not match the bullishness of the corn market and ended lower i...
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...
Export Sales
Export Sales for Jan 7, 2022 – Jan 13, 2022 Wheat: Net sales of 380,600metric tons (MT) for 2021/2022 were up 44 percent from the previous week and 62 percent from the prior 4-week average. Corn: Net sales of 1,091,300 MT for 2021/2022 were up noticeably from the previous week...
Market Commentary: Geopolitics Replaces Weather
With little new in the fundamentals to move the market it is instead being pushed by inflation and geopolitics. Funds are buying on both measures going into an uncertain weekend and open interest is up. President Biden’s comments at yesterday’s press conference did not help matters...
Summary of Futures
Mar 22 Corn closed at $6.11/bushel, up $0.005 from yesterday's close. Mar 22 Wheat closed at $7.9025/bushel, down $0.0625 from yesterday's close. Mar 22 Soybeans closed at $14.2575/bushel, up $0.345 from yesterday's close. Mar 22 Soymeal closed at $400.8/short ton, up $2.5 fro...
China In-Country Analysis
Livestock Squeeze of Low Prices and High Feed Costs Plagues Hog Sector The latest data release from China’s Feed Industry Association indicates that the average price for hog feed has risen for six months in a row through the end of December. Expectations are that with corn prices remaini...
Market Commentary: Corn, Soy, and Wheat Rally on Technical Buying and Russian Aggression
The CBOT traded sharply higher on Wednesday with Tuesday’s rallies in corn and wheat sparking follow-through fund and speculative buying. Moreover, the latest South American weather forecasts are turning drier for Paraguay and central Brazil, which will continue to disrupt crop potential...
Summary of Futures
Mar 22 Corn closed at $6.105/bushel, up $0.11 from yesterday's close. Mar 22 Wheat closed at $7.965/bushel, up $0.275 from yesterday's close. Mar 22 Soybeans closed at $13.9125/bushel, up $0.3 from yesterday's close. Mar 22 Soymeal closed at $398.3/short ton, up $8.2 from yest...
Black Sea Regional Analysis
Russian Grain Markets: 10-14 January 2022 The Russian domestic market prices changed insignificantly and mainly in southern regions that are more sensitive to international price changes and dollar rate. As for export prices, a key internal factor that influenced them is the decrease of export...
Market Commentary: Black Sea Tensions, Short-Covering Rally Wheat; Corn Rallies Last-Minute; Soyoil Crashes
The CBOT came back from its three-day holiday to find soyoil crashing lower under technical selling and position liquidation. The day’s soymeal trade had the feeling of a market ‘bubble” starting to pop and traders were aggressively getting out of positions. Gains in soyoil an...
Summary of Futures
Mar 22 Corn closed at $5.995/bushel, up $0.0325 from yesterday's close. Mar 22 Wheat closed at $7.69/bushel, up $0.275 from yesterday's close. Mar 22 Soybeans closed at $13.6125/bushel, down $0.085 from yesterday's close. Mar 22 Soymeal closed at $390.1/short ton, down $15.5 f...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Tunisian officials say the country has sufficient stocks of soft wheat, durum, and barley to cover all requirements until May 2022. Pakistan wheat flour prices have increased by about 15 percent due to the recent ban on the interprov...
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...
Market Commentary: Wheat Extends Losses; Corn, Soyoil Strengthen; Hogs Rally on ASF News
The CBOT was mostly lower in low-volume, pre-holiday trade. Monday is a holiday in the U.S. and the CBOT/CME (and WPI’s offices) will be closed. Notable developments for the day were the turnaround in corn and soyoil futures, which were juxtaposed against the continued technical weakness...
Summary of Futures
Mar 22 Corn closed at $5.9625/bushel, up $0.0875 from yesterday's close. Mar 22 Wheat closed at $7.415/bushel, down $0.0525 from yesterday's close. Mar 22 Soybeans closed at $13.6975/bushel, down $0.075 from yesterday's close. Mar 22 Soymeal closed at $405.6/short ton, down $3...
Guessing La Niña
This year’s La Niña event has been categorized as historically a moderate one. The rains coming to parts of South America this weekend attest to it not being a historically strong event. However, this makes guessing its final impact on crops more challenging to assess. Another chal...
Market Commentary: Corn Touches $6.30 and Wheat Hits Trendline; New Highs for Hogs
The CBOT saw the continued influence of fund managers and investors looking to bull spread commodities against equities, as well as the impact of (continually) escalating tensions between Russia and everyone else. Wheat futures rallied 15+ cents again Tuesday with short covering accelerating as...
Summary of Futures
Mar 22 Corn closed at $6.2/bushel, down $0.01 from yesterday's close. Mar 22 Wheat closed at $8.18/bushel, up $0.175 from yesterday's close. Mar 22 Soybeans closed at $14.0725/bushel, up $0.0425 from yesterday's close. Mar 22 Soymeal closed at $392/short ton, down $1.9 from ye...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Turkish flour miller Ulusoy Un Sanayi has received $25 million in six year debt facility from Hollands FMQ development bank. Ulusoy is one of Turkey’s largest flour millers with its business split 50/50 between local flour busi...
Market Commentary: Wheat, Corn Rally After No Diplomatic Progress; Hogs Post New Highs While Cattle Falter
As expected, the weekend’s developments in the Black Sea drove market action to start the week. Over the weekend, U.S. and Russian diplomats ended discussions in a stalemate and the State Department urged U.S. citizens to avoid travel to Ukraine and Russia. Later, the U.S. ordered nonesse...
Summary of Futures
Mar 22 Corn closed at $6.21/bushel, up $0.0475 from yesterday's close. Mar 22 Wheat closed at $8.005/bushel, up $0.205 from yesterday's close. Mar 22 Soybeans closed at $14.03/bushel, down $0.1125 from yesterday's close. Mar 22 Soymeal closed at $393.9/short ton, up $1.2 from...
Mercosur Regional Analysis
Corn Argentina Last week’s heatwave in Argentina was as bad with temperatures above 40C (104F) and strong winds in many places. By the week’s end, however, the weather pattern changed, and rains fell over nearly all the agricultural area with total precipitation amounts varying grea...
European Market Analysis
Regional News Grain markets in Europe and the Black Sea remain dominated by one factor: the looming possibility that Russia will invade Ukraine. Diplomatic discussions have, so far, failed to prompt Russia to standdown its posture and further escalation of tensions is likely. Freight rate...
Summary of Futures
Mar 22 Corn closed at $6.1625/bushel, up $0.0525 from yesterday's close. Mar 22 Wheat closed at $7.8/bushel, down $0.1025 from yesterday's close. Mar 22 Soybeans closed at $14.1425/bushel, down $0.115 from yesterday's close. Mar 22 Soymeal closed at $392.7/short ton, down $8.1...
Market Commentary: Corn, Soyoil, Hogs Post Bullish Days; Soybeans, Wheat Fall on Profit Taking
The CBOT traded a mixed day to end a volatile and mostly bullish week. Corn and lean hog futures rallied with March corn posting a new seven-month high and hog futures posting fresh contract highs. Soybeans and wheat, however, could not match the bullishness of the corn market and ended lower i...
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...
Export Sales
Export Sales for Jan 7, 2022 – Jan 13, 2022 Wheat: Net sales of 380,600metric tons (MT) for 2021/2022 were up 44 percent from the previous week and 62 percent from the prior 4-week average. Corn: Net sales of 1,091,300 MT for 2021/2022 were up noticeably from the previous week...
Market Commentary: Geopolitics Replaces Weather
With little new in the fundamentals to move the market it is instead being pushed by inflation and geopolitics. Funds are buying on both measures going into an uncertain weekend and open interest is up. President Biden’s comments at yesterday’s press conference did not help matters...
Summary of Futures
Mar 22 Corn closed at $6.11/bushel, up $0.005 from yesterday's close. Mar 22 Wheat closed at $7.9025/bushel, down $0.0625 from yesterday's close. Mar 22 Soybeans closed at $14.2575/bushel, up $0.345 from yesterday's close. Mar 22 Soymeal closed at $400.8/short ton, up $2.5 fro...
China In-Country Analysis
Livestock Squeeze of Low Prices and High Feed Costs Plagues Hog Sector The latest data release from China’s Feed Industry Association indicates that the average price for hog feed has risen for six months in a row through the end of December. Expectations are that with corn prices remaini...
Market Commentary: Corn, Soy, and Wheat Rally on Technical Buying and Russian Aggression
The CBOT traded sharply higher on Wednesday with Tuesday’s rallies in corn and wheat sparking follow-through fund and speculative buying. Moreover, the latest South American weather forecasts are turning drier for Paraguay and central Brazil, which will continue to disrupt crop potential...
Summary of Futures
Mar 22 Corn closed at $6.105/bushel, up $0.11 from yesterday's close. Mar 22 Wheat closed at $7.965/bushel, up $0.275 from yesterday's close. Mar 22 Soybeans closed at $13.9125/bushel, up $0.3 from yesterday's close. Mar 22 Soymeal closed at $398.3/short ton, up $8.2 from yest...
Black Sea Regional Analysis
Russian Grain Markets: 10-14 January 2022 The Russian domestic market prices changed insignificantly and mainly in southern regions that are more sensitive to international price changes and dollar rate. As for export prices, a key internal factor that influenced them is the decrease of export...
Market Commentary: Black Sea Tensions, Short-Covering Rally Wheat; Corn Rallies Last-Minute; Soyoil Crashes
The CBOT came back from its three-day holiday to find soyoil crashing lower under technical selling and position liquidation. The day’s soymeal trade had the feeling of a market ‘bubble” starting to pop and traders were aggressively getting out of positions. Gains in soyoil an...
Summary of Futures
Mar 22 Corn closed at $5.995/bushel, up $0.0325 from yesterday's close. Mar 22 Wheat closed at $7.69/bushel, up $0.275 from yesterday's close. Mar 22 Soybeans closed at $13.6125/bushel, down $0.085 from yesterday's close. Mar 22 Soymeal closed at $390.1/short ton, down $15.5 f...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Tunisian officials say the country has sufficient stocks of soft wheat, durum, and barley to cover all requirements until May 2022. Pakistan wheat flour prices have increased by about 15 percent due to the recent ban on the interprov...
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...
Market Commentary: Wheat Extends Losses; Corn, Soyoil Strengthen; Hogs Rally on ASF News
The CBOT was mostly lower in low-volume, pre-holiday trade. Monday is a holiday in the U.S. and the CBOT/CME (and WPI’s offices) will be closed. Notable developments for the day were the turnaround in corn and soyoil futures, which were juxtaposed against the continued technical weakness...
Summary of Futures
Mar 22 Corn closed at $5.9625/bushel, up $0.0875 from yesterday's close. Mar 22 Wheat closed at $7.415/bushel, down $0.0525 from yesterday's close. Mar 22 Soybeans closed at $13.6975/bushel, down $0.075 from yesterday's close. Mar 22 Soymeal closed at $405.6/short ton, down $3...
Guessing La Niña
This year’s La Niña event has been categorized as historically a moderate one. The rains coming to parts of South America this weekend attest to it not being a historically strong event. However, this makes guessing its final impact on crops more challenging to assess. Another chal...