Recent Livestock Analysis
Market Commentary: Defensive into the Holiday
With crops in short supply and weather far from perfect, traders did not want to be short corn, wheat, and soybeans going into a three-day hiatus in trading. While today’s gains were modest, July soybeans ended the week up 27 cents, while July corn is down 1.5 cents, and July SRW lost 11...
Summary of Futures
Jul 22 Corn closed at $7.7725/bushel, up $0.1225 from yesterday's close. Jul 22 Wheat closed at $11.575/bushel, up $0.1425 from yesterday's close. Jul 22 Soybeans closed at $17.3225/bushel, up $0.0575 from yesterday's close. Jul 22 Soymeal closed at $432.3/short ton, up $4.1 f...
Market Commentary: Truth Telling and Caution
An overly cautious market let go of the tease that Russia might negotiate the exit of Ukrainian grain. Vladimir Putin cannot abide the UN’s wishes because it would betray his contention that it is Western sanctions that are causing the food security problem. There was also some positionin...
Livestock Round Up: GIPSA Rules 2.0
USDA’s Ag Marketing Service Packers and Stockyards Division (PSD) released a draft of the first of three proposed rules today: Transparency in Poultry Grower Contracting and Tournaments, aka the “tournament pricing rule.” Two more rules, covering livestock and poultry, a...
Summary of Futures
Jul 22 Corn closed at $7.65/bushel, down $0.0725 from yesterday's close. Jul 22 Wheat closed at $11.4325/bushel, down $0.05 from yesterday's close. Jul 22 Soybeans closed at $17.265/bushel, up $0.455 from yesterday's close. Jul 22 Soymeal closed at $428.2/short ton, up $4 from...
Market Commentary: CBOT Falls Early on Russian Propaganda, Recovers to End Near Day’s High
The CBOT turned lower again on Wednesday with wheat leading the way on headlines that Russia may establish export corridors for Ukrainian grain/ag products. Russia’s Deputy Foreign Minister indicated the country is talking with the UN on potential food export corridors in the Black Sea, w...
China In-Country Analysis
Public Health COVID Deaths Fall to One Per Week, Lockdown Damage Deepens Through yesterday, data from Johns Hopkins Coronavirus Center indicate the trailing seven-day averages in China at 4,897 new COVID-19 cases and one related death. This marks the lowest rate for new cases since the end of t...
Summary of Futures
Jul 22 Corn closed at $7.7225/bushel, up $0.005 from yesterday's close. Jul 22 Wheat closed at $11.4825/bushel, down $0.065 from yesterday's close. Jul 22 Soybeans closed at $16.81/bushel, down $0.12 from yesterday's close. Jul 22 Soymeal closed at $424.2/short ton, down $2.9...
Market Commentary: Corn Falls as China Approves Brazilian Imports; Wheat Falls on Technical Selling, Acreage Switch Fears
The CBOT waivered again on Tuesday with corn and wheat posting losses for the day while soybeans firmed once again. News that China is likely to soon approve an agreement on phytosanitary conditions to import corn from Brazil put corn on the defensive for the day. Moreover, corn and wheat both...
Fundamentals versus Exports
Shipping and refrigeration costs become larger factors in trade during periods of high energy prices such as the present. Suppliers with lower energy costs for food processing can arbitrage that advantage by shipping dehydrated product to countries with higher refrigeration costs. A good exampl...
Summary of Futures
Jul 22 Corn closed at $7.7175/bushel, down $0.145 from yesterday's close. Jul 22 Wheat closed at $11.5475/bushel, down $0.3525 from yesterday's close. Jul 22 Soybeans closed at $16.93/bushel, up $0.06 from yesterday's close. Jul 22 Soymeal closed at $427.1/short ton, up $4.6 f...
Summary of Futures
Jul 22 Corn closed at $7.8625/bushel, up $0.075 from yesterday's close. Jul 22 Wheat closed at $11.9/bushel, up $0.2125 from yesterday's close. Jul 22 Soybeans closed at $16.87/bushel, down $0.1825 from yesterday's close. Jul 22 Soymeal closed at $422.5/short ton, down $7.4 fr...
Market Commentary: Defensive into the Holiday
With crops in short supply and weather far from perfect, traders did not want to be short corn, wheat, and soybeans going into a three-day hiatus in trading. While today’s gains were modest, July soybeans ended the week up 27 cents, while July corn is down 1.5 cents, and July SRW lost 11...
Summary of Futures
Jul 22 Corn closed at $7.7725/bushel, up $0.1225 from yesterday's close. Jul 22 Wheat closed at $11.575/bushel, up $0.1425 from yesterday's close. Jul 22 Soybeans closed at $17.3225/bushel, up $0.0575 from yesterday's close. Jul 22 Soymeal closed at $432.3/short ton, up $4.1 f...
Market Commentary: Truth Telling and Caution
An overly cautious market let go of the tease that Russia might negotiate the exit of Ukrainian grain. Vladimir Putin cannot abide the UN’s wishes because it would betray his contention that it is Western sanctions that are causing the food security problem. There was also some positionin...
Livestock Round Up: GIPSA Rules 2.0
USDA’s Ag Marketing Service Packers and Stockyards Division (PSD) released a draft of the first of three proposed rules today: Transparency in Poultry Grower Contracting and Tournaments, aka the “tournament pricing rule.” Two more rules, covering livestock and poultry, a...
Summary of Futures
Jul 22 Corn closed at $7.65/bushel, down $0.0725 from yesterday's close. Jul 22 Wheat closed at $11.4325/bushel, down $0.05 from yesterday's close. Jul 22 Soybeans closed at $17.265/bushel, up $0.455 from yesterday's close. Jul 22 Soymeal closed at $428.2/short ton, up $4 from...
Market Commentary: CBOT Falls Early on Russian Propaganda, Recovers to End Near Day’s High
The CBOT turned lower again on Wednesday with wheat leading the way on headlines that Russia may establish export corridors for Ukrainian grain/ag products. Russia’s Deputy Foreign Minister indicated the country is talking with the UN on potential food export corridors in the Black Sea, w...
China In-Country Analysis
Public Health COVID Deaths Fall to One Per Week, Lockdown Damage Deepens Through yesterday, data from Johns Hopkins Coronavirus Center indicate the trailing seven-day averages in China at 4,897 new COVID-19 cases and one related death. This marks the lowest rate for new cases since the end of t...
Summary of Futures
Jul 22 Corn closed at $7.7225/bushel, up $0.005 from yesterday's close. Jul 22 Wheat closed at $11.4825/bushel, down $0.065 from yesterday's close. Jul 22 Soybeans closed at $16.81/bushel, down $0.12 from yesterday's close. Jul 22 Soymeal closed at $424.2/short ton, down $2.9...
Market Commentary: Corn Falls as China Approves Brazilian Imports; Wheat Falls on Technical Selling, Acreage Switch Fears
The CBOT waivered again on Tuesday with corn and wheat posting losses for the day while soybeans firmed once again. News that China is likely to soon approve an agreement on phytosanitary conditions to import corn from Brazil put corn on the defensive for the day. Moreover, corn and wheat both...
Fundamentals versus Exports
Shipping and refrigeration costs become larger factors in trade during periods of high energy prices such as the present. Suppliers with lower energy costs for food processing can arbitrage that advantage by shipping dehydrated product to countries with higher refrigeration costs. A good exampl...
Summary of Futures
Jul 22 Corn closed at $7.7175/bushel, down $0.145 from yesterday's close. Jul 22 Wheat closed at $11.5475/bushel, down $0.3525 from yesterday's close. Jul 22 Soybeans closed at $16.93/bushel, up $0.06 from yesterday's close. Jul 22 Soymeal closed at $427.1/short ton, up $4.6 f...
Summary of Futures
Jul 22 Corn closed at $7.8625/bushel, up $0.075 from yesterday's close. Jul 22 Wheat closed at $11.9/bushel, up $0.2125 from yesterday's close. Jul 22 Soybeans closed at $16.87/bushel, down $0.1825 from yesterday's close. Jul 22 Soymeal closed at $422.5/short ton, down $7.4 fr...