Market Commentary: Corn, Soy Complex Pause Rallies while Technical Buying Lifts Wheat
When markets opened on Monday there were just nine trading sessions before the quarterly Grain Stocks and Acreage Intentions reports from USDA, which meant that traders were focused on adjusting positions and forecasts ahead of those numbers. Beyond that, the weather is the market’s prima...
Summary of Futures
May 24 Corn closed at $4.36/bushel, down $0.0075 from yesterday's close. May 24 Wheat closed at $5.4275/bushel, up $0.1425 from yesterday's close. May 24 Soybeans closed at $11.8775/bushel, down $0.105 from yesterday's close. May 24 Soymeal closed at $331.9/short ton, down $2...
Brazil’s Meat Opportunity
Brazil has famously surpassed the U.S. as the world’s largest producer and exporter of soybeans, and it could become a more consistent top exporter of corn. However, its livestock production lags. Brazil’s soybean production has been expanding at an average 5.5 percent per year, and...
Market Commentary: Technical Trade Dominates on Quiet Fundamentals
The CBOT was mixed to end the week with scant, fresh fundamental news leading to more technically-oriented trade over the past few weeks. Wheat futures were the downside leader as deteriorating chart conditions and China’s recent cancellations of U.S. SRW export bookings weighed on trader...
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
May 24 Corn closed at $4.3675/bushel, up $0.03 from yesterday's close. May 24 Wheat closed at $5.285/bushel, down $0.0375 from yesterday's close. May 24 Soybeans closed at $11.9825/bushel, up $0.03 from yesterday's close. May 24 Soymeal closed at $334.7/short ton, down $2.7 fr...
Summary of Futures
May 24 Corn closed at $4.3375/bushel, down $0.075 from yesterday's close. May 24 Wheat closed at $5.3225/bushel, down $0.12 from yesterday's close. May 24 Soybeans closed at $11.9525/bushel, down $0.015 from yesterday's close. May 24 Soymeal closed at $337.4/short ton, up $1 f...
Market Commentary: Quirky Export Sales and Low Momentum
Equities markets reacted negatively to inflationary U.S. economic indictors and spread a risk-off mentality to commodities. The dollar rose in response to likely continued high interest rates, dampening export prospects. Soymeal and lean hogs were the only commodities to end in the...
Livestock Roundup: All Things Pork
Tyson Foods announced this week that it was shutting its Perry, Iowa plant. Press reports indicate that the facility has a capacity of about 9,000 hogs per day, industry estimates put it at around 8,250 to 8,500 head per day. It is a relatively smaller plant and is now 61 years old. Given the s...
Market Commentary: Lower Volume Except in Soyoil and Cattle
For most commodities it was a lackluster day but there was higher volume trading in soyoil and cattle. Palm oil was the support behind soyoil and cattle values push higher as slaughter falters and demand for boxed beef remains supportive. The U.S. Energy Information Agency (EIA) reported...
Summary of Futures
May 24 Corn closed at $4.4125/bushel, down $0.005 from yesterday's close. May 24 Wheat closed at $5.4425/bushel, down $0.0325 from yesterday's close. May 24 Soybeans closed at $11.9675/bushel, up $0.0075 from yesterday's close. May 24 Soymeal closed at $336.4/short ton, down $...
Market Commentary: Soy Complex Rally Leads CBOT; Grains Steady while Watching Demand
Palm oil was really the star of Tuesday’s commodity trade as the market rallied on the heels of dry weather threatening Malaysia’s 2024 production. The strength in palm oil spilled over into the soy complex and all three legs of the soybean crush turned higher with meaningful bullis...
Market Commentary: Corn, Soy Complex Pause Rallies while Technical Buying Lifts Wheat
When markets opened on Monday there were just nine trading sessions before the quarterly Grain Stocks and Acreage Intentions reports from USDA, which meant that traders were focused on adjusting positions and forecasts ahead of those numbers. Beyond that, the weather is the market’s prima...
Summary of Futures
May 24 Corn closed at $4.36/bushel, down $0.0075 from yesterday's close. May 24 Wheat closed at $5.4275/bushel, up $0.1425 from yesterday's close. May 24 Soybeans closed at $11.8775/bushel, down $0.105 from yesterday's close. May 24 Soymeal closed at $331.9/short ton, down $2...
Brazil’s Meat Opportunity
Brazil has famously surpassed the U.S. as the world’s largest producer and exporter of soybeans, and it could become a more consistent top exporter of corn. However, its livestock production lags. Brazil’s soybean production has been expanding at an average 5.5 percent per year, and...
Market Commentary: Technical Trade Dominates on Quiet Fundamentals
The CBOT was mixed to end the week with scant, fresh fundamental news leading to more technically-oriented trade over the past few weeks. Wheat futures were the downside leader as deteriorating chart conditions and China’s recent cancellations of U.S. SRW export bookings weighed on trader...
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
May 24 Corn closed at $4.3675/bushel, up $0.03 from yesterday's close. May 24 Wheat closed at $5.285/bushel, down $0.0375 from yesterday's close. May 24 Soybeans closed at $11.9825/bushel, up $0.03 from yesterday's close. May 24 Soymeal closed at $334.7/short ton, down $2.7 fr...
Summary of Futures
May 24 Corn closed at $4.3375/bushel, down $0.075 from yesterday's close. May 24 Wheat closed at $5.3225/bushel, down $0.12 from yesterday's close. May 24 Soybeans closed at $11.9525/bushel, down $0.015 from yesterday's close. May 24 Soymeal closed at $337.4/short ton, up $1 f...
Market Commentary: Quirky Export Sales and Low Momentum
Equities markets reacted negatively to inflationary U.S. economic indictors and spread a risk-off mentality to commodities. The dollar rose in response to likely continued high interest rates, dampening export prospects. Soymeal and lean hogs were the only commodities to end in the...
Livestock Roundup: All Things Pork
Tyson Foods announced this week that it was shutting its Perry, Iowa plant. Press reports indicate that the facility has a capacity of about 9,000 hogs per day, industry estimates put it at around 8,250 to 8,500 head per day. It is a relatively smaller plant and is now 61 years old. Given the s...
Market Commentary: Lower Volume Except in Soyoil and Cattle
For most commodities it was a lackluster day but there was higher volume trading in soyoil and cattle. Palm oil was the support behind soyoil and cattle values push higher as slaughter falters and demand for boxed beef remains supportive. The U.S. Energy Information Agency (EIA) reported...
Summary of Futures
May 24 Corn closed at $4.4125/bushel, down $0.005 from yesterday's close. May 24 Wheat closed at $5.4425/bushel, down $0.0325 from yesterday's close. May 24 Soybeans closed at $11.9675/bushel, up $0.0075 from yesterday's close. May 24 Soymeal closed at $336.4/short ton, down $...
Market Commentary: Soy Complex Rally Leads CBOT; Grains Steady while Watching Demand
Palm oil was really the star of Tuesday’s commodity trade as the market rallied on the heels of dry weather threatening Malaysia’s 2024 production. The strength in palm oil spilled over into the soy complex and all three legs of the soybean crush turned higher with meaningful bullis...