Market Commentary: Mixed but Friendly
Never understood the market phrase “friendly” – friendly to whom? Today’s market was not too unfriendly to anyone from the standpoint that up or down, there were no dramatic swings. Call it light volatility. Key points: The results were mixed with corn, soymeal, and liv...
Livestock Roundup: Slightly More Hogs and Pigs
USDA released its June quarterly Hogs and Pigs report today. Pre-report expectation was for a total inventory of 73.6 million head – which would have been the smallest September inventory since 2017 - but the actual inventory was 74.3 million, slightly higher than September 2022 and up 2...
Summary of Futures
Dec 23 Corn closed at $4.885/bushel, up $0.0525 from yesterday's close. Dec 23 Wheat closed at $5.7875/bushel, down $0.0075 from yesterday's close. Nov 23 Soybeans closed at $13.005/bushel, down $0.0275 from yesterday's close. Dec 23 Soymeal closed at $391.5/short ton, up $2.4...
Export Sales
Export Sales and Shipments for September 15-21, 2023 Wheat: Net sales of 544,500 metric tons (MT) for 2023/2024 were up 77 percent from the previous week and 51 percent from the prior 4-week average. Export shipments of 584,600 MT--a marketing-year high--were up 98 percent from the previo...
Shutdown Exports; Killing the Messenger; Checking Out
Shutdown Exports The U.S. government will likely shut down this weekend because some Republicans are trying to leverage more budget discipline and other goals. The overall impact on the economy of a government shutdown is less than the clickbait media is trying to convey, but it does have odd i...
Market Commentary: Wheat Crashes on Tender Results; Commercial Buying Lifts Corn
The CBOT was once again mixed with wheat futures dropping to fresh, two-year lows after data from Egypt’s latest tender showed continued weakness in global values. Corn and soybeans, on the other hand, found a bit of strength on commercial buying and, for soybeans, expectations of tighter...
Summary of Futures
Dec 23 Corn closed at $4.8325/bushel, up $0.035 from yesterday's close. Dec 23 Wheat closed at $5.795/bushel, down $0.095 from yesterday's close. Nov 23 Soybeans closed at $13.0325/bushel, up $0.005 from yesterday's close. Dec 23 Soymeal closed at $389.1/short ton, down $3.6 f...
Green Tipping Point; Scale of Corruption
Green Tipping Point The media only covers the two extremes: climate deniers and climate alarmists. The climate alarmists have been winning but now it is the middle having their way. Those in the middle have been quite willing to make some sacrifices on behalf of slowing climate change. But they...
Tomato Wars
U.S. and Mexican trade officials meet in Washington this Friday for the annual bilateral economic dialogue. Labor rights, automobile domestic content, and maybe GMO corn are likely topics. Another will be tomatoes. American tomato growers and their members of Congress are demanding that the Bid...
Market Commentary: Worsening Conditions Lift Soy Complex; Cattle Crash on Economic Worries
The CBOT was mixed on Tuesday with the worst late-September soybean ratings since 2003 offering support to soybean futures while further strength in crude oil stopped, temporarily at least, the selling in soyoil. Despite the strength in the soy complex, corn and wheat futures struggled to find...
Farm Bill Delays; Small Farmers’ Big Complaint; Schöpferische Zerstörung
Farm Bill Delays The prospects for passing a farm bill this year are characterized from being very cloudy to increasingly getting worse. One academic said it is the worse political conditions for a farm bill that he has ever seen. The old farm bill coalition is in disarray and outside forces ar...
Hogs and Pigs Report Preview
The Quarterly Hogs and Pigs report for the June-August quarter will be released on Thursday. This is an interesting report as it covers the period in which Prop 12 has been implemented and the only two months so far in the year (July and August) where producers margins have been in black. ...
Market Commentary: Mixed but Friendly
Never understood the market phrase “friendly” – friendly to whom? Today’s market was not too unfriendly to anyone from the standpoint that up or down, there were no dramatic swings. Call it light volatility. Key points: The results were mixed with corn, soymeal, and liv...
Livestock Roundup: Slightly More Hogs and Pigs
USDA released its June quarterly Hogs and Pigs report today. Pre-report expectation was for a total inventory of 73.6 million head – which would have been the smallest September inventory since 2017 - but the actual inventory was 74.3 million, slightly higher than September 2022 and up 2...
Summary of Futures
Dec 23 Corn closed at $4.885/bushel, up $0.0525 from yesterday's close. Dec 23 Wheat closed at $5.7875/bushel, down $0.0075 from yesterday's close. Nov 23 Soybeans closed at $13.005/bushel, down $0.0275 from yesterday's close. Dec 23 Soymeal closed at $391.5/short ton, up $2.4...
Export Sales
Export Sales and Shipments for September 15-21, 2023 Wheat: Net sales of 544,500 metric tons (MT) for 2023/2024 were up 77 percent from the previous week and 51 percent from the prior 4-week average. Export shipments of 584,600 MT--a marketing-year high--were up 98 percent from the previo...
Shutdown Exports; Killing the Messenger; Checking Out
Shutdown Exports The U.S. government will likely shut down this weekend because some Republicans are trying to leverage more budget discipline and other goals. The overall impact on the economy of a government shutdown is less than the clickbait media is trying to convey, but it does have odd i...
Market Commentary: Wheat Crashes on Tender Results; Commercial Buying Lifts Corn
The CBOT was once again mixed with wheat futures dropping to fresh, two-year lows after data from Egypt’s latest tender showed continued weakness in global values. Corn and soybeans, on the other hand, found a bit of strength on commercial buying and, for soybeans, expectations of tighter...
Summary of Futures
Dec 23 Corn closed at $4.8325/bushel, up $0.035 from yesterday's close. Dec 23 Wheat closed at $5.795/bushel, down $0.095 from yesterday's close. Nov 23 Soybeans closed at $13.0325/bushel, up $0.005 from yesterday's close. Dec 23 Soymeal closed at $389.1/short ton, down $3.6 f...
Green Tipping Point; Scale of Corruption
Green Tipping Point The media only covers the two extremes: climate deniers and climate alarmists. The climate alarmists have been winning but now it is the middle having their way. Those in the middle have been quite willing to make some sacrifices on behalf of slowing climate change. But they...
Tomato Wars
U.S. and Mexican trade officials meet in Washington this Friday for the annual bilateral economic dialogue. Labor rights, automobile domestic content, and maybe GMO corn are likely topics. Another will be tomatoes. American tomato growers and their members of Congress are demanding that the Bid...
Market Commentary: Worsening Conditions Lift Soy Complex; Cattle Crash on Economic Worries
The CBOT was mixed on Tuesday with the worst late-September soybean ratings since 2003 offering support to soybean futures while further strength in crude oil stopped, temporarily at least, the selling in soyoil. Despite the strength in the soy complex, corn and wheat futures struggled to find...
Farm Bill Delays; Small Farmers’ Big Complaint; Schöpferische Zerstörung
Farm Bill Delays The prospects for passing a farm bill this year are characterized from being very cloudy to increasingly getting worse. One academic said it is the worse political conditions for a farm bill that he has ever seen. The old farm bill coalition is in disarray and outside forces ar...
Hogs and Pigs Report Preview
The Quarterly Hogs and Pigs report for the June-August quarter will be released on Thursday. This is an interesting report as it covers the period in which Prop 12 has been implemented and the only two months so far in the year (July and August) where producers margins have been in black. ...