Market Commentary: CBOT Consolidates Amid Argentine Dryness, Slow Export News
The CBOT was mostly lower in decidedly consolidative trade on Wednesday. Ag futures seem to be bumping up against key support levels where end-users are extending purchases. Short sellers seem to be mostly absent the market amid South American weather concerns and expectations that USDA will of...
Summary of Futures
May 21 Corn closed at $5.3525/bushel, down $0.0975 from yesterday's close. May 21 Wheat closed at $6.56/bushel, down $0.1025 from yesterday's close. May 21 Soybeans closed at $14.075/bushel, down $0.05 from yesterday's close. May 21 Soymeal closed at $418.8/short ton, down $2...
Inequivalent, Protectionist; Bulls and Pandemics
Inequivalent, Protectionist In 2012, the U.S. and EU established an agreement asserting that each other’s organic standards were substantially equivalent. The agreement was reviewed again in 2015 and may require additional review depending on one’s interpretation of “substanti...
Sourcing Changes; Prices Attractive
U.S. export sales are seasonally slowing, which is impacting CBOT futures. American farmers have nonetheless had a good run. The value of the dollar is up 1.6 percent from its low at the start of the year, which further adds competitive pressure. After nearly a four-month run of U.S...
PM Post - Breaking Not Broken
THE OPEN May beans: 11 lower May meal: 5.00 lower May soyoil: 22 lower May corn: 7 1/2 lower May wheat: 11 1/4 lower Prices opened lower and continued to slide throughout the session, triggering sell-stops. Funds were selling what they purchased yesterday.&nb...
FOB Prices and Freight Rate App (Updated 3 March)
Ocean Freight Comments - 25 February 2021 By Jay O'Neil Commodity Consulting To quote John Maynard Keynes, “Markets can remain irrational longer than you can remain solvent”. Last week was a record week for the FFA paper markets with 88,198 lots traded, 54% of which were Panamax. Th...
Interactive Ocean Freight Rates (Updated 3 March)
Ocean Freight Comments - 25 February 2021 By Jay O'Neil Commodity Consulting To quote John Maynard Keynes, “Markets can remain irrational longer than you can remain solvent”. Last week was a record week for the FFA paper markets with 88,198 lots traded, 54% of which were Panamax...
AM Outlook - Swirl of Crops and Weather
GOOD MORNING, Prices continue to identify trading ranges that make sense heading into the March 9 WASDE. For the day, most of the markets are lower with the exception of firmer oilshare. Traders continue to buy soyoil on tight supply and sell meal on more emerging African Swine Feve...
Technical Views - Lower Side
SPREADS May crush continues to weaken trading down to 62.64c/bu while oilshare strengthens again to 37.26%. July/Nov beans trades higher from 1.66 3/4c to 1.73c, while May/July inverse strengthens to 16c from 14c. July/Dec inverse trades from $40.40 down to $38.60. ...
Market Commentary: CBOT Rallies on South American Weather, Poor U.S. Wheat Conditions
CBOT market dipped lower overnight, only to find end-user demand and some speculative buying. Any end-of-the-month selling pressure is now over, as is most of the rolling of March positions froward, which is helping futures stabilize. The South American weather forecast is worrisome for the cor...
Real WTO Problem; Beggars’ Rights; Political Horse-trading
Real WTO Problem The President’s 2021 Trade Agenda and 2020 Annual Report highlights the trade protectionism in India and efforts to change New Delhi’s policies. One area of criticism is “Make in India” campaign but that is not such a unique policy. Many countries are no...
Ethanol Corn Use and Outlook
USDA released the January Grain Crushings report yesterday; total corn use for fuel alcohol was down 11 percent from January 2020, and down 6 percent from January 2019. Dry mill production of DDGS was 1.7534 MMT during January 2021, 90 percent of last year and 98 percent of December. On the ye...
Market Commentary: CBOT Consolidates Amid Argentine Dryness, Slow Export News
The CBOT was mostly lower in decidedly consolidative trade on Wednesday. Ag futures seem to be bumping up against key support levels where end-users are extending purchases. Short sellers seem to be mostly absent the market amid South American weather concerns and expectations that USDA will of...
Summary of Futures
May 21 Corn closed at $5.3525/bushel, down $0.0975 from yesterday's close. May 21 Wheat closed at $6.56/bushel, down $0.1025 from yesterday's close. May 21 Soybeans closed at $14.075/bushel, down $0.05 from yesterday's close. May 21 Soymeal closed at $418.8/short ton, down $2...
Inequivalent, Protectionist; Bulls and Pandemics
Inequivalent, Protectionist In 2012, the U.S. and EU established an agreement asserting that each other’s organic standards were substantially equivalent. The agreement was reviewed again in 2015 and may require additional review depending on one’s interpretation of “substanti...
Sourcing Changes; Prices Attractive
U.S. export sales are seasonally slowing, which is impacting CBOT futures. American farmers have nonetheless had a good run. The value of the dollar is up 1.6 percent from its low at the start of the year, which further adds competitive pressure. After nearly a four-month run of U.S...
PM Post - Breaking Not Broken
THE OPEN May beans: 11 lower May meal: 5.00 lower May soyoil: 22 lower May corn: 7 1/2 lower May wheat: 11 1/4 lower Prices opened lower and continued to slide throughout the session, triggering sell-stops. Funds were selling what they purchased yesterday.&nb...
FOB Prices and Freight Rate App (Updated 3 March)
Ocean Freight Comments - 25 February 2021 By Jay O'Neil Commodity Consulting To quote John Maynard Keynes, “Markets can remain irrational longer than you can remain solvent”. Last week was a record week for the FFA paper markets with 88,198 lots traded, 54% of which were Panamax. Th...
Interactive Ocean Freight Rates (Updated 3 March)
Ocean Freight Comments - 25 February 2021 By Jay O'Neil Commodity Consulting To quote John Maynard Keynes, “Markets can remain irrational longer than you can remain solvent”. Last week was a record week for the FFA paper markets with 88,198 lots traded, 54% of which were Panamax...
AM Outlook - Swirl of Crops and Weather
GOOD MORNING, Prices continue to identify trading ranges that make sense heading into the March 9 WASDE. For the day, most of the markets are lower with the exception of firmer oilshare. Traders continue to buy soyoil on tight supply and sell meal on more emerging African Swine Feve...
Technical Views - Lower Side
SPREADS May crush continues to weaken trading down to 62.64c/bu while oilshare strengthens again to 37.26%. July/Nov beans trades higher from 1.66 3/4c to 1.73c, while May/July inverse strengthens to 16c from 14c. July/Dec inverse trades from $40.40 down to $38.60. ...
Market Commentary: CBOT Rallies on South American Weather, Poor U.S. Wheat Conditions
CBOT market dipped lower overnight, only to find end-user demand and some speculative buying. Any end-of-the-month selling pressure is now over, as is most of the rolling of March positions froward, which is helping futures stabilize. The South American weather forecast is worrisome for the cor...
Real WTO Problem; Beggars’ Rights; Political Horse-trading
Real WTO Problem The President’s 2021 Trade Agenda and 2020 Annual Report highlights the trade protectionism in India and efforts to change New Delhi’s policies. One area of criticism is “Make in India” campaign but that is not such a unique policy. Many countries are no...
Ethanol Corn Use and Outlook
USDA released the January Grain Crushings report yesterday; total corn use for fuel alcohol was down 11 percent from January 2020, and down 6 percent from January 2019. Dry mill production of DDGS was 1.7534 MMT during January 2021, 90 percent of last year and 98 percent of December. On the ye...