Summary of Futures
Mar 21 Corn closed at $4.2075/bushel, down $0.0525 from yesterday's close. Mar 21 Wheat closed at $5.7725/bushel, down $0.0775 from yesterday's close. Jan 21 Soybeans closed at $11.62/bushel, down $0.065 from yesterday's close. Jan 21 Soymeal closed at $390.2/short ton, down $...
Market Commentary: Wheat Selloff Continues; Corn Approaches Major Support
The CBOT attempted a dead-cat bounce overnight but turned lower during the day session. Wheat was the downside leader as weak technical conditions, and a large Australian crop are pressuring the price outlook. Wheat weakness pulled corn lower and the March futures contract slipped to major tren...
Approaching $6.94 Trillion in COVID Relief, With $26 Billion More For Ag?
The lame duck session of Congress continues to work on a funding bill to meet the 11 December deadline when the current continuing resolution expires. Moreover, it appears that a bipartisan effort at another round of COVID relief could also be a part of the deal. A group of lawmakers from both...
Empowering the Political Class
Ronald Reagan famously said, “If you want more of something, subsidize it; if you want less of something tax it.” Some countries are moving forward with taxes on technology companies. After all, they are big, rich and offer up an easy fillip on government revenues. However, it can a...
War on Agribusiness; Soy War II
War on Agribusiness President-Elect Joe Biden campaigned that he would help farmers “by strengthening enforcement of the Sherman and Clayton Antitrust Acts. Now he is hiring Neera Tandem to run the powerful Office of Management and Budget. Tandem has pursued a moratorium on mergers in the...
PM Post - Weaker Trading Ranges
THE OPEN Jan beans: 2 lower Jan meal: .80 lower Jan soyoil: 5 higher March corn: 1/4 lower March wheat: 3/4 lower The markets opened tentatively for the soy complex and lower for wheat. Major reversal signals created weaker trade today, as the seasonal rally...
FOB Prices and Freight Rate App (Updated 1 December)
Ocean Freight Comments for 19 November 2020: By Jay O'Neil Commodity Consulting Dry-Bulk freight markets stabilized this week and even ticked higher by week’s end. Physical markets, however, remained mostly unchanged as late-week rallies were not enough to surpass last week’s dro...
Interactive Ocean Freight Rates (Updated 1 December)
Ocean Freight Comments - 19 November 2020 By Jay O'Neil Commodity Consulting Dry-Bulk freight markets stabilized this week and even ticked higher by week’s end. Physical markets, however, remained mostly unchanged as late-week rallies were not enough to surpass last week’s drop. De...
AM Outlook - Higher but Cautious
GOOD MORNING, The markets broke heavily on Monday and are attempting a recovery trade today. The only question would be is this a dead-cat bounce after yesterday's aggressive selling? Many weaker longs were stopped out, and that could be the theme of December, where more trade...
Technical Views - Up at Resistance
SPREADS March crush trades to 97.71c/bu while oilshare trades to 32.40%. No deliveries find Dec/March corn narrowing into 6c from 6 1/2c, while the Dec/Dec inverse trades at 12c. Jan/March beans trade from 1/2c to 1 1/2c carry. Dec/March meal trades from $4.60 inverse to...
Market Commentary: South American Rains Douse CBOT Rallies
Heavy weekend rains for parts of South America took away a pillar of bullish support and sparked aggressive selling at the CBOT on Monday. March corn posted a new contract high overnight but could not hold gains and soybeans were once again stymied at the $12.00 level. The day session saw soybe...
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
Mar 21 Corn closed at $4.2075/bushel, down $0.0525 from yesterday's close. Mar 21 Wheat closed at $5.7725/bushel, down $0.0775 from yesterday's close. Jan 21 Soybeans closed at $11.62/bushel, down $0.065 from yesterday's close. Jan 21 Soymeal closed at $390.2/short ton, down $...
Market Commentary: Wheat Selloff Continues; Corn Approaches Major Support
The CBOT attempted a dead-cat bounce overnight but turned lower during the day session. Wheat was the downside leader as weak technical conditions, and a large Australian crop are pressuring the price outlook. Wheat weakness pulled corn lower and the March futures contract slipped to major tren...
Approaching $6.94 Trillion in COVID Relief, With $26 Billion More For Ag?
The lame duck session of Congress continues to work on a funding bill to meet the 11 December deadline when the current continuing resolution expires. Moreover, it appears that a bipartisan effort at another round of COVID relief could also be a part of the deal. A group of lawmakers from both...
Empowering the Political Class
Ronald Reagan famously said, “If you want more of something, subsidize it; if you want less of something tax it.” Some countries are moving forward with taxes on technology companies. After all, they are big, rich and offer up an easy fillip on government revenues. However, it can a...
War on Agribusiness; Soy War II
War on Agribusiness President-Elect Joe Biden campaigned that he would help farmers “by strengthening enforcement of the Sherman and Clayton Antitrust Acts. Now he is hiring Neera Tandem to run the powerful Office of Management and Budget. Tandem has pursued a moratorium on mergers in the...
PM Post - Weaker Trading Ranges
THE OPEN Jan beans: 2 lower Jan meal: .80 lower Jan soyoil: 5 higher March corn: 1/4 lower March wheat: 3/4 lower The markets opened tentatively for the soy complex and lower for wheat. Major reversal signals created weaker trade today, as the seasonal rally...
FOB Prices and Freight Rate App (Updated 1 December)
Ocean Freight Comments for 19 November 2020: By Jay O'Neil Commodity Consulting Dry-Bulk freight markets stabilized this week and even ticked higher by week’s end. Physical markets, however, remained mostly unchanged as late-week rallies were not enough to surpass last week’s dro...
Interactive Ocean Freight Rates (Updated 1 December)
Ocean Freight Comments - 19 November 2020 By Jay O'Neil Commodity Consulting Dry-Bulk freight markets stabilized this week and even ticked higher by week’s end. Physical markets, however, remained mostly unchanged as late-week rallies were not enough to surpass last week’s drop. De...
AM Outlook - Higher but Cautious
GOOD MORNING, The markets broke heavily on Monday and are attempting a recovery trade today. The only question would be is this a dead-cat bounce after yesterday's aggressive selling? Many weaker longs were stopped out, and that could be the theme of December, where more trade...
Technical Views - Up at Resistance
SPREADS March crush trades to 97.71c/bu while oilshare trades to 32.40%. No deliveries find Dec/March corn narrowing into 6c from 6 1/2c, while the Dec/Dec inverse trades at 12c. Jan/March beans trade from 1/2c to 1 1/2c carry. Dec/March meal trades from $4.60 inverse to...
Market Commentary: South American Rains Douse CBOT Rallies
Heavy weekend rains for parts of South America took away a pillar of bullish support and sparked aggressive selling at the CBOT on Monday. March corn posted a new contract high overnight but could not hold gains and soybeans were once again stymied at the $12.00 level. The day session saw soybe...
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...