Technical Views - Within Ranges
SPREADS August crush trades lower, down to 80.46c/bu, while oilshare trends down to 32.41%. Spreads are firmer with Jul/Dec corn narrowing into 13 1/4c from 14c, and Julyl/Sep trading from 4c to 4 1/4c. July/Nov beans trades from 8 1/2c to 9 1/4c, while Jul/Dec meal trades from $8.2...
Meat Packer Concentration – Again
We note that 11 state Attorneys General have asked the U.S. Justice Department (DOJ) to investigate the anti-trust and price fixing implications of the high degree of concentration in the meat packing industry. This request was seconded by several members of Congress including Senator Chuck Gra...
AM Outlook - Conflicting Stories Create Trading Ranges
GOOD MORNING, Prices are mixed this morning, with soyoil lower on the back of a palm oil sell-off, while all other markets are higher. Conflicting stories continue to circulate for China and beans, but according to Shanghai's JCI, China will have to purchase US beans to cover any shortage...
Trade Managed by China; India Tiptoes Reform
Trade Managed by China Australia Trade Minister Simon Birmingham said that government is looking carefully to see if the U.S. – China Phase One trade agreement is resulting in “managed trade” that is violating the rules of the WTO. Well the agreement is certainly managed trade...
Market Commentary
The CBOT continued its strength on Wednesday, buoyed largely by rising Russian/Ukrainian FOB wheat prices and continued strength in the Brazilian real. Despite improving weather for Europe and the Black Sea region, the market remains concerned about Black Sea supplies, especially after Ukrainia...
Summary of Futures
Jul 20 Corn closed at $3.24/bushel, down $0.0025 from yesterday's close. Jul 20 Wheat closed at $5.12/bushel, up $0.04 from yesterday's close. Jul 20 Soybeans closed at $8.575/bushel, up $0.07 from yesterday's close. Jul 20 Soymeal closed at $286.3/short ton, up $2.6 from yest...
Rice as Laggard
It was noted yesterday that the growth in global production of wheat has tracked population growth whereas corn and soybeans have expanded exponentially more. Wheat is predominantly a food grain whereas corn and soybeans have fed the expanding animal protein sector. Rice is also predominantly a...
China In-Country Analysis
Livestock Ministry of Ag Reports Hog Inventories by Province China’s Ministry of Agriculture and Rural Affairs (MARA) recently released provincial level figures for the first quarter of this year for the country’s hog inventories. The top fifteen provinces in China through March acc...
PM Post - As Called
THE OPEN July beans: 5 1/2 higher July meal: 1.20 higher July soyoil: 24 higher July corn: 1 lower July wheat: 4 higher The markets opened as called with soyoil prices triggering buy-stops to trade to new highs for the move upward with some oilshare bulls locking i...
Technical Views - Straddle/Strangle Corn
SPREADS August crush trades to 85.22c/bu while oilshare firms to 32.99%. The July roll officially begins on Friday. On corn weakness this morning, July/Dec widens back out to 14 1/2c from 13 1/2c, while Jul/Sep trades out to 4 3/4c from 4 1/4c. July/Dec meal widens back out to...
AM Outlook - Buy Beans, Sell Grains
GOOD MORNING, Inter-market spread activity continues as funds buy beans and sell grains. US beans are a good buy for the moment, and China has been busy this week. World vegoils are firming up as countries come out of lock-down, with China and India resuming its purchases of...
April Ethanol Corn Crush; June Estimated Forecast
In a sign of the times, corn crushed for ethanol in April, during the peak of the COVID-19 lockdown, was down more than 44 percent from April 2019, while corn crushed for alcoholic beverages was up 12 percent from April 2019 according to USDA’s Grain Crushing and Co-Production report rele...
Technical Views - Within Ranges
SPREADS August crush trades lower, down to 80.46c/bu, while oilshare trends down to 32.41%. Spreads are firmer with Jul/Dec corn narrowing into 13 1/4c from 14c, and Julyl/Sep trading from 4c to 4 1/4c. July/Nov beans trades from 8 1/2c to 9 1/4c, while Jul/Dec meal trades from $8.2...
Meat Packer Concentration – Again
We note that 11 state Attorneys General have asked the U.S. Justice Department (DOJ) to investigate the anti-trust and price fixing implications of the high degree of concentration in the meat packing industry. This request was seconded by several members of Congress including Senator Chuck Gra...
AM Outlook - Conflicting Stories Create Trading Ranges
GOOD MORNING, Prices are mixed this morning, with soyoil lower on the back of a palm oil sell-off, while all other markets are higher. Conflicting stories continue to circulate for China and beans, but according to Shanghai's JCI, China will have to purchase US beans to cover any shortage...
Trade Managed by China; India Tiptoes Reform
Trade Managed by China Australia Trade Minister Simon Birmingham said that government is looking carefully to see if the U.S. – China Phase One trade agreement is resulting in “managed trade” that is violating the rules of the WTO. Well the agreement is certainly managed trade...
Market Commentary
The CBOT continued its strength on Wednesday, buoyed largely by rising Russian/Ukrainian FOB wheat prices and continued strength in the Brazilian real. Despite improving weather for Europe and the Black Sea region, the market remains concerned about Black Sea supplies, especially after Ukrainia...
Summary of Futures
Jul 20 Corn closed at $3.24/bushel, down $0.0025 from yesterday's close. Jul 20 Wheat closed at $5.12/bushel, up $0.04 from yesterday's close. Jul 20 Soybeans closed at $8.575/bushel, up $0.07 from yesterday's close. Jul 20 Soymeal closed at $286.3/short ton, up $2.6 from yest...
Rice as Laggard
It was noted yesterday that the growth in global production of wheat has tracked population growth whereas corn and soybeans have expanded exponentially more. Wheat is predominantly a food grain whereas corn and soybeans have fed the expanding animal protein sector. Rice is also predominantly a...
China In-Country Analysis
Livestock Ministry of Ag Reports Hog Inventories by Province China’s Ministry of Agriculture and Rural Affairs (MARA) recently released provincial level figures for the first quarter of this year for the country’s hog inventories. The top fifteen provinces in China through March acc...
PM Post - As Called
THE OPEN July beans: 5 1/2 higher July meal: 1.20 higher July soyoil: 24 higher July corn: 1 lower July wheat: 4 higher The markets opened as called with soyoil prices triggering buy-stops to trade to new highs for the move upward with some oilshare bulls locking i...
Technical Views - Straddle/Strangle Corn
SPREADS August crush trades to 85.22c/bu while oilshare firms to 32.99%. The July roll officially begins on Friday. On corn weakness this morning, July/Dec widens back out to 14 1/2c from 13 1/2c, while Jul/Sep trades out to 4 3/4c from 4 1/4c. July/Dec meal widens back out to...
AM Outlook - Buy Beans, Sell Grains
GOOD MORNING, Inter-market spread activity continues as funds buy beans and sell grains. US beans are a good buy for the moment, and China has been busy this week. World vegoils are firming up as countries come out of lock-down, with China and India resuming its purchases of...
April Ethanol Corn Crush; June Estimated Forecast
In a sign of the times, corn crushed for ethanol in April, during the peak of the COVID-19 lockdown, was down more than 44 percent from April 2019, while corn crushed for alcoholic beverages was up 12 percent from April 2019 according to USDA’s Grain Crushing and Co-Production report rele...