USMCA Codification; Mitigating the Mitigation; Expanding the Conflict
USMCA Codification What seemed unlikely just a few weeks ago now looks like a growing possibility – U.S. congressional passage of the USMCA. USTR Robert Lighthizer told members of Congress that he will do whatever it takes to mollify their concerns. The U.S. Chamber of Commerce says it no...
Market Commentary
Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines about a potential Trump/Xi meeting being balanced against the overall bearishness of soybean fundamentals. Overall, the market was characterized...
Summary of Futures
Jul 19 Corn closed at $4.41/bushel, down $0.0875 from yesterday's close. Jul 19 Wheat closed at $5.2225/bushel, down $0.0925 from yesterday's close. Jul 19 Soybeans closed at $9.0325/bushel, down $0.1025 from yesterday's close. Jul 19 Soymeal closed at $316.9/short ton, down $...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Market Commentary
Grain and soy complex futures were weaker overnight as profit taking in corn and wheat pushed those markets lower. Soybeans were sold in sympathy with the grains, although soyoil posted modest gains on long soyoil/short soymeal spread trade. Agricultural and equity markets received a boost this...
Legs of War; No Cigar
Legs of War The news that Presidents Trump and Xi plus their negotiators will have extended bilateral discussions around the G20 Summit was seen as hopeful but not definitive. Both sides are dug in deep and short of one side or the other (or both). As it incurs economic calamity, this war would...
Summary of Futures
Jul 19 Corn closed at $4.4975/bushel, down $0.05 from yesterday's close. Jul 19 Wheat closed at $5.315/bushel, down $0.08 from yesterday's close. Jul 19 Soybeans closed at $9.135/bushel, up $0.0075 from yesterday's close. Jul 19 Soymeal closed at $322/short ton, down $2.3 from...
News Impacts on Commodity Volatility
Researchers from Northwestern, Stanford, and the University of Chicago tracked equity market volatility with articles from eleven different newspapers, and they unsurprisingly found that trade policy had no impact on the market prior to the election of Donald Trump (see NBER Working Paper No. 2...
Shifting Baseline Leaves Real Crop Progress Still Unknown
USDA issued the crop progress report yesterday, but interpreting any meaning from it is almost impossible under current conditions because the baseline of intended planting has changed. Consider, 1 March planting intentions had indicated there would be 92.8 million acres of corn this year. That...
Market Commentary
Grain and soy complex futures were higher overnight as continued rain across the Midwest threatens the corn and soybean crops. At this point, there are many fields that will simply go unplanted, while planted crops will deteriorate due to the excessive moisture. One potential problem is that th...
Is the Immigration-Tariff Deal with Mexico a Template for China Breakthrough?
There is a great deal of speculation on whether Presidents Trump and Xi will actually meetand/or come to a deal at the G20 Summit in Osaka on 28 and 29 June. Much of the rhetoric from the U.S. side has continued to take a tough stance in trade talks with China. However, it is now more than a ye...
USMCA Codification; Mitigating the Mitigation; Expanding the Conflict
USMCA Codification What seemed unlikely just a few weeks ago now looks like a growing possibility – U.S. congressional passage of the USMCA. USTR Robert Lighthizer told members of Congress that he will do whatever it takes to mollify their concerns. The U.S. Chamber of Commerce says it no...
Market Commentary
Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines about a potential Trump/Xi meeting being balanced against the overall bearishness of soybean fundamentals. Overall, the market was characterized...
Summary of Futures
Jul 19 Corn closed at $4.41/bushel, down $0.0875 from yesterday's close. Jul 19 Wheat closed at $5.2225/bushel, down $0.0925 from yesterday's close. Jul 19 Soybeans closed at $9.0325/bushel, down $0.1025 from yesterday's close. Jul 19 Soymeal closed at $316.9/short ton, down $...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Market Commentary
Grain and soy complex futures were weaker overnight as profit taking in corn and wheat pushed those markets lower. Soybeans were sold in sympathy with the grains, although soyoil posted modest gains on long soyoil/short soymeal spread trade. Agricultural and equity markets received a boost this...
Legs of War; No Cigar
Legs of War The news that Presidents Trump and Xi plus their negotiators will have extended bilateral discussions around the G20 Summit was seen as hopeful but not definitive. Both sides are dug in deep and short of one side or the other (or both). As it incurs economic calamity, this war would...
Summary of Futures
Jul 19 Corn closed at $4.4975/bushel, down $0.05 from yesterday's close. Jul 19 Wheat closed at $5.315/bushel, down $0.08 from yesterday's close. Jul 19 Soybeans closed at $9.135/bushel, up $0.0075 from yesterday's close. Jul 19 Soymeal closed at $322/short ton, down $2.3 from...
News Impacts on Commodity Volatility
Researchers from Northwestern, Stanford, and the University of Chicago tracked equity market volatility with articles from eleven different newspapers, and they unsurprisingly found that trade policy had no impact on the market prior to the election of Donald Trump (see NBER Working Paper No. 2...
Shifting Baseline Leaves Real Crop Progress Still Unknown
USDA issued the crop progress report yesterday, but interpreting any meaning from it is almost impossible under current conditions because the baseline of intended planting has changed. Consider, 1 March planting intentions had indicated there would be 92.8 million acres of corn this year. That...
Market Commentary
Grain and soy complex futures were higher overnight as continued rain across the Midwest threatens the corn and soybean crops. At this point, there are many fields that will simply go unplanted, while planted crops will deteriorate due to the excessive moisture. One potential problem is that th...
Is the Immigration-Tariff Deal with Mexico a Template for China Breakthrough?
There is a great deal of speculation on whether Presidents Trump and Xi will actually meetand/or come to a deal at the G20 Summit in Osaka on 28 and 29 June. Much of the rhetoric from the U.S. side has continued to take a tough stance in trade talks with China. However, it is now more than a ye...