Summary of Futures
Dec 21 Corn closed at $5.43/bushel, down $0.1825 from yesterday's close. Sep 21 Wheat closed at $6.84/bushel, down $0.0825 from yesterday's close. Nov 21 Soybeans closed at $13.5175/bushel, down $0.105 from yesterday's close. Dec 21 Soymeal closed at $356.2/short ton, down $9...
Market Commentary: Grains Fall on Weather, Weak Technicals; Livestock Markets Digest New Data
The CBOT pulled back again on Friday with weak technical conditions in corn and soybeans contributing to early declines. U.S. weather forecasts are mostly hot and dry still, but recent European model runs show greater precipitation for the central U.S. That put a bearish bias in the CBOT today...
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...
Cattle Supply Continuing to Contract in Line with Expectations
USDA’s semi-annual Cattle Inventory report was released this afternoon. All cattle and calves in the United States on 1 July totaled 101 million head, 99 percent of July 2020 – in line with pre-report expectations. Of that inventory, all cows and heifers that have calved totaled 40...
Tilting at Windmills; Floored Prices; Greenwashing Sustainability
Tilting at Windmills China is being chided in the financial press for trying to limit commodity prices. In addition to scrutinizing pricing platforms, Beijing is auctioning stockpiles and warning against speculation. This approach ignores the real impacts of underlying demand, which the governm...
Different Value-Added
USDA/FAS reports that excessive rains hit Chile earlier this year and damaged a wide swath of that country’s grape crop. What is notable is the concentration of global grape trade by some of the world’s smaller producers of grapes. Six countries (Chile, Peru, South Africa, United St...
PM Post - Bailing Out for the Weekend
THE OPEN November beans: 5 lower December meal: 3.80 lower December soyoil: 90 higher December corn: 1 1/4 lower December wheat: 3 3/4 higher The markets opened as expected with more profit-taking as funds remain long and the weaker technical picture, lower demand...
AM Outlook - Unwinding
GOOD MORNING, Prices are mixed this morning with higher oilshare and soyoil and firm wheat, vs. weaker beans, meal, and corn. Traders were busy unwinding previous oilshare values this week on the back of the Administration's delay to defining biofuel mandates, but that correction se...
Technical Views - Still Sideways
SPREADS We continue to see positive crush margins in the US, with August at 99c/bu and Sep. at 1.31c/bu. August oilshare trades to 47.70% and Sep. is at 47.25%. Sep/Dec meal trades from $3.40 carry out to $3.90. August/Nov bean inverse trades from a low of 49 1/4c up to 54 1/4...
Market Commentary: Weather Whiplash
While the gyrations in the equities market are based on things like earnings and risks from inflation or COVID, agricultural commodities are all about the weather. It is the known unknown and there will not be any clarity for a while yet. In a brief reflection of diversity (different commoditie...
Summary of Futures
Dec 21 Corn closed at $5.6125/bushel, down $0.0725 from yesterday's close. Sep 21 Wheat closed at $6.9225/bushel, down $0.185 from yesterday's close. Nov 21 Soybeans closed at $13.6225/bushel, down $0.275 from yesterday's close. Dec 21 Soymeal closed at $366/short ton, down $8...
Green Measures Have Consequences; Good Choice at FAS
Green Measures Have Consequences Under France’s new Climate and Resilience law, farmers must reduce their emissions from nitrogen fertilizer by 15 percent or eventually face a fine for not doing so. In addition, school and government cafeterias must offer a vegetarian option at least once...
Summary of Futures
Dec 21 Corn closed at $5.43/bushel, down $0.1825 from yesterday's close. Sep 21 Wheat closed at $6.84/bushel, down $0.0825 from yesterday's close. Nov 21 Soybeans closed at $13.5175/bushel, down $0.105 from yesterday's close. Dec 21 Soymeal closed at $356.2/short ton, down $9...
Market Commentary: Grains Fall on Weather, Weak Technicals; Livestock Markets Digest New Data
The CBOT pulled back again on Friday with weak technical conditions in corn and soybeans contributing to early declines. U.S. weather forecasts are mostly hot and dry still, but recent European model runs show greater precipitation for the central U.S. That put a bearish bias in the CBOT today...
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...
Cattle Supply Continuing to Contract in Line with Expectations
USDA’s semi-annual Cattle Inventory report was released this afternoon. All cattle and calves in the United States on 1 July totaled 101 million head, 99 percent of July 2020 – in line with pre-report expectations. Of that inventory, all cows and heifers that have calved totaled 40...
Tilting at Windmills; Floored Prices; Greenwashing Sustainability
Tilting at Windmills China is being chided in the financial press for trying to limit commodity prices. In addition to scrutinizing pricing platforms, Beijing is auctioning stockpiles and warning against speculation. This approach ignores the real impacts of underlying demand, which the governm...
Different Value-Added
USDA/FAS reports that excessive rains hit Chile earlier this year and damaged a wide swath of that country’s grape crop. What is notable is the concentration of global grape trade by some of the world’s smaller producers of grapes. Six countries (Chile, Peru, South Africa, United St...
PM Post - Bailing Out for the Weekend
THE OPEN November beans: 5 lower December meal: 3.80 lower December soyoil: 90 higher December corn: 1 1/4 lower December wheat: 3 3/4 higher The markets opened as expected with more profit-taking as funds remain long and the weaker technical picture, lower demand...
AM Outlook - Unwinding
GOOD MORNING, Prices are mixed this morning with higher oilshare and soyoil and firm wheat, vs. weaker beans, meal, and corn. Traders were busy unwinding previous oilshare values this week on the back of the Administration's delay to defining biofuel mandates, but that correction se...
Technical Views - Still Sideways
SPREADS We continue to see positive crush margins in the US, with August at 99c/bu and Sep. at 1.31c/bu. August oilshare trades to 47.70% and Sep. is at 47.25%. Sep/Dec meal trades from $3.40 carry out to $3.90. August/Nov bean inverse trades from a low of 49 1/4c up to 54 1/4...
Market Commentary: Weather Whiplash
While the gyrations in the equities market are based on things like earnings and risks from inflation or COVID, agricultural commodities are all about the weather. It is the known unknown and there will not be any clarity for a while yet. In a brief reflection of diversity (different commoditie...
Summary of Futures
Dec 21 Corn closed at $5.6125/bushel, down $0.0725 from yesterday's close. Sep 21 Wheat closed at $6.9225/bushel, down $0.185 from yesterday's close. Nov 21 Soybeans closed at $13.6225/bushel, down $0.275 from yesterday's close. Dec 21 Soymeal closed at $366/short ton, down $8...
Green Measures Have Consequences; Good Choice at FAS
Green Measures Have Consequences Under France’s new Climate and Resilience law, farmers must reduce their emissions from nitrogen fertilizer by 15 percent or eventually face a fine for not doing so. In addition, school and government cafeterias must offer a vegetarian option at least once...