Market Commentary: Dead Cat Bounce in Wheat; Soy Extends its Rally; EIA RVOs Still Pending
The CBOT was mostly higher at mid-week with soymeal and soybeans leading the way in a demand-fueled rally. Wheat traded sideways for the morning but eventually found some buying interest and rallied heading into the close to settle 12-14 cents higher. The wheat rally lacked any fundamental just...
Strange Bedfellows; Lobby Opportunity; Labor Hurdle
Strange Bedfellows The oil industry and U.S. agriculture have long conflicted with one another. The oil industry strongly opposed the ethanol blending mandate pushed through the Congress by the agriculture sector. Ethanol not only replaced the oil industry’s gasoline, but it also created...
Summary of Futures
Mar 23 Corn closed at $6.67/bushel, down $0.025 from yesterday's close. Mar 23 Wheat closed at $7.955/bushel, up $0.14 from yesterday's close. Jan 23 Soybeans closed at $14.695/bushel, up $0.1 from yesterday's close. Jan 23 Soymeal closed at $417.8/short ton, up $10.2 from yes...
FOB Prices and Freight Rate App (Updated 30 Nov.)
Ocean Freight Comments - 17 November 2022 By Jay O'Neil Commodity Consulting It is still an up and down Dry Bulk market situation with no defined direction. This market is mostly steaming in circles hoping to find support. Capesize markets have uncovered some improved demand in iron ore cargo,...
Interactive Ocean Freight Rates (Updated 30 Nov.)
Ocean Freight Comments - 17 November 2022 By Jay O'Neil Commodity Consulting It is still an up and down Dry Bulk market situation with no defined direction. This market is mostly steaming in circles hoping to find support. Capesize markets have uncovered some improved demand in iron ore cargo,...
Market Commentary: Soy Rally Continues; Wheat, Corn Drift Lower; House Moves to Preempt Rail Strike
The CBOT largely continued its prior trends on Tuesday with soybeans adding to Monday’s rally despite a pullback in soyoil. Corn chopped sideways again and stayed within the range that has defined its trade for the past thirteen trading days. SRW wheat bounced higher as funds took a brief...
Coming Deadlines: Rail Strike, Federal Budget, and 2023 RVOs
Rail Strike The U.S. House of Representatives is likely to vote tomorrow to block a railroad workers’ strike and/or a railroad lock out of labor. Currently, the deadline for the “cooling off” period is next Friday, 9 December, at midnight, but potentially hazardous product lik...
Summary of Futures
Mar 23 Corn closed at $6.695/bushel, down $0.0175 from yesterday's close. Mar 23 Wheat closed at $7.815/bushel, up $0.0075 from yesterday's close. Jan 23 Soybeans closed at $14.595/bushel, up $0.0225 from yesterday's close. Jan 23 Soymeal closed at $407.6/short ton, down $4.1...
Coffee Demand Steady
Demand growth for coffee has been far less volatile than production and ending stocks. Ending stocks peaked at 25 percent of consumption in 2001 as the price sunk to $0.44/pound. However, there was a stronger reaction when stocks slipped to 17 percent of production in 2011, and the price peaked...
AMLO Wiggle Room; New Congress/GM Corn Prospects; Pricing Commodities
AMLO Wiggle Room At a meeting yesterday with USDA Secretary Tom Vilsack, Mexican President Andrés Manuel López Obrador (AMLO) conceded that his announced ban on GM corn in 2024 would not have to apply to yellow corn for animal feed. Secretary Vilsack warned the Mexican leader ther...
Market Commentary: Argentina Creates New “Soy Dollar”; CBOT Soy Complex Rallies; Hog Selloff Intensifies
The CBOT started the day on a weak note with the protests in China and the government’s resulting crackdown creating widespread pressure on financial and commodity markets. The protests and the government’s response created worries about the Middle Kingdom’s demand for a myria...
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...
Market Commentary: Dead Cat Bounce in Wheat; Soy Extends its Rally; EIA RVOs Still Pending
The CBOT was mostly higher at mid-week with soymeal and soybeans leading the way in a demand-fueled rally. Wheat traded sideways for the morning but eventually found some buying interest and rallied heading into the close to settle 12-14 cents higher. The wheat rally lacked any fundamental just...
Strange Bedfellows; Lobby Opportunity; Labor Hurdle
Strange Bedfellows The oil industry and U.S. agriculture have long conflicted with one another. The oil industry strongly opposed the ethanol blending mandate pushed through the Congress by the agriculture sector. Ethanol not only replaced the oil industry’s gasoline, but it also created...
Summary of Futures
Mar 23 Corn closed at $6.67/bushel, down $0.025 from yesterday's close. Mar 23 Wheat closed at $7.955/bushel, up $0.14 from yesterday's close. Jan 23 Soybeans closed at $14.695/bushel, up $0.1 from yesterday's close. Jan 23 Soymeal closed at $417.8/short ton, up $10.2 from yes...
FOB Prices and Freight Rate App (Updated 30 Nov.)
Ocean Freight Comments - 17 November 2022 By Jay O'Neil Commodity Consulting It is still an up and down Dry Bulk market situation with no defined direction. This market is mostly steaming in circles hoping to find support. Capesize markets have uncovered some improved demand in iron ore cargo,...
Interactive Ocean Freight Rates (Updated 30 Nov.)
Ocean Freight Comments - 17 November 2022 By Jay O'Neil Commodity Consulting It is still an up and down Dry Bulk market situation with no defined direction. This market is mostly steaming in circles hoping to find support. Capesize markets have uncovered some improved demand in iron ore cargo,...
Market Commentary: Soy Rally Continues; Wheat, Corn Drift Lower; House Moves to Preempt Rail Strike
The CBOT largely continued its prior trends on Tuesday with soybeans adding to Monday’s rally despite a pullback in soyoil. Corn chopped sideways again and stayed within the range that has defined its trade for the past thirteen trading days. SRW wheat bounced higher as funds took a brief...
Coming Deadlines: Rail Strike, Federal Budget, and 2023 RVOs
Rail Strike The U.S. House of Representatives is likely to vote tomorrow to block a railroad workers’ strike and/or a railroad lock out of labor. Currently, the deadline for the “cooling off” period is next Friday, 9 December, at midnight, but potentially hazardous product lik...
Summary of Futures
Mar 23 Corn closed at $6.695/bushel, down $0.0175 from yesterday's close. Mar 23 Wheat closed at $7.815/bushel, up $0.0075 from yesterday's close. Jan 23 Soybeans closed at $14.595/bushel, up $0.0225 from yesterday's close. Jan 23 Soymeal closed at $407.6/short ton, down $4.1...
Coffee Demand Steady
Demand growth for coffee has been far less volatile than production and ending stocks. Ending stocks peaked at 25 percent of consumption in 2001 as the price sunk to $0.44/pound. However, there was a stronger reaction when stocks slipped to 17 percent of production in 2011, and the price peaked...
AMLO Wiggle Room; New Congress/GM Corn Prospects; Pricing Commodities
AMLO Wiggle Room At a meeting yesterday with USDA Secretary Tom Vilsack, Mexican President Andrés Manuel López Obrador (AMLO) conceded that his announced ban on GM corn in 2024 would not have to apply to yellow corn for animal feed. Secretary Vilsack warned the Mexican leader ther...
Market Commentary: Argentina Creates New “Soy Dollar”; CBOT Soy Complex Rallies; Hog Selloff Intensifies
The CBOT started the day on a weak note with the protests in China and the government’s resulting crackdown creating widespread pressure on financial and commodity markets. The protests and the government’s response created worries about the Middle Kingdom’s demand for a myria...
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...