Market Commentary
It was a trade war-influenced day at the CBOT with China adding tariffs to another $60 billion of U.S. products in a retaliatory response to the latest Trump-imposed tariffs on $200 billion of Chinese goods. The back-and-forth tariffs are not really causing further damage to major agricultural...
More Things to Keep You Up at Night
The initial (and minimum) revenue insurance price for the 2019 U.S. winter wheat crop has now been determined. It is based on the daily average of the July 2019 Chicago and KC wheat futures between 15 August and 15 September. The price for hard red winter wheat is $5.74 versus last year’s...
Market Commentary
Corn and soybean prices were lower overnight with wheat prices slightly higher. That trend continued throughout today, but Chicago SRW and KC HRW wheat couldn’t hold any gains. However, Minneapolis HRS futures were higher all day, which might have been because of the troubles with Russia&...
Market Commentary
Markets traded mixed during the overnight session but closed with wheat up 6-7 cents and small gains for corn and soybeans. Today’s session traded much the same way with corn and soybean futures markets mostly steady and wheat higher. Volume was less than average, which has been the case...
Market Commentary
Trading was double-sided and lackluster today following USDA’s bearish WASDE. Chart and technical conditions are bearish, and that is turning funds into sellers despite some solid end user buying. Reports from farm country are that farmer sales are almost completely gone after the CBOT&rs...
WASDE Wheat
USDA estimates that global wheat supplies for 2018/19 are raised 4.7 million tons on a 3.4-million-ton production increase and higher beginning stocks. The Russian crop is raised 3.0 million tons on harvest results to date in the winter wheat region and continued excellent weather in the...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Middle East/North Africa (MENA) region importers of maize and wheat from Argentina will be facing higher prices due to the new taxes added to exports by that country’s government. However, many Argentine exporters had expected the tax in...
Here Come the USDA Reports
There are several things to watch for in USDA’s September production estimates and WASDE (supply/demand) revisions that will be released on 12 September at noon (EDT). Corn USDA caught the trade by surprise with its record U.S. corn yield estimate in August. No one seems to expect...
Market Commentary
Grain and soy futures trade continued to be light in volume and devoid of excitement overnight with limited price movement. This dull pattern carried over to the day session as well. Wheat futures moved lower during the day, a response to ongoing fund liquidation, the lack of export demand, and...
Weighing the Pain; China’s Gambit
Weighing the Pain Ann Duignan of JP Morgan expresses concern on AgriTalk that the suffering in U.S. agriculture from retaliatory tariffs will put the sector into recession. Without doubt, some commodities are suffering, which is why USDA launched its trade mitigation programs. In fact, agricult...
Market Commentary
Grain and soy prices posted modest gains during the overnight session. They were led again by wheat, which followed up on Wednesday’s big rally. The volatile Euronext wheat futures also surged ahead, adding to yesterday’s big move. As CME day session trading resumed, however, the Eu...
Market Commentary
In recent years, the last week of August and/or the first week of September have been the best bets for the timing of seasonal lows for CME grain and soy futures prices. The reason for this is that for the last several years, prospects for very large harvests of corn and soybeans about to get u...
Market Commentary
It was a trade war-influenced day at the CBOT with China adding tariffs to another $60 billion of U.S. products in a retaliatory response to the latest Trump-imposed tariffs on $200 billion of Chinese goods. The back-and-forth tariffs are not really causing further damage to major agricultural...
More Things to Keep You Up at Night
The initial (and minimum) revenue insurance price for the 2019 U.S. winter wheat crop has now been determined. It is based on the daily average of the July 2019 Chicago and KC wheat futures between 15 August and 15 September. The price for hard red winter wheat is $5.74 versus last year’s...
Market Commentary
Corn and soybean prices were lower overnight with wheat prices slightly higher. That trend continued throughout today, but Chicago SRW and KC HRW wheat couldn’t hold any gains. However, Minneapolis HRS futures were higher all day, which might have been because of the troubles with Russia&...
Market Commentary
Markets traded mixed during the overnight session but closed with wheat up 6-7 cents and small gains for corn and soybeans. Today’s session traded much the same way with corn and soybean futures markets mostly steady and wheat higher. Volume was less than average, which has been the case...
Market Commentary
Trading was double-sided and lackluster today following USDA’s bearish WASDE. Chart and technical conditions are bearish, and that is turning funds into sellers despite some solid end user buying. Reports from farm country are that farmer sales are almost completely gone after the CBOT&rs...
WASDE Wheat
USDA estimates that global wheat supplies for 2018/19 are raised 4.7 million tons on a 3.4-million-ton production increase and higher beginning stocks. The Russian crop is raised 3.0 million tons on harvest results to date in the winter wheat region and continued excellent weather in the...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Middle East/North Africa (MENA) region importers of maize and wheat from Argentina will be facing higher prices due to the new taxes added to exports by that country’s government. However, many Argentine exporters had expected the tax in...
Here Come the USDA Reports
There are several things to watch for in USDA’s September production estimates and WASDE (supply/demand) revisions that will be released on 12 September at noon (EDT). Corn USDA caught the trade by surprise with its record U.S. corn yield estimate in August. No one seems to expect...
Market Commentary
Grain and soy futures trade continued to be light in volume and devoid of excitement overnight with limited price movement. This dull pattern carried over to the day session as well. Wheat futures moved lower during the day, a response to ongoing fund liquidation, the lack of export demand, and...
Weighing the Pain; China’s Gambit
Weighing the Pain Ann Duignan of JP Morgan expresses concern on AgriTalk that the suffering in U.S. agriculture from retaliatory tariffs will put the sector into recession. Without doubt, some commodities are suffering, which is why USDA launched its trade mitigation programs. In fact, agricult...
Market Commentary
Grain and soy prices posted modest gains during the overnight session. They were led again by wheat, which followed up on Wednesday’s big rally. The volatile Euronext wheat futures also surged ahead, adding to yesterday’s big move. As CME day session trading resumed, however, the Eu...
Market Commentary
In recent years, the last week of August and/or the first week of September have been the best bets for the timing of seasonal lows for CME grain and soy futures prices. The reason for this is that for the last several years, prospects for very large harvests of corn and soybeans about to get u...