Recent Soy & Oilseeds Analysis
Market Commentary: Grain Stocks Bullish Corn, Bearish Soybeans; Wheat Rallies on USDA Production Cuts
The CBOT showed the volatility often characteristic of days when the Grain Stocks report is released. The report was bullish corn and wheat and bearish soybeans, and the futures market’s reaction reflected the surprises. Soybeans dropped sharply lower for the day in a massively bearish mo...
Summary of Futures
Dec 22 Corn closed at $6.775/bushel, up $0.08 from yesterday's close. Dec 22 Wheat closed at $9.215/bushel, up $0.2525 from yesterday's close. Nov 22 Soybeans closed at $13.6475/bushel, down $0.46 from yesterday's close. Dec 22 Soymeal closed at $403/short ton, down $4.2 from...
Oilseeds Highlights - Snap Your Fingers, Snap Your Neck
The Market Soybeans were fighting their way back to breakeven for the week until USDA issued its quarterly stocks report midday and showed more product on the books than anyone expected. Mind you, stocks to use is still very tight but suddenly there is 13 percent more beans than expected and Ch...
Market Commentary: Holding Pattern
Two-sided, narrow trading continues as uncertainty competes with certainty over where true value is headed. In an almost hands off manner, soybeans failed to trade at its usual 25-cent minimum daily spread, and corn barely broke a 10-cent range. There is plenty of macro suspense – the Rus...
Summary of Futures
Dec 22 Corn closed at $6.695/bushel, down $0.01 from yesterday's close. Dec 22 Wheat closed at $8.9625/bushel, down $0.07 from yesterday's close. Nov 22 Soybeans closed at $14.1075/bushel, up $0.02 from yesterday's close. Dec 22 Soymeal closed at $407.2/short ton, down $5.5 fr...
China In-Country Analysis
Livestock Feed Costs Continue to Surge Courtesy of rising costs for corn, corn byproducts, and soymeal, major feed mills announced another round of price hikes this week. In addition, with the Golden Week holiday set to start on Saturday, many oilseed crushers have cut back or suspended operati...
Export Sales
Export Sales for September 16-22, 2022. Wheat: Net sales of 279,800 metric tons (MT) for 2022/2023 primarily for Guatemala (115,400 MT, including 51,500 MT switched from unknown destinations), Thailand (47,500 MT), Mexico (45,500 MT, including decreases of 13,000 MT), Italy (31,800...
Market Commentary: Two-Sided CBOT Trade Amid Macro-Market Volatility
The CBOT saw two-sided trade on Wednesday that was again heavily influenced by macro markets. Early weakness took corn and soybean futures below major technical support points, only to have those losses pared or reversed when the Bank of England announced a bond-buying program to stabilize the...
Summary of Futures
Dec 22 Corn closed at $6.705/bushel, up $0.03 from yesterday's close. Dec 22 Wheat closed at $9.0325/bushel, up $0.3175 from yesterday's close. Nov 22 Soybeans closed at $14.0875/bushel, up $0.0075 from yesterday's close. Dec 22 Soymeal closed at $412.7/short ton, down $0.9 fr...
Black Sea Regional Analysis
Russian Grain Markets: 19-23 September 2022 The Russian Ministry of Agriculture reported that as of 22 September wheat production was 99.9 MMT of bunker weight wheat versus 72.9 MMT a year ago. The average wheat yield increased from 2.8 MT/ha to 3.6 MT/ha. Harvesting has been completed on 27.4...
Market Commentary: CBOT Falls Again on Failed Macro Market Rally; Livestock Futures Selloff Accelerates
The CBOT and U.S. stocks both seemed ready to rally in early trade on Tuesday and both markets broadly marked strong gains in the morning. By early afternoon, however, U.S. stocks had pared gains and fallen into negative territory, and that weakness and a continued “risk off” attitu...
Summary of Futures
Dec 22 Corn closed at $6.675/bushel, up $0.0125 from yesterday's close. Dec 22 Wheat closed at $8.715/bushel, up $0.135 from yesterday's close. Nov 22 Soybeans closed at $14.08/bushel, down $0.0325 from yesterday's close. Dec 22 Soymeal closed at $413.6/short ton, down $3.9 fr...
Market Commentary: Grain Stocks Bullish Corn, Bearish Soybeans; Wheat Rallies on USDA Production Cuts
The CBOT showed the volatility often characteristic of days when the Grain Stocks report is released. The report was bullish corn and wheat and bearish soybeans, and the futures market’s reaction reflected the surprises. Soybeans dropped sharply lower for the day in a massively bearish mo...
Summary of Futures
Dec 22 Corn closed at $6.775/bushel, up $0.08 from yesterday's close. Dec 22 Wheat closed at $9.215/bushel, up $0.2525 from yesterday's close. Nov 22 Soybeans closed at $13.6475/bushel, down $0.46 from yesterday's close. Dec 22 Soymeal closed at $403/short ton, down $4.2 from...
Oilseeds Highlights - Snap Your Fingers, Snap Your Neck
The Market Soybeans were fighting their way back to breakeven for the week until USDA issued its quarterly stocks report midday and showed more product on the books than anyone expected. Mind you, stocks to use is still very tight but suddenly there is 13 percent more beans than expected and Ch...
Market Commentary: Holding Pattern
Two-sided, narrow trading continues as uncertainty competes with certainty over where true value is headed. In an almost hands off manner, soybeans failed to trade at its usual 25-cent minimum daily spread, and corn barely broke a 10-cent range. There is plenty of macro suspense – the Rus...
Summary of Futures
Dec 22 Corn closed at $6.695/bushel, down $0.01 from yesterday's close. Dec 22 Wheat closed at $8.9625/bushel, down $0.07 from yesterday's close. Nov 22 Soybeans closed at $14.1075/bushel, up $0.02 from yesterday's close. Dec 22 Soymeal closed at $407.2/short ton, down $5.5 fr...
China In-Country Analysis
Livestock Feed Costs Continue to Surge Courtesy of rising costs for corn, corn byproducts, and soymeal, major feed mills announced another round of price hikes this week. In addition, with the Golden Week holiday set to start on Saturday, many oilseed crushers have cut back or suspended operati...
Export Sales
Export Sales for September 16-22, 2022. Wheat: Net sales of 279,800 metric tons (MT) for 2022/2023 primarily for Guatemala (115,400 MT, including 51,500 MT switched from unknown destinations), Thailand (47,500 MT), Mexico (45,500 MT, including decreases of 13,000 MT), Italy (31,800...
Market Commentary: Two-Sided CBOT Trade Amid Macro-Market Volatility
The CBOT saw two-sided trade on Wednesday that was again heavily influenced by macro markets. Early weakness took corn and soybean futures below major technical support points, only to have those losses pared or reversed when the Bank of England announced a bond-buying program to stabilize the...
Summary of Futures
Dec 22 Corn closed at $6.705/bushel, up $0.03 from yesterday's close. Dec 22 Wheat closed at $9.0325/bushel, up $0.3175 from yesterday's close. Nov 22 Soybeans closed at $14.0875/bushel, up $0.0075 from yesterday's close. Dec 22 Soymeal closed at $412.7/short ton, down $0.9 fr...
Black Sea Regional Analysis
Russian Grain Markets: 19-23 September 2022 The Russian Ministry of Agriculture reported that as of 22 September wheat production was 99.9 MMT of bunker weight wheat versus 72.9 MMT a year ago. The average wheat yield increased from 2.8 MT/ha to 3.6 MT/ha. Harvesting has been completed on 27.4...
Market Commentary: CBOT Falls Again on Failed Macro Market Rally; Livestock Futures Selloff Accelerates
The CBOT and U.S. stocks both seemed ready to rally in early trade on Tuesday and both markets broadly marked strong gains in the morning. By early afternoon, however, U.S. stocks had pared gains and fallen into negative territory, and that weakness and a continued “risk off” attitu...
Summary of Futures
Dec 22 Corn closed at $6.675/bushel, up $0.0125 from yesterday's close. Dec 22 Wheat closed at $8.715/bushel, up $0.135 from yesterday's close. Nov 22 Soybeans closed at $14.08/bushel, down $0.0325 from yesterday's close. Dec 22 Soymeal closed at $413.6/short ton, down $3.9 fr...