Recent Soy & Oilseeds Analysis
Market Commentary: Technicals Dominate on Light Fundamentals
Ag futures saw another day of mixed trade with CBOT wheat taking a surprising lead and posting a technically bullish day while corn futures sank lower after hitting technical resistance. Soybeans saw strong bull spreading that led to rumors of possible export sales activity while soymeal drifte...
Summary of Futures
Mar 23 Corn closed at $6.7975/bushel, down $0.04 from yesterday's close. Mar 23 Wheat closed at $7.6125/bushel, up $0.0875 from yesterday's close. Mar 23 Soybeans closed at $15.38/bushel, up $0.0275 from yesterday's close. Mar 23 Soymeal closed at $484.2/short ton, down $4.5 f...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egyptian government officials said the “dollar crisis” has now been corrected and that foreign payments are being made by banks and delayed goods are clearing customs. Extra efforts have been made to r...
Parsing the Data
Brazil’s meat processors are expressing angst that their country’s boosted corn exports to China this year will drive up domestic feed costs to what they describe as an “overpriced” level. The number of Chinese bidders for imported corn is large as the Middle Kingdom&rsq...
Market Commentary: Soymeal, Live Cattle Post New Contract Highs; Grains End Firmer
The CBOT was stronger to start the day with corn and wheat finding mild, continued strength from last week’s rallies. The winterkill threats to the HRW crop mean that KCBT wheat is the upside leader in wheat futures with funds slowly shifting to the long side of the market. Corn ticked hi...
Summary of Futures
Mar 23 Corn closed at $6.8375/bushel, up $0.0075 from yesterday's close. Mar 23 Wheat closed at $7.525/bushel, up $0.025 from yesterday's close. Mar 23 Soybeans closed at $15.3525/bushel, up $0.2575 from yesterday's close. Mar 23 Soymeal closed at $488.7/short ton, up $15.2 fr...
European Market Analysis
Regional News Egypt has reportedly secured a long-term contract with Germany to buy wheat from the European nation, though details on the agreement are sparse. Russia’s total wheat planted area for 2023 is projected to reach 29.05 Mha, down from 29.468 Mha seeded in 2022. Roma...
Mercosur Regional Analysis
Corn Rains that have fallen so far in 2023 indicate a possible change in the South American weather pattern. They have been good in terms of quantity and regularity and have been covering practically the entire agricultural area. In addition, forecasts continue to be favorable for the next week...
Market Commentary: Bullish Signals in KCBT Wheat and Corn; WPI 2023 Acreage Forecasts
The CBOT capped a volatile week with a relatively quiet day of trading. That didn’t mean there weren’t ample technical developments, however, with several markets forming or hinting at trend reversals. For the day, corn futures showed some strength early but ended flat while the soy...
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...
Summary of Futures
Mar 23 Corn closed at $6.83/bushel, up $0.005 from yesterday's close. Mar 23 Wheat closed at $7.5/bushel, down $0.025 from yesterday's close. Mar 23 Soybeans closed at $15.095/bushel, down $0.14 from yesterday's close. Mar 23 Soymeal closed at $473.5/short ton, down $3.6 from...
Oilseed Highlights: Volatile Mood
The Market The trading week got started with the weather premium getting chopped down due to rains in Argentina. Those rains turned out to be good but not perfect. Then a robust export sales report on Thursday shot more adrenalin into the complex. However, by week’s end more rain is seen...
Market Commentary: Technicals Dominate on Light Fundamentals
Ag futures saw another day of mixed trade with CBOT wheat taking a surprising lead and posting a technically bullish day while corn futures sank lower after hitting technical resistance. Soybeans saw strong bull spreading that led to rumors of possible export sales activity while soymeal drifte...
Summary of Futures
Mar 23 Corn closed at $6.7975/bushel, down $0.04 from yesterday's close. Mar 23 Wheat closed at $7.6125/bushel, up $0.0875 from yesterday's close. Mar 23 Soybeans closed at $15.38/bushel, up $0.0275 from yesterday's close. Mar 23 Soymeal closed at $484.2/short ton, down $4.5 f...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egyptian government officials said the “dollar crisis” has now been corrected and that foreign payments are being made by banks and delayed goods are clearing customs. Extra efforts have been made to r...
Parsing the Data
Brazil’s meat processors are expressing angst that their country’s boosted corn exports to China this year will drive up domestic feed costs to what they describe as an “overpriced” level. The number of Chinese bidders for imported corn is large as the Middle Kingdom&rsq...
Market Commentary: Soymeal, Live Cattle Post New Contract Highs; Grains End Firmer
The CBOT was stronger to start the day with corn and wheat finding mild, continued strength from last week’s rallies. The winterkill threats to the HRW crop mean that KCBT wheat is the upside leader in wheat futures with funds slowly shifting to the long side of the market. Corn ticked hi...
Summary of Futures
Mar 23 Corn closed at $6.8375/bushel, up $0.0075 from yesterday's close. Mar 23 Wheat closed at $7.525/bushel, up $0.025 from yesterday's close. Mar 23 Soybeans closed at $15.3525/bushel, up $0.2575 from yesterday's close. Mar 23 Soymeal closed at $488.7/short ton, up $15.2 fr...
European Market Analysis
Regional News Egypt has reportedly secured a long-term contract with Germany to buy wheat from the European nation, though details on the agreement are sparse. Russia’s total wheat planted area for 2023 is projected to reach 29.05 Mha, down from 29.468 Mha seeded in 2022. Roma...
Mercosur Regional Analysis
Corn Rains that have fallen so far in 2023 indicate a possible change in the South American weather pattern. They have been good in terms of quantity and regularity and have been covering practically the entire agricultural area. In addition, forecasts continue to be favorable for the next week...
Market Commentary: Bullish Signals in KCBT Wheat and Corn; WPI 2023 Acreage Forecasts
The CBOT capped a volatile week with a relatively quiet day of trading. That didn’t mean there weren’t ample technical developments, however, with several markets forming or hinting at trend reversals. For the day, corn futures showed some strength early but ended flat while the soy...
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...
Summary of Futures
Mar 23 Corn closed at $6.83/bushel, up $0.005 from yesterday's close. Mar 23 Wheat closed at $7.5/bushel, down $0.025 from yesterday's close. Mar 23 Soybeans closed at $15.095/bushel, down $0.14 from yesterday's close. Mar 23 Soymeal closed at $473.5/short ton, down $3.6 from...
Oilseed Highlights: Volatile Mood
The Market The trading week got started with the weather premium getting chopped down due to rains in Argentina. Those rains turned out to be good but not perfect. Then a robust export sales report on Thursday shot more adrenalin into the complex. However, by week’s end more rain is seen...