Recent Soy & Oilseeds Analysis
Market Commentary: Bulls Rest Amid Quiet Headlines but Weather Minimizes Downside Potential
The CBOT was mixed to close a week that has generally featured quiet or range-bound trade (except the soyoil market) with traders seemingly weighing their long-term outlooks amid conflicting weather and production signals. Wheat was lower on Friday with pressure coming from larger-than-expected...
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
Jul 24 Corn closed at $4.525/bushel, down $0.045 from yesterday's close. Jul 24 Wheat closed at $6.5125/bushel, down $0.12 from yesterday's close. Jul 24 Soybeans closed at $12.28/bushel, up $0.1175 from yesterday's close. Jul 24 Soymeal closed at $368.8/short ton, up $1.1 fro...
Oilseeds Highlights: Defying the Odds
The Market Despite worries about used cooking oil imports, slow exports, and a drop in the NOPA crush, July soybeans closed the week up 9 cents (0.73 percent) at 1228/bushel. Traders must have Brazilian flooding on their minds. However, the November contract lost 2.5 cents (-0.18 percent) to en...
Market Commentary: A Breather in the Market
There was little pushing the market one way or another today, other than a sense that things had been pushed high enough for now. The open was mostly higher but that softened not long after the open. The run-up in prices last week led to farmer selling, and so this was a third day of selling co...
Summary of Futures
Jul 24 Corn closed at $4.57/bushel, down $0.055 from yesterday's close. Jul 24 Wheat closed at $6.6325/bushel, down $0.025 from yesterday's close. Jul 24 Soybeans closed at $12.1625/bushel, up $0.0275 from yesterday's close. Jul 24 Soymeal closed at $367.7/short ton, down $4 f...
Market Commentary: CBOT Pauses and Drifts Lower; NOPA Crush Disappoints; Energies Rally as Inflation Eases
The CBOT started out firm again in the overnight session but quickly turned lower once the day session started. The reason seemed to be “sell the fact” trade after the recent weather market rise in prices with traders seeming to think grain and oilseed supplies may be a bit better t...
Black Sea Regional Analysis
Russian Grain Markets: 6–10 May 2024 This year’s spring weather in Russia is abnormal; last week frost was registered across European Russia ranging from Smolensk all the way to Volga Valley. Some nighttime temperatures were as low as minus 12 degrees Celsius which is catastrophic f...
Market Commentary: Soyoil Sinks as Cooking Oil Escapes Tariffs; Grains Fall on Crop Progress
The CBOT pushed higher overnight with corn notching a new four-month high and wheat futures extending their rally, but that strength quickly faded during the day session. One of the biggest drivers for the day’s declines was the failure of used cooking oil to be included in the Biden Admi...
Summary of Futures
Jul 24 Corn closed at $4.675/bushel, down $0.05 from yesterday's close. Jul 24 Wheat closed at $6.725/bushel, down $0.145 from yesterday's close. Jul 24 Soybeans closed at $12.145/bushel, down $0.05 from yesterday's close. Jul 24 Soymeal closed at $373.3/short ton, up $6.8 fro...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia’s Modern Mills Company is now trading its shares on the Saudi Exchange. Thirty percent of its shares were offered to public, retail, and institutional investors and the IPO was vastly oversubscr...
Market Commentary: Wheat Still Leads CBOT Rally; Frost/Freeze Threatens Russian Wheat Crop
In what has become a common refrain this year, wheat futures were again the upside leader in Monday’s CBOT trade as markets are increasingly concerned about Northern Hemisphere weather. Monday’s trade was seemingly primarily focused on the dryness and recent frost/freeze events in c...
WPI Crop Progress and Conditions App (Updated 13 May)
Update for 1 April 2024: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where ob...
Summary of Futures
Jul 24 Corn closed at $4.725/bushel, up $0.0275 from yesterday's close. Jul 24 Wheat closed at $6.87/bushel, up $0.235 from yesterday's close. Jul 24 Soybeans closed at $12.195/bushel, up $0.005 from yesterday's close. Jul 24 Soymeal closed at $366.5/short ton, down $5.4 from...
European Market Analysis
Regional News Frosts in Russia’s central, southern, and Volga regions have halted spring planting efforts, which will likely contribute to lower yield potential this year. Russia has completed spring seeding on 16.9 Mha, or 30.2 percent of the planned area, so far. Some of these are...
Mercosur Regional Analysis
Wheat Brazil’s state of Rio Grande do Sul is experiencing the worst climatic catastrophe in the last 80 years, with intense rains causing major floods. There are many dead, injured, and evacuated individuals. Rio Grande do Sul represents approximately 50 percent of the country's wheat pro...
WASDE Soybeans
USDA’s outlook for 2024/25 U.S. soybeans is for higher supplies, increased exports, and higher ending stocks. The soybean crop is projected at 4.45 billion bushels, up 285 million on higher area and trend yield. U.S. ending stocks for 2024/25 are projected at 445 million bushels, up...
Summary of Futures
Jul 24 Corn closed at $4.6975/bushel, up $0.1325 from yesterday's close. Jul 24 Wheat closed at $6.635/bushel, up $0.26 from yesterday's close. Jul 24 Soybeans closed at $12.19/bushel, up $0.105 from yesterday's close. Jul 24 Soymeal closed at $371.9/short ton, down $1 from ye...
Market Commentary: Wheat Leads WASDE-Defying CBOT Rally
The CBOT was higher heading into Friday’s May WASDE report from the USDA with weather and production concerns in various parts of the globe driving futures into the green. The WASDE didn’t really support an outlook for higher trade/prices, but the CBOT rallied anyway after the repor...
CFTC COT Report Analysis
The surprise in this week’s CFTC report is that – through Tuesday’s data reporting deadline - funds were more aggressive covering grain/oilseed shorts than expected. The headline number is that funds bought back over 111,000 contracts and are now only short about 30,000 contra...
Oilseed Highlights: Not Much Ado About Something
The Market After hitting a new contract low yesterday, the trade took July soyoil up nearly 2 cents today and closed out the week with a 3.1 percent rise to 44.44 cents/pound. July soybeans added 4 cents or 0.32 percent for the week, and July soymeal lost 0.08 percent to close out the week at 3...
Market Commentary: Weather and Old versus New Crop
The trade continued to position ahead of tomorrow’s May USDA WASDE report. Some took profits as they backed out of positions but, overall, there was lower volume. The exception being soyoil where a new July contract low was printed. Adverse South American crop weather supports old crop v...
Summary of Futures
Jul 24 Corn closed at $4.565/bushel, down $0.02 from yesterday's close. Jul 24 Wheat closed at $6.375/bushel, up $0.035 from yesterday's close. Jul 24 Soybeans closed at $12.085/bushel, down $0.1925 from yesterday's close. Jul 24 Soymeal closed at $372.9/short ton, down $5.6 f...
Export Sales
Export Sales and Shipments for April 26-May 2, 2024 Wheat: Net sales of 41,100 metric tons (MT) for 2023/2024 were down noticeably from the previous week, but up noticeably from the prior 4-week average. Export shipments of 337,500 MT were down 34 percent from the previous week and...
Market Commentary: Grains, Oilseeds Contract on More Pre-WASDE Positioning
Grain futures continue to retreat from their recent rally highs with traders unwilling to overextend risks heading into Friday’s WASDE report. The WASDE should be supportive old crop futures from cuts to the Brazilian and Argentine crops, but new crop futures could see pressure from expec...
Summary of Futures
Jul 24 Corn closed at $4.585/bushel, down $0.085 from yesterday's close. Jul 24 Wheat closed at $6.34/bushel, down $0.0875 from yesterday's close. Jul 24 Soybeans closed at $12.2775/bushel, down $0.1875 from yesterday's close. Jul 24 Soymeal closed at $378.5/short ton, down $4...
Black Sea Regional Analysis
Russian Grain Markets: 29 April–3 May 2024 Last week Russia celebrated International Labor Day, and on May 9 will celebrate WWII Victory Day, resulting in a long 10-day holiday for many Russian families, including grain traders. This traditionally slows down trade, however, logistics cont...
Market Commentary: Traders Pause CBOT Rally While Eyeing WASDE
The grain market fundamentals didn’t change much from Monday to Tuesday, but traders largely suspended their short-covering or long-positioning efforts as they looked ahead to the May WASDE. The report will be issued this Friday and will include USDA’s first projections for MY 2024/...
Summary of Futures
Jul 24 Corn closed at $4.67/bushel, down $0.02 from yesterday's close. Jul 24 Wheat closed at $6.4275/bushel, down $0.06 from yesterday's close. Jul 24 Soybeans closed at $12.465/bushel, down $0.0225 from yesterday's close. Jul 24 Soymeal closed at $383.2/short ton, down $4.4...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt has received 1,000,000 MT of local wheat since the harvest began on 13 April. The government’s target is to receive 3.5 MMT from the 2024 harvest. Egypt may become a market for South African maize expo...
Market Commentary: Bulls Are Running Again
Bulls remain firmly in charge of CBOT ag trade with weather concerns seemingly around the world prompting short covering and fresh long buying. Wheat and soybeans were the upside leaders at the CBOT once again as these two commodities hold the most bullish weather implications. Corn was largely...
Summary of Futures
Jul 24 Corn closed at $4.69/bushel, up $0.0875 from yesterday's close. Jul 24 Wheat closed at $6.4875/bushel, up $0.2625 from yesterday's close. Jul 24 Soybeans closed at $12.4875/bushel, up $0.3375 from yesterday's close. Jul 24 Soymeal closed at $387.6/short ton, up $15.4 fr...
European Market Analysis
Regional News Algeria purchased 200 KMT of hard wheat – rumored to originate in France – at $249-250/MT C&F. Turkey issued an international tender for the sale of 100 KMT of durum wheat to be exported – not imported – from the country. The winning bid cam...
Mercosur Regional Analysis
Corn Currently, Argentine farmers have harvested 22 percent of the corn area, with a weekly progress of only 2.3 percent. While soybean harvesting takes precedence and progresses much faster, farmers are only now able to enter some fields after the rains of the past few weeks. The Buenos Aires...
Market Commentary: CBOT Gains Continue on Weather Market, Risk-On Mentality
The CBOT followed the higher trend it established earlier this week with still more bullish news emerging to close the week. First off, the weather remains challenging for the U.S., South America, and Europe and, secondly, Russia’s 2024 wheat crop and exports saw another downward revision...
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...
Oilseed Highlights: South America/SAF Driving Developments
The Market For the week, the July soybean contract added 37.75 cents (3.2 percent) in value. November soybeans closed out Friday’s trading at $12.01/bushel, the highest close in over a month above the 100-day moving average for the first time this year. July soymeal moved $27.5 (7.9 perce...
Summary of Futures
Jul 24 Corn closed at $4.6025/bushel, up $0.005 from yesterday's close. Jul 24 Wheat closed at $6.225/bushel, up $0.1825 from yesterday's close. Jul 24 Soybeans closed at $12.15/bushel, up $0.16 from yesterday's close. Jul 24 Soymeal closed at $372.2/short ton, up $7.3 from ye...
Market Commentary: Mostly Higher on Weather
After days of flat to faltering closes, corn and soybeans have now rebounded the past two days, and today wheat joined the rally. In two days, July corn has gained 13 cents and July soybeans are up 36 cents. USDA’s Export Sales report showed old crop washouts and lower actual expor...
Summary of Futures
Jul 24 Corn closed at $4.5975/bushel, up $0.09 from yesterday's close. Jul 24 Wheat closed at $6.0425/bushel, up $0.05 from yesterday's close. Jul 24 Soybeans closed at $11.99/bushel, up $0.2875 from yesterday's close. Jul 24 Soymeal closed at $364.9/short ton, up $15.9 from y...
Export Sales
Export Sales and Shipments for April 19-25, 2024 Wheat: Net sales reductions of 20,300 metric tons (MT) for 2023/2024 were down noticeably from the previous week and from the prior 4-week average. Export shipments of 508,600 MT were down 11 percent from the previous week and 8 perce...
Market Commentary: CBOT Remains Choppy, Volatile as Weather Drives Markets
The CBOT saw another day of mixed trade with livestock futures pushing sharply lower as demand fears resurface while wheat futures drew back for a third straight day amid more forecasts of showers for previously dry production regions. The soy complex recovered a bit from Tuesday’s sellof...
Summary of Futures
Jul 24 Corn closed at $4.5075/bushel, up $0.04 from yesterday's close. Jul 24 Wheat closed at $5.9925/bushel, down $0.04 from yesterday's close. Jul 24 Soybeans closed at $11.7025/bushel, up $0.0725 from yesterday's close. Jul 24 Soymeal closed at $349/short ton, down $2.9 fro...
Black Sea Regional Analysis
Russian Grain Markets: 22–26 April 2024 Russian analysts are beginning to worry that this season’s grain production in Russia may drop from almost 145 MMT in 2023 to 135 MMT because of the drought in Southern Federal District – the wheat belt of Russia. Russian Ministry of Agr...
Market Commentary: Biodiesel Report Sinks Soyoil, Soy Complex; Wheat Falls on Forecast Rains
First notice day for May futures yielded heavy deliveries against the soyoil contract and, to a lesser extent, soybeans and soymeal. CBOT wheat also saw deliveries, but the grain markets survived the event relatively unscathed. Most of the day’s action was in the soy complex as weaker-tha...
Olive Oil Gets Tighter
Olive oil is a niche product, comprising just under one percent of total global vegetable oil production. It is also higher priced, and only becoming more so as production drops. Europe produces around 62 percent of global olive oil and supplies half the world trade. Production is primarily in...
Summary of Futures
Jul 24 Corn closed at $4.4675/bushel, down $0.025 from yesterday's close. Jul 24 Wheat closed at $6.0325/bushel, down $0.0525 from yesterday's close. Jul 24 Soybeans closed at $11.63/bushel, down $0.19 from yesterday's close. Jul 24 Soymeal closed at $351.9/short ton, down $2...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt reports it has received 900,000 MT of local wheat since the harvest began on 13 April. The government’s target is to receive 3.5 MMT from the 2024 harvest. Egypt’s Suez Canal Economic Zone has re...
Market Commentary: Wheat Pulls Back from Weather Rally; Soymeal Leads Soy Complex
The CBOT saw mixed trade to start the week with wheat futures (except the MGEX market) pulling back amid profit taking and a general feeling of a correction after their recent rally. The soy complex, on the other hand, saw a strong rally in soymeal as the plight of the Argentine crop is bolster...
Summary of Futures
Jul 24 Corn closed at $4.4925/bushel, down $0.0075 from yesterday's close. Jul 24 Wheat closed at $6.085/bushel, down $0.1375 from yesterday's close. Jul 24 Soybeans closed at $11.82/bushel, up $0.0475 from yesterday's close. Jul 24 Soymeal closed at $354.3/short ton, up $9.6...
Mercosur Regional Analysis
Corn Argentina’s corn harvest only advanced by 2 percentage points last week as the rains show no mercy, making it difficult for farmers to enter the fields. Moreover, the focus of those who can enter fields remains on soybeans, which are typically harvested as soon as possible and take p...
European Market Analysis
Regional News ProZerno forecasts Russia’s 2024 total grain production will hit 135-136 MMT, down from 144.9 MMT in 2023. Wheat production is forecast to fall from 92.8 to 88 MMT this year, with barley production down from 21.1 to 18 MMT. Russia’s corn production should fall fr...
Market Commentary: Weather Worries Nearing a Ceiling
Large supplies and a strong dollar took their toll this week on corn and soybeans, but they still managed to outperform. Weather worries pushed wheat higher for a seventh straight session, and pork finally took a fall. There was high volume trading in corn today but without any strong fee...
Oilseed Highlights: Up, Despite Grey Clouds
The Market Brazil has been winning the soybean export war, and imported biodiesel feedstock threatens domestic crush margins, but Chicago trading this week appeared to shake off such concerns. July soybeans traded lower for the past three trading sessions but larger gains achieved at the beginn...
Summary of Futures
Jul 24 Corn closed at $4.5/bushel, down $0.02 from yesterday's close. Jul 24 Wheat closed at $6.2225/bushel, up $0.0175 from yesterday's close. Jul 24 Soybeans closed at $11.7725/bushel, down $0.025 from yesterday's close. Jul 24 Soymeal closed at $344.7/short ton, down $2.9 f...
Export Sales
Export Sales and Shipments for April 12-18, 2024 Wheat: Net sales of 82,000 metric tons (MT) for 2023/2024 were down noticeably from the previous week and down 4 percent from the prior 4-week average. Exports shipments of 573,900 MT were up 18 percent from the previous week and 13 p...
Market Commentary: Wheat Extends Weather Rally; Corn, Soybeans Steady While Eyeing Weather
Wheat remains the star of the ag commodity space this week with the rally continuing on challenging weather prospects for the U.S. HRW region, Europe, and the Black Sea. Until a few weeks ago, there were few doubts about the 2024 crop being able to supply the expected demand, but now reduced yi...
Market Commentary: Some Reversals, Some Not
Corn, soybeans and soyoil all closed lower after trading up the previous three sessions. July soymeal made it a fourth trading session higher, and wheat remains on a tear with a fifth trading session closing higher. The mood around wheat sees supply concerns developing in North America and in t...
Black Sea Regional Analysis
Russian Grain Markets: 15–19 April 2024 International sanctions and reverse measures Russia adopted towards “unfriendly” countries may leave Russia without proper genetics for this spring’s planting campaign. While small grains are available due to long term domestic see...
Market Commentary: Wheat Extends Rally; Funds Cover Shorts Amid Widespread Futures Strength
The spring 2024 wheat rally continues as weather threats linger for the U.S., Europe, and the Black Sea. Weather forecasts that offer a challenging outlook for the 2024/25 Northern Hemisphere crop are forcing funds to keep exiting short positions, with the resulting positive technical developme...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iran, Bangladesh, and the UAE were major destinations for Indian soymeal exports in March 2024, representing 78 percent of exports – Bangladesh 33,000 MT, Iran 88,000 MT, and UAE 18,000 MT. Iran imported 429...
Market Commentary: Global Wheat, Oilseed Futures Rally on Weather Threats
Friday’s strength in CBOT and broader global ag commodity futures was simply a foreshadowing of the rallies that would develop on Monday. Heading into the weekend, markets were jittery on perceived weather risks, many of which turned out to be prescient. Over the weekend, parts of the U.S...
European Market Analysis
Regional News Early-morning frosts were reported across Poland down to France as crops are reaching growth stages that are sensitive to cold. It’s too early to say whether the cold snap will dent yields, but the 2024 crop continues to face weather challenges. Tunisia pur...
Mercosur Regional Analysis
Wheat Wheat from the 2024/25 campaign remains a topic of discussion in Argentina, with conflicting views regarding the area to be sown. The reality of the situation is that wheat production margins have been improving in recent weeks due to the improvements in futures prices, but also due...
Market Commentary: CBOT Gains to Close Week; Wheat Firms on Bullish News
The CBOT was mostly higher to end a mostly bearish week with wheat leading the way on several mildly bullish developments. Wheat futures saw price-supportive development in the IGC’s lower 2024/25 global ending stocks forecast, dryness in the U.S. Southern Plains, and smaller Russian 2024...
CFTC COT Report Analysis
Based on futures’ price action late last week and early this week, one would be expecting funds to have been net sellers in the major ag commodities, and that’s exactly what happened. Funds expanded their short soybean position by some 30,000 contracts, making it a new five-year low...
Summary of Futures
May 24 Corn closed at $4.335/bushel, up $0.0675 from yesterday's close. Jul 24 Wheat closed at $5.6675/bushel, up $0.1375 from yesterday's close. May 24 Soybeans closed at $11.505/bushel, up $0.1625 from yesterday's close. Jul 24 Soymeal closed at $343.2/short ton, up $5.8 fro...
Oilseed Highlights: Still Softly Descending
The Market Soybeans sharply rebounded on Friday after hitting a one month low the day before, likely on short covering. For the week, May soybeans lost 16.25 cents (-2 percent) and November soybeans gave up 15.25 cents. The latter new crop contract still carries an 11 cent premium over the soon...
Export Sales
Export Sales and Shipments for April 5-11, 2024 Wheat: Net sales reductions of 93,600 metric tons (MT) for 2023/2024 were down noticeably from the previous week and from the prior 4-week average. Export shipments of 487,800 MT were down 22 percent from the previous week, but unchanged fro...
Market Commentary: Looking for Market Movers
The bearishness continues as South America crops loom and Northern Hemisphere weather is stable. The impending flood of Argentine soymeal and soyoil onto the market sent the May soyoil contract to a new low. There was nothing in today’s weekly USDA Export Sales report to alter the...
Summary of Futures
May 24 Corn closed at $4.2675/bushel, down $0.035 from yesterday's close. Jul 24 Wheat closed at $5.53/bushel, up $0.0075 from yesterday's close. May 24 Soybeans closed at $11.3425/bushel, down $0.1525 from yesterday's close. May 24 Soymeal closed at $338/short ton, down $0.7...
Market Commentary: Grains Fall while Oilseeds Gain; Oil Falls on U.S. Stocks, Chinese Economy
The CBOT was mixed on Wednesday with wheat futures dropping amid fund selling due to a stronger U.S. dollar and easing Russian FOB offers while corn drifted lower in lackluster, low-volume trade. While the grains were on the defensive, the soy complex found some support from technically related...
Summary of Futures
May 24 Corn closed at $4.3025/bushel, down $0.0075 from yesterday's close. May 24 Wheat closed at $5.37/bushel, down $0.1275 from yesterday's close. May 24 Soybeans closed at $11.495/bushel, up $0.045 from yesterday's close. May 24 Soymeal closed at $338.7/short ton, up $3.4 f...
Black Sea Regional Analysis
Russian Grain Markets: 8–12 April 2024 During the first week of April, the Russian domestic grain market remained quite volatile but predominantly stable and bearish. The exception was milling wheat going for export which triggered price improvements in the ports against a weaker RUB and...
Market Commentary: Corn, Soybeans Fall on Planting Progress, Weather; NOPA Report Sinks Soyoil
The CBOT was mostly lower on Tuesday with broadly favorable weather in the U.S. and South America allowing timely planting and harvesting, respectively, of summer crops. Monday’s Crop Progress report from USDA indicated that U.S. farmers are making solid gains seeding the 2024 crops with...
Summary of Futures
May 24 Corn closed at $4.31/bushel, down $0.005 from yesterday's close. May 24 Wheat closed at $5.4975/bushel, down $0.02 from yesterday's close. May 24 Soybeans closed at $11.45/bushel, down $0.1325 from yesterday's close. May 24 Soymeal closed at $335.3/short ton, down $3.2...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Regional Updates Due to the Ramadan Eid El Fitr holidays ending, there is no grain news or information from the MENA region this week. SOUTHERN/EASTERN/WESTERN AFRICA Ghana’s government faces serious criticism f...
Market Commentary: CBOT Falls on Stronger Dollar, Technical Trade; NOPA Crush Sets Record
The CBOT was mostly lower to start the week with a rising U.S. dollar and favorable weather for the U.S. and South America pressuring values. Some jitters over the weekend developments in the Middle East also kept markets on the defensive, though crude oil prices slipped lower despite the incre...
Summary of Futures
May 24 Corn closed at $4.315/bushel, down $0.04 from yesterday's close. May 24 Wheat closed at $5.5175/bushel, down $0.0425 from yesterday's close. May 24 Soybeans closed at $11.5825/bushel, down $0.1575 from yesterday's close. May 24 Soymeal closed at $338.5/short ton, down $...
Mercosur Regional Analysis
Corn Estimates of Argentina’s corn harvest continue to decrease, mainly due to the impact of Spiroplasma bacteria. The Rosario Grain Exchange lowered its estimate from 57 to 50.5 MMT, while the Buenos Aires Grain Exchange revised their’s from 52 to 49.5 MMT, marking the second conse...
Market Commentary: Bulls Rest Amid Quiet Headlines but Weather Minimizes Downside Potential
The CBOT was mixed to close a week that has generally featured quiet or range-bound trade (except the soyoil market) with traders seemingly weighing their long-term outlooks amid conflicting weather and production signals. Wheat was lower on Friday with pressure coming from larger-than-expected...
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
Jul 24 Corn closed at $4.525/bushel, down $0.045 from yesterday's close. Jul 24 Wheat closed at $6.5125/bushel, down $0.12 from yesterday's close. Jul 24 Soybeans closed at $12.28/bushel, up $0.1175 from yesterday's close. Jul 24 Soymeal closed at $368.8/short ton, up $1.1 fro...
Oilseeds Highlights: Defying the Odds
The Market Despite worries about used cooking oil imports, slow exports, and a drop in the NOPA crush, July soybeans closed the week up 9 cents (0.73 percent) at 1228/bushel. Traders must have Brazilian flooding on their minds. However, the November contract lost 2.5 cents (-0.18 percent) to en...
Market Commentary: A Breather in the Market
There was little pushing the market one way or another today, other than a sense that things had been pushed high enough for now. The open was mostly higher but that softened not long after the open. The run-up in prices last week led to farmer selling, and so this was a third day of selling co...
Summary of Futures
Jul 24 Corn closed at $4.57/bushel, down $0.055 from yesterday's close. Jul 24 Wheat closed at $6.6325/bushel, down $0.025 from yesterday's close. Jul 24 Soybeans closed at $12.1625/bushel, up $0.0275 from yesterday's close. Jul 24 Soymeal closed at $367.7/short ton, down $4 f...
Market Commentary: CBOT Pauses and Drifts Lower; NOPA Crush Disappoints; Energies Rally as Inflation Eases
The CBOT started out firm again in the overnight session but quickly turned lower once the day session started. The reason seemed to be “sell the fact” trade after the recent weather market rise in prices with traders seeming to think grain and oilseed supplies may be a bit better t...
Black Sea Regional Analysis
Russian Grain Markets: 6–10 May 2024 This year’s spring weather in Russia is abnormal; last week frost was registered across European Russia ranging from Smolensk all the way to Volga Valley. Some nighttime temperatures were as low as minus 12 degrees Celsius which is catastrophic f...
Market Commentary: Soyoil Sinks as Cooking Oil Escapes Tariffs; Grains Fall on Crop Progress
The CBOT pushed higher overnight with corn notching a new four-month high and wheat futures extending their rally, but that strength quickly faded during the day session. One of the biggest drivers for the day’s declines was the failure of used cooking oil to be included in the Biden Admi...
Summary of Futures
Jul 24 Corn closed at $4.675/bushel, down $0.05 from yesterday's close. Jul 24 Wheat closed at $6.725/bushel, down $0.145 from yesterday's close. Jul 24 Soybeans closed at $12.145/bushel, down $0.05 from yesterday's close. Jul 24 Soymeal closed at $373.3/short ton, up $6.8 fro...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia’s Modern Mills Company is now trading its shares on the Saudi Exchange. Thirty percent of its shares were offered to public, retail, and institutional investors and the IPO was vastly oversubscr...
Market Commentary: Wheat Still Leads CBOT Rally; Frost/Freeze Threatens Russian Wheat Crop
In what has become a common refrain this year, wheat futures were again the upside leader in Monday’s CBOT trade as markets are increasingly concerned about Northern Hemisphere weather. Monday’s trade was seemingly primarily focused on the dryness and recent frost/freeze events in c...
WPI Crop Progress and Conditions App (Updated 13 May)
Update for 1 April 2024: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where ob...
Summary of Futures
Jul 24 Corn closed at $4.725/bushel, up $0.0275 from yesterday's close. Jul 24 Wheat closed at $6.87/bushel, up $0.235 from yesterday's close. Jul 24 Soybeans closed at $12.195/bushel, up $0.005 from yesterday's close. Jul 24 Soymeal closed at $366.5/short ton, down $5.4 from...
European Market Analysis
Regional News Frosts in Russia’s central, southern, and Volga regions have halted spring planting efforts, which will likely contribute to lower yield potential this year. Russia has completed spring seeding on 16.9 Mha, or 30.2 percent of the planned area, so far. Some of these are...
Mercosur Regional Analysis
Wheat Brazil’s state of Rio Grande do Sul is experiencing the worst climatic catastrophe in the last 80 years, with intense rains causing major floods. There are many dead, injured, and evacuated individuals. Rio Grande do Sul represents approximately 50 percent of the country's wheat pro...
WASDE Soybeans
USDA’s outlook for 2024/25 U.S. soybeans is for higher supplies, increased exports, and higher ending stocks. The soybean crop is projected at 4.45 billion bushels, up 285 million on higher area and trend yield. U.S. ending stocks for 2024/25 are projected at 445 million bushels, up...
Summary of Futures
Jul 24 Corn closed at $4.6975/bushel, up $0.1325 from yesterday's close. Jul 24 Wheat closed at $6.635/bushel, up $0.26 from yesterday's close. Jul 24 Soybeans closed at $12.19/bushel, up $0.105 from yesterday's close. Jul 24 Soymeal closed at $371.9/short ton, down $1 from ye...
Market Commentary: Wheat Leads WASDE-Defying CBOT Rally
The CBOT was higher heading into Friday’s May WASDE report from the USDA with weather and production concerns in various parts of the globe driving futures into the green. The WASDE didn’t really support an outlook for higher trade/prices, but the CBOT rallied anyway after the repor...
CFTC COT Report Analysis
The surprise in this week’s CFTC report is that – through Tuesday’s data reporting deadline - funds were more aggressive covering grain/oilseed shorts than expected. The headline number is that funds bought back over 111,000 contracts and are now only short about 30,000 contra...
Oilseed Highlights: Not Much Ado About Something
The Market After hitting a new contract low yesterday, the trade took July soyoil up nearly 2 cents today and closed out the week with a 3.1 percent rise to 44.44 cents/pound. July soybeans added 4 cents or 0.32 percent for the week, and July soymeal lost 0.08 percent to close out the week at 3...
Market Commentary: Weather and Old versus New Crop
The trade continued to position ahead of tomorrow’s May USDA WASDE report. Some took profits as they backed out of positions but, overall, there was lower volume. The exception being soyoil where a new July contract low was printed. Adverse South American crop weather supports old crop v...
Summary of Futures
Jul 24 Corn closed at $4.565/bushel, down $0.02 from yesterday's close. Jul 24 Wheat closed at $6.375/bushel, up $0.035 from yesterday's close. Jul 24 Soybeans closed at $12.085/bushel, down $0.1925 from yesterday's close. Jul 24 Soymeal closed at $372.9/short ton, down $5.6 f...
Export Sales
Export Sales and Shipments for April 26-May 2, 2024 Wheat: Net sales of 41,100 metric tons (MT) for 2023/2024 were down noticeably from the previous week, but up noticeably from the prior 4-week average. Export shipments of 337,500 MT were down 34 percent from the previous week and...
Market Commentary: Grains, Oilseeds Contract on More Pre-WASDE Positioning
Grain futures continue to retreat from their recent rally highs with traders unwilling to overextend risks heading into Friday’s WASDE report. The WASDE should be supportive old crop futures from cuts to the Brazilian and Argentine crops, but new crop futures could see pressure from expec...
Summary of Futures
Jul 24 Corn closed at $4.585/bushel, down $0.085 from yesterday's close. Jul 24 Wheat closed at $6.34/bushel, down $0.0875 from yesterday's close. Jul 24 Soybeans closed at $12.2775/bushel, down $0.1875 from yesterday's close. Jul 24 Soymeal closed at $378.5/short ton, down $4...
Black Sea Regional Analysis
Russian Grain Markets: 29 April–3 May 2024 Last week Russia celebrated International Labor Day, and on May 9 will celebrate WWII Victory Day, resulting in a long 10-day holiday for many Russian families, including grain traders. This traditionally slows down trade, however, logistics cont...
Market Commentary: Traders Pause CBOT Rally While Eyeing WASDE
The grain market fundamentals didn’t change much from Monday to Tuesday, but traders largely suspended their short-covering or long-positioning efforts as they looked ahead to the May WASDE. The report will be issued this Friday and will include USDA’s first projections for MY 2024/...
Summary of Futures
Jul 24 Corn closed at $4.67/bushel, down $0.02 from yesterday's close. Jul 24 Wheat closed at $6.4275/bushel, down $0.06 from yesterday's close. Jul 24 Soybeans closed at $12.465/bushel, down $0.0225 from yesterday's close. Jul 24 Soymeal closed at $383.2/short ton, down $4.4...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt has received 1,000,000 MT of local wheat since the harvest began on 13 April. The government’s target is to receive 3.5 MMT from the 2024 harvest. Egypt may become a market for South African maize expo...
Market Commentary: Bulls Are Running Again
Bulls remain firmly in charge of CBOT ag trade with weather concerns seemingly around the world prompting short covering and fresh long buying. Wheat and soybeans were the upside leaders at the CBOT once again as these two commodities hold the most bullish weather implications. Corn was largely...
Summary of Futures
Jul 24 Corn closed at $4.69/bushel, up $0.0875 from yesterday's close. Jul 24 Wheat closed at $6.4875/bushel, up $0.2625 from yesterday's close. Jul 24 Soybeans closed at $12.4875/bushel, up $0.3375 from yesterday's close. Jul 24 Soymeal closed at $387.6/short ton, up $15.4 fr...
European Market Analysis
Regional News Algeria purchased 200 KMT of hard wheat – rumored to originate in France – at $249-250/MT C&F. Turkey issued an international tender for the sale of 100 KMT of durum wheat to be exported – not imported – from the country. The winning bid cam...
Mercosur Regional Analysis
Corn Currently, Argentine farmers have harvested 22 percent of the corn area, with a weekly progress of only 2.3 percent. While soybean harvesting takes precedence and progresses much faster, farmers are only now able to enter some fields after the rains of the past few weeks. The Buenos Aires...
Market Commentary: CBOT Gains Continue on Weather Market, Risk-On Mentality
The CBOT followed the higher trend it established earlier this week with still more bullish news emerging to close the week. First off, the weather remains challenging for the U.S., South America, and Europe and, secondly, Russia’s 2024 wheat crop and exports saw another downward revision...
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...
Oilseed Highlights: South America/SAF Driving Developments
The Market For the week, the July soybean contract added 37.75 cents (3.2 percent) in value. November soybeans closed out Friday’s trading at $12.01/bushel, the highest close in over a month above the 100-day moving average for the first time this year. July soymeal moved $27.5 (7.9 perce...
Summary of Futures
Jul 24 Corn closed at $4.6025/bushel, up $0.005 from yesterday's close. Jul 24 Wheat closed at $6.225/bushel, up $0.1825 from yesterday's close. Jul 24 Soybeans closed at $12.15/bushel, up $0.16 from yesterday's close. Jul 24 Soymeal closed at $372.2/short ton, up $7.3 from ye...
Market Commentary: Mostly Higher on Weather
After days of flat to faltering closes, corn and soybeans have now rebounded the past two days, and today wheat joined the rally. In two days, July corn has gained 13 cents and July soybeans are up 36 cents. USDA’s Export Sales report showed old crop washouts and lower actual expor...
Summary of Futures
Jul 24 Corn closed at $4.5975/bushel, up $0.09 from yesterday's close. Jul 24 Wheat closed at $6.0425/bushel, up $0.05 from yesterday's close. Jul 24 Soybeans closed at $11.99/bushel, up $0.2875 from yesterday's close. Jul 24 Soymeal closed at $364.9/short ton, up $15.9 from y...
Export Sales
Export Sales and Shipments for April 19-25, 2024 Wheat: Net sales reductions of 20,300 metric tons (MT) for 2023/2024 were down noticeably from the previous week and from the prior 4-week average. Export shipments of 508,600 MT were down 11 percent from the previous week and 8 perce...
Market Commentary: CBOT Remains Choppy, Volatile as Weather Drives Markets
The CBOT saw another day of mixed trade with livestock futures pushing sharply lower as demand fears resurface while wheat futures drew back for a third straight day amid more forecasts of showers for previously dry production regions. The soy complex recovered a bit from Tuesday’s sellof...
Summary of Futures
Jul 24 Corn closed at $4.5075/bushel, up $0.04 from yesterday's close. Jul 24 Wheat closed at $5.9925/bushel, down $0.04 from yesterday's close. Jul 24 Soybeans closed at $11.7025/bushel, up $0.0725 from yesterday's close. Jul 24 Soymeal closed at $349/short ton, down $2.9 fro...
Black Sea Regional Analysis
Russian Grain Markets: 22–26 April 2024 Russian analysts are beginning to worry that this season’s grain production in Russia may drop from almost 145 MMT in 2023 to 135 MMT because of the drought in Southern Federal District – the wheat belt of Russia. Russian Ministry of Agr...
Market Commentary: Biodiesel Report Sinks Soyoil, Soy Complex; Wheat Falls on Forecast Rains
First notice day for May futures yielded heavy deliveries against the soyoil contract and, to a lesser extent, soybeans and soymeal. CBOT wheat also saw deliveries, but the grain markets survived the event relatively unscathed. Most of the day’s action was in the soy complex as weaker-tha...
Olive Oil Gets Tighter
Olive oil is a niche product, comprising just under one percent of total global vegetable oil production. It is also higher priced, and only becoming more so as production drops. Europe produces around 62 percent of global olive oil and supplies half the world trade. Production is primarily in...
Summary of Futures
Jul 24 Corn closed at $4.4675/bushel, down $0.025 from yesterday's close. Jul 24 Wheat closed at $6.0325/bushel, down $0.0525 from yesterday's close. Jul 24 Soybeans closed at $11.63/bushel, down $0.19 from yesterday's close. Jul 24 Soymeal closed at $351.9/short ton, down $2...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt reports it has received 900,000 MT of local wheat since the harvest began on 13 April. The government’s target is to receive 3.5 MMT from the 2024 harvest. Egypt’s Suez Canal Economic Zone has re...
Market Commentary: Wheat Pulls Back from Weather Rally; Soymeal Leads Soy Complex
The CBOT saw mixed trade to start the week with wheat futures (except the MGEX market) pulling back amid profit taking and a general feeling of a correction after their recent rally. The soy complex, on the other hand, saw a strong rally in soymeal as the plight of the Argentine crop is bolster...
Summary of Futures
Jul 24 Corn closed at $4.4925/bushel, down $0.0075 from yesterday's close. Jul 24 Wheat closed at $6.085/bushel, down $0.1375 from yesterday's close. Jul 24 Soybeans closed at $11.82/bushel, up $0.0475 from yesterday's close. Jul 24 Soymeal closed at $354.3/short ton, up $9.6...
Mercosur Regional Analysis
Corn Argentina’s corn harvest only advanced by 2 percentage points last week as the rains show no mercy, making it difficult for farmers to enter the fields. Moreover, the focus of those who can enter fields remains on soybeans, which are typically harvested as soon as possible and take p...
European Market Analysis
Regional News ProZerno forecasts Russia’s 2024 total grain production will hit 135-136 MMT, down from 144.9 MMT in 2023. Wheat production is forecast to fall from 92.8 to 88 MMT this year, with barley production down from 21.1 to 18 MMT. Russia’s corn production should fall fr...
Market Commentary: Weather Worries Nearing a Ceiling
Large supplies and a strong dollar took their toll this week on corn and soybeans, but they still managed to outperform. Weather worries pushed wheat higher for a seventh straight session, and pork finally took a fall. There was high volume trading in corn today but without any strong fee...
Oilseed Highlights: Up, Despite Grey Clouds
The Market Brazil has been winning the soybean export war, and imported biodiesel feedstock threatens domestic crush margins, but Chicago trading this week appeared to shake off such concerns. July soybeans traded lower for the past three trading sessions but larger gains achieved at the beginn...
Summary of Futures
Jul 24 Corn closed at $4.5/bushel, down $0.02 from yesterday's close. Jul 24 Wheat closed at $6.2225/bushel, up $0.0175 from yesterday's close. Jul 24 Soybeans closed at $11.7725/bushel, down $0.025 from yesterday's close. Jul 24 Soymeal closed at $344.7/short ton, down $2.9 f...
Export Sales
Export Sales and Shipments for April 12-18, 2024 Wheat: Net sales of 82,000 metric tons (MT) for 2023/2024 were down noticeably from the previous week and down 4 percent from the prior 4-week average. Exports shipments of 573,900 MT were up 18 percent from the previous week and 13 p...
Market Commentary: Wheat Extends Weather Rally; Corn, Soybeans Steady While Eyeing Weather
Wheat remains the star of the ag commodity space this week with the rally continuing on challenging weather prospects for the U.S. HRW region, Europe, and the Black Sea. Until a few weeks ago, there were few doubts about the 2024 crop being able to supply the expected demand, but now reduced yi...
Market Commentary: Some Reversals, Some Not
Corn, soybeans and soyoil all closed lower after trading up the previous three sessions. July soymeal made it a fourth trading session higher, and wheat remains on a tear with a fifth trading session closing higher. The mood around wheat sees supply concerns developing in North America and in t...
Black Sea Regional Analysis
Russian Grain Markets: 15–19 April 2024 International sanctions and reverse measures Russia adopted towards “unfriendly” countries may leave Russia without proper genetics for this spring’s planting campaign. While small grains are available due to long term domestic see...
Market Commentary: Wheat Extends Rally; Funds Cover Shorts Amid Widespread Futures Strength
The spring 2024 wheat rally continues as weather threats linger for the U.S., Europe, and the Black Sea. Weather forecasts that offer a challenging outlook for the 2024/25 Northern Hemisphere crop are forcing funds to keep exiting short positions, with the resulting positive technical developme...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iran, Bangladesh, and the UAE were major destinations for Indian soymeal exports in March 2024, representing 78 percent of exports – Bangladesh 33,000 MT, Iran 88,000 MT, and UAE 18,000 MT. Iran imported 429...
Market Commentary: Global Wheat, Oilseed Futures Rally on Weather Threats
Friday’s strength in CBOT and broader global ag commodity futures was simply a foreshadowing of the rallies that would develop on Monday. Heading into the weekend, markets were jittery on perceived weather risks, many of which turned out to be prescient. Over the weekend, parts of the U.S...
European Market Analysis
Regional News Early-morning frosts were reported across Poland down to France as crops are reaching growth stages that are sensitive to cold. It’s too early to say whether the cold snap will dent yields, but the 2024 crop continues to face weather challenges. Tunisia pur...
Mercosur Regional Analysis
Wheat Wheat from the 2024/25 campaign remains a topic of discussion in Argentina, with conflicting views regarding the area to be sown. The reality of the situation is that wheat production margins have been improving in recent weeks due to the improvements in futures prices, but also due...
Market Commentary: CBOT Gains to Close Week; Wheat Firms on Bullish News
The CBOT was mostly higher to end a mostly bearish week with wheat leading the way on several mildly bullish developments. Wheat futures saw price-supportive development in the IGC’s lower 2024/25 global ending stocks forecast, dryness in the U.S. Southern Plains, and smaller Russian 2024...
CFTC COT Report Analysis
Based on futures’ price action late last week and early this week, one would be expecting funds to have been net sellers in the major ag commodities, and that’s exactly what happened. Funds expanded their short soybean position by some 30,000 contracts, making it a new five-year low...
Summary of Futures
May 24 Corn closed at $4.335/bushel, up $0.0675 from yesterday's close. Jul 24 Wheat closed at $5.6675/bushel, up $0.1375 from yesterday's close. May 24 Soybeans closed at $11.505/bushel, up $0.1625 from yesterday's close. Jul 24 Soymeal closed at $343.2/short ton, up $5.8 fro...
Oilseed Highlights: Still Softly Descending
The Market Soybeans sharply rebounded on Friday after hitting a one month low the day before, likely on short covering. For the week, May soybeans lost 16.25 cents (-2 percent) and November soybeans gave up 15.25 cents. The latter new crop contract still carries an 11 cent premium over the soon...
Export Sales
Export Sales and Shipments for April 5-11, 2024 Wheat: Net sales reductions of 93,600 metric tons (MT) for 2023/2024 were down noticeably from the previous week and from the prior 4-week average. Export shipments of 487,800 MT were down 22 percent from the previous week, but unchanged fro...
Market Commentary: Looking for Market Movers
The bearishness continues as South America crops loom and Northern Hemisphere weather is stable. The impending flood of Argentine soymeal and soyoil onto the market sent the May soyoil contract to a new low. There was nothing in today’s weekly USDA Export Sales report to alter the...
Summary of Futures
May 24 Corn closed at $4.2675/bushel, down $0.035 from yesterday's close. Jul 24 Wheat closed at $5.53/bushel, up $0.0075 from yesterday's close. May 24 Soybeans closed at $11.3425/bushel, down $0.1525 from yesterday's close. May 24 Soymeal closed at $338/short ton, down $0.7...
Market Commentary: Grains Fall while Oilseeds Gain; Oil Falls on U.S. Stocks, Chinese Economy
The CBOT was mixed on Wednesday with wheat futures dropping amid fund selling due to a stronger U.S. dollar and easing Russian FOB offers while corn drifted lower in lackluster, low-volume trade. While the grains were on the defensive, the soy complex found some support from technically related...
Summary of Futures
May 24 Corn closed at $4.3025/bushel, down $0.0075 from yesterday's close. May 24 Wheat closed at $5.37/bushel, down $0.1275 from yesterday's close. May 24 Soybeans closed at $11.495/bushel, up $0.045 from yesterday's close. May 24 Soymeal closed at $338.7/short ton, up $3.4 f...
Black Sea Regional Analysis
Russian Grain Markets: 8–12 April 2024 During the first week of April, the Russian domestic grain market remained quite volatile but predominantly stable and bearish. The exception was milling wheat going for export which triggered price improvements in the ports against a weaker RUB and...
Market Commentary: Corn, Soybeans Fall on Planting Progress, Weather; NOPA Report Sinks Soyoil
The CBOT was mostly lower on Tuesday with broadly favorable weather in the U.S. and South America allowing timely planting and harvesting, respectively, of summer crops. Monday’s Crop Progress report from USDA indicated that U.S. farmers are making solid gains seeding the 2024 crops with...
Summary of Futures
May 24 Corn closed at $4.31/bushel, down $0.005 from yesterday's close. May 24 Wheat closed at $5.4975/bushel, down $0.02 from yesterday's close. May 24 Soybeans closed at $11.45/bushel, down $0.1325 from yesterday's close. May 24 Soymeal closed at $335.3/short ton, down $3.2...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Regional Updates Due to the Ramadan Eid El Fitr holidays ending, there is no grain news or information from the MENA region this week. SOUTHERN/EASTERN/WESTERN AFRICA Ghana’s government faces serious criticism f...
Market Commentary: CBOT Falls on Stronger Dollar, Technical Trade; NOPA Crush Sets Record
The CBOT was mostly lower to start the week with a rising U.S. dollar and favorable weather for the U.S. and South America pressuring values. Some jitters over the weekend developments in the Middle East also kept markets on the defensive, though crude oil prices slipped lower despite the incre...
Summary of Futures
May 24 Corn closed at $4.315/bushel, down $0.04 from yesterday's close. May 24 Wheat closed at $5.5175/bushel, down $0.0425 from yesterday's close. May 24 Soybeans closed at $11.5825/bushel, down $0.1575 from yesterday's close. May 24 Soymeal closed at $338.5/short ton, down $...
Mercosur Regional Analysis
Corn Estimates of Argentina’s corn harvest continue to decrease, mainly due to the impact of Spiroplasma bacteria. The Rosario Grain Exchange lowered its estimate from 57 to 50.5 MMT, while the Buenos Aires Grain Exchange revised their’s from 52 to 49.5 MMT, marking the second conse...