Recent Wheat Analysis
Market Commentary: Reports Tank Soy Complex and Wheat; Corn Stocks Bullish but Market Falls Anyway
The much-anticipated Grain Stocks report failed to match expectations in terms of supply data, but more than exceeded hopes for an exciting day of trade. The USDA’s headline report – the Grain Stocks as of 1 September – and the Small Grains summary report sent wheat and the so...
CFTC COT Report Analysis
New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol) to this report. Consequently, the attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net...
Summary of Futures
Dec 23 Corn closed at $4.7675/bushel, down $0.1175 from yesterday's close. Dec 23 Wheat closed at $5.415/bushel, down $0.3725 from yesterday's close. Nov 23 Soybeans closed at $12.75/bushel, down $0.255 from yesterday's close. Dec 23 Soymeal closed at $381.2/short ton, down $1...
Market Commentary: Mixed but Friendly
Never understood the market phrase “friendly” – friendly to whom? Today’s market was not too unfriendly to anyone from the standpoint that up or down, there were no dramatic swings. Call it light volatility. Key points: The results were mixed with corn, soymeal, and liv...
Summary of Futures
Dec 23 Corn closed at $4.885/bushel, up $0.0525 from yesterday's close. Dec 23 Wheat closed at $5.7875/bushel, down $0.0075 from yesterday's close. Nov 23 Soybeans closed at $13.005/bushel, down $0.0275 from yesterday's close. Dec 23 Soymeal closed at $391.5/short ton, up $2.4...
Export Sales
Export Sales and Shipments for September 15-21, 2023 Wheat: Net sales of 544,500 metric tons (MT) for 2023/2024 were up 77 percent from the previous week and 51 percent from the prior 4-week average. Export shipments of 584,600 MT--a marketing-year high--were up 98 percent from the previo...
Market Commentary: Wheat Crashes on Tender Results; Commercial Buying Lifts Corn
The CBOT was once again mixed with wheat futures dropping to fresh, two-year lows after data from Egypt’s latest tender showed continued weakness in global values. Corn and soybeans, on the other hand, found a bit of strength on commercial buying and, for soybeans, expectations of tighter...
Summary of Futures
Dec 23 Corn closed at $4.8325/bushel, up $0.035 from yesterday's close. Dec 23 Wheat closed at $5.795/bushel, down $0.095 from yesterday's close. Nov 23 Soybeans closed at $13.0325/bushel, up $0.005 from yesterday's close. Dec 23 Soymeal closed at $389.1/short ton, down $3.6 f...
Black Sea Regional Analysis
Russian Grain Markets 18–22 September 2023 The Russian bear continued marching over all grains in European Russia without exception. The Asian part of Russia was more stable but sooner or later the bear will reach that part of the country as well as the domestic crop is huge and far...
Market Commentary: Worsening Conditions Lift Soy Complex; Cattle Crash on Economic Worries
The CBOT was mixed on Tuesday with the worst late-September soybean ratings since 2003 offering support to soybean futures while further strength in crude oil stopped, temporarily at least, the selling in soyoil. Despite the strength in the soy complex, corn and wheat futures struggled to find...
Russia’s Wheat Situation
Egypt was reportedly negotiating with Russia on a purchase of 1 MMT of wheat but has now gone to an international tender. Meanwhile, Tunisia tendered for 100 KMT of there were no offers from Russian trading houses. The trade believes Moscow has put a brake on wheat exports through an unofficial...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt is reportedly discussing the financing of purchases of Kazakh wheat with an unnamed Abu Dhabi based bank. Egypt’s GASC is said to be negotiating this due to the Russian set floor price for wheat, which...
Market Commentary: Reports Tank Soy Complex and Wheat; Corn Stocks Bullish but Market Falls Anyway
The much-anticipated Grain Stocks report failed to match expectations in terms of supply data, but more than exceeded hopes for an exciting day of trade. The USDA’s headline report – the Grain Stocks as of 1 September – and the Small Grains summary report sent wheat and the so...
CFTC COT Report Analysis
New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol) to this report. Consequently, the attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net...
Summary of Futures
Dec 23 Corn closed at $4.7675/bushel, down $0.1175 from yesterday's close. Dec 23 Wheat closed at $5.415/bushel, down $0.3725 from yesterday's close. Nov 23 Soybeans closed at $12.75/bushel, down $0.255 from yesterday's close. Dec 23 Soymeal closed at $381.2/short ton, down $1...
Market Commentary: Mixed but Friendly
Never understood the market phrase “friendly” – friendly to whom? Today’s market was not too unfriendly to anyone from the standpoint that up or down, there were no dramatic swings. Call it light volatility. Key points: The results were mixed with corn, soymeal, and liv...
Summary of Futures
Dec 23 Corn closed at $4.885/bushel, up $0.0525 from yesterday's close. Dec 23 Wheat closed at $5.7875/bushel, down $0.0075 from yesterday's close. Nov 23 Soybeans closed at $13.005/bushel, down $0.0275 from yesterday's close. Dec 23 Soymeal closed at $391.5/short ton, up $2.4...
Export Sales
Export Sales and Shipments for September 15-21, 2023 Wheat: Net sales of 544,500 metric tons (MT) for 2023/2024 were up 77 percent from the previous week and 51 percent from the prior 4-week average. Export shipments of 584,600 MT--a marketing-year high--were up 98 percent from the previo...
Market Commentary: Wheat Crashes on Tender Results; Commercial Buying Lifts Corn
The CBOT was once again mixed with wheat futures dropping to fresh, two-year lows after data from Egypt’s latest tender showed continued weakness in global values. Corn and soybeans, on the other hand, found a bit of strength on commercial buying and, for soybeans, expectations of tighter...
Summary of Futures
Dec 23 Corn closed at $4.8325/bushel, up $0.035 from yesterday's close. Dec 23 Wheat closed at $5.795/bushel, down $0.095 from yesterday's close. Nov 23 Soybeans closed at $13.0325/bushel, up $0.005 from yesterday's close. Dec 23 Soymeal closed at $389.1/short ton, down $3.6 f...
Black Sea Regional Analysis
Russian Grain Markets 18–22 September 2023 The Russian bear continued marching over all grains in European Russia without exception. The Asian part of Russia was more stable but sooner or later the bear will reach that part of the country as well as the domestic crop is huge and far...
Market Commentary: Worsening Conditions Lift Soy Complex; Cattle Crash on Economic Worries
The CBOT was mixed on Tuesday with the worst late-September soybean ratings since 2003 offering support to soybean futures while further strength in crude oil stopped, temporarily at least, the selling in soyoil. Despite the strength in the soy complex, corn and wheat futures struggled to find...
Russia’s Wheat Situation
Egypt was reportedly negotiating with Russia on a purchase of 1 MMT of wheat but has now gone to an international tender. Meanwhile, Tunisia tendered for 100 KMT of there were no offers from Russian trading houses. The trade believes Moscow has put a brake on wheat exports through an unofficial...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt is reportedly discussing the financing of purchases of Kazakh wheat with an unnamed Abu Dhabi based bank. Egypt’s GASC is said to be negotiating this due to the Russian set floor price for wheat, which...