Recent Wheat Analysis
Market Commentary
Corn and wheat markets were firm overnight, while the soy complex was weaker. That was the pattern for much of today’s markets as well. Cool, wet weather and perhaps the worst flooding across parts of the Corn Belt ever are elevating concerns about a slow start to the corn planting season...
Summary of Futures
May 19 Corn closed at $3.7825/bushel, up $0.02 from yesterday's close. May 19 Wheat closed at $4.66/bushel, down $0.005 from yesterday's close. May 19 Soybeans closed at $9.0375/bushel, down $0.0675 from yesterday's close. May 19 Soymeal closed at $315/short ton, down $0.3 fro...
Market Commentary
The overnight session continued the recent trend of low trading volume and narrow, mixed price movement. This occurred as traders await developments from next week’s high level trade negotiations in Beijing as well as the 29 March quarterly stocks and initial acreage reports from USDA. Ac...
What Lies Ahead for the Markets?
Grain/soy futures and cash markets have maintained a relatively low price profile for two years or more. Low grain and soy prices have been a major contributor to the low net U.S. farm income during 2017 and 2018. This is not to say that markets have been devoid of price rallies. There have bee...
Summary of Futures
May 19 Corn closed at $3.7625/bushel, up $0.0475 from yesterday's close. May 19 Wheat closed at $4.665/bushel, up $0.0175 from yesterday's close. May 19 Soybeans closed at $9.105/bushel, up $0.045 from yesterday's close. May 19 Soymeal closed at $315.3/short ton, up $3.7 from...
Export Sales
Wheat: Net sales of 298,600 metric tons for delivery in the 2018/2019 marketing year were reported for South Korea (75,500 MT), Sri Lanka (65,000 MT, switched from Singapore), Japan (38,500 MT), Mexico (35,300 MT, including decreases of 47,300 MT), and Taiwan (29,300 MT). Reductions...
Market Commentary
It has been more low and slow trade overnight and again today. Wheat is the star of the day with the May contracts for Chicago and KC both closing up 8.25 cents and that for MGEX finishing 6.25 cents higher. Low trading volume can often result in abrupt and sharp price movements as market order...
Black Sea Regional Analysis
Russian Grain Markets: 11-15 March 2019 Domestic grain prices decreased in RUB expression but moved in different directions or remained unchanged in USD expression. Meanwhile, the average milling wheat export price fell $4/MT to $224/MT FOB Black Sea, and purchase prices dropped to $195-198/MT...
Summary of Futures
May 19 Corn closed at $3.715/bushel, up $0.0025 from yesterday's close. May 19 Wheat closed at $4.6475/bushel, up $0.0825 from yesterday's close. May 19 Soybeans closed at $9.06/bushel, up $0.02 from yesterday's close. May 19 Soymeal closed at $311.6/short ton, up $0.8 from ye...
Market Commentary
Overnight trading was a mixed and low volume affair. The grains were slightly higher, and soybeans were just below Monday’s close. None of the lead contracts were able to muster as much as 10,000 contracts of trading volume. The day session began with a modest rally effort, but that did n...
Chinese Trade Soap Opera and Markets
Having commented so often about U.S.-China trade relations and the ongoing negotiations, we fear we risk boring clients. However, the trade negotiations are reminiscent of the traditional “soap operas” on daytime television in that their stories never end. Every time one crisis is r...
Summary of Futures
May 19 Corn closed at $3.7125/bushel, down $0.0025 from yesterday's close. May 19 Wheat closed at $4.565/bushel, down $0.0025 from yesterday's close. May 19 Soybeans closed at $9.04/bushel, down $0.0175 from yesterday's close. May 19 Soymeal closed at $310.8/short ton, up $1 f...
Market Commentary
Markets were weaker to start the Sunday evening session, and that negative trading pattern persisted throughout today. As another analyst wrote, the market is starving for news of any kind. China talk continues to dominate the markets’ attitude and direction. There was more chatter over t...
Mercosur Regional Analysis
Soybeans Market Overview There was some movement at the beginning of last week when Chinese crushers decided to cover their open positions for March, April and May. The U.S. should not be competitive for these months, especially considering the significant delays in shipments at the U.S. Gulf d...
Summary of Futures
May 19 Corn closed at $3.715/bushel, down $0.0175 from yesterday's close. May 19 Wheat closed at $4.5675/bushel, down $0.055 from yesterday's close. May 19 Soybeans closed at $9.0575/bushel, down $0.035 from yesterday's close. May 19 Soymeal closed at $309.8/short ton, down $1...
Southeast Europe Regional Analysis
Milling Wheat The Black Sea market has reversed the downward trend it had been following since January. The buyers/consumers have certainly appreciated the $20 collapse, and they don’t want to miss the opportunity to lock in the current prices. Russia’s exports have reached 30 MMT,...
Summary of Futures
May 19 Corn closed at $3.7325/bushel, up $0.03 from yesterday's close. May 19 Wheat closed at $4.6225/bushel, up $0.095 from yesterday's close. May 19 Soybeans closed at $9.0925/bushel, up $0.1075 from yesterday's close. May 19 Soymeal closed at $310.8/short ton, up $4.9 from...
Market Commentary
Corn and soybean markets were steady to slightly higher overnight with wheat 1-2 cents lower. Soybean futures led the markets all higher this morning on another round of positive news surrounding the China/U.S. trade talks. It seems that most are now convinced an agreement is near. This belief...
Market Commentary
Traders showed more interest in the overnight session. Volume was not back to Tuesday’s level, but it was notably higher than Wednesday’s. Pricewise, the results were mixed. Grains were steady to firm, but soybeans traded mostly lower. A wire service reported late in the overnight s...
Summary of Futures
May 19 Corn closed at $3.7025/bushel, up $0.0375 from yesterday's close. May 19 Wheat closed at $4.5275/bushel, up $0.055 from yesterday's close. May 19 Soybeans closed at $8.985/bushel, down $0.025 from yesterday's close. May 19 Soymeal closed at $305.9/short ton, up $1.2 fro...
Export Sales
Wheat: Net sales of 263,000 metric tons for delivery in the 2018/2019 marketing year were reported for Nigeria (106,300 MT, including 24,000 MT switched from unknown destinations), Japan (62,500 MT), Yemen (44,000 MT, including 40,000 MT switched from unknown destinations), Vietnam (32,80...
Market Commentary
NASS has decided to no longer conduct actual field surveys in compiling production and yield estimates for corn and soybeans in the August WASDE as they are deemed too early at that time to be very meaningful. It will instead only use farmer surveys, weather/yield models and satellite data. Fie...
Black Sea Regional Analysis
Russian Grain Markets: 4-7 March 2019 Grain prices on the domestic market mainly decreased under pressure from negative trends on the export market. The average milling wheat export price dropped $2/MT to $228/MT FOB Black Sea, but purchase prices grew to $201-203/MT CPT-Black Sea port. Meanwhi...
Summary of Futures
May 19 Corn closed at $3.665/bushel, up $0.0075 from yesterday's close. May 19 Wheat closed at $4.4725/bushel, down $0.0575 from yesterday's close. May 19 Soybeans closed at $9.01/bushel, up $0.04 from yesterday's close. May 19 Soymeal closed at $304.7/short ton, up $1.7 from...
Market Commentary
Corn and wheat markets were firm overnight, while the soy complex was weaker. That was the pattern for much of today’s markets as well. Cool, wet weather and perhaps the worst flooding across parts of the Corn Belt ever are elevating concerns about a slow start to the corn planting season...
Summary of Futures
May 19 Corn closed at $3.7825/bushel, up $0.02 from yesterday's close. May 19 Wheat closed at $4.66/bushel, down $0.005 from yesterday's close. May 19 Soybeans closed at $9.0375/bushel, down $0.0675 from yesterday's close. May 19 Soymeal closed at $315/short ton, down $0.3 fro...
Market Commentary
The overnight session continued the recent trend of low trading volume and narrow, mixed price movement. This occurred as traders await developments from next week’s high level trade negotiations in Beijing as well as the 29 March quarterly stocks and initial acreage reports from USDA. Ac...
What Lies Ahead for the Markets?
Grain/soy futures and cash markets have maintained a relatively low price profile for two years or more. Low grain and soy prices have been a major contributor to the low net U.S. farm income during 2017 and 2018. This is not to say that markets have been devoid of price rallies. There have bee...
Summary of Futures
May 19 Corn closed at $3.7625/bushel, up $0.0475 from yesterday's close. May 19 Wheat closed at $4.665/bushel, up $0.0175 from yesterday's close. May 19 Soybeans closed at $9.105/bushel, up $0.045 from yesterday's close. May 19 Soymeal closed at $315.3/short ton, up $3.7 from...
Export Sales
Wheat: Net sales of 298,600 metric tons for delivery in the 2018/2019 marketing year were reported for South Korea (75,500 MT), Sri Lanka (65,000 MT, switched from Singapore), Japan (38,500 MT), Mexico (35,300 MT, including decreases of 47,300 MT), and Taiwan (29,300 MT). Reductions...
Market Commentary
It has been more low and slow trade overnight and again today. Wheat is the star of the day with the May contracts for Chicago and KC both closing up 8.25 cents and that for MGEX finishing 6.25 cents higher. Low trading volume can often result in abrupt and sharp price movements as market order...
Black Sea Regional Analysis
Russian Grain Markets: 11-15 March 2019 Domestic grain prices decreased in RUB expression but moved in different directions or remained unchanged in USD expression. Meanwhile, the average milling wheat export price fell $4/MT to $224/MT FOB Black Sea, and purchase prices dropped to $195-198/MT...
Summary of Futures
May 19 Corn closed at $3.715/bushel, up $0.0025 from yesterday's close. May 19 Wheat closed at $4.6475/bushel, up $0.0825 from yesterday's close. May 19 Soybeans closed at $9.06/bushel, up $0.02 from yesterday's close. May 19 Soymeal closed at $311.6/short ton, up $0.8 from ye...
Market Commentary
Overnight trading was a mixed and low volume affair. The grains were slightly higher, and soybeans were just below Monday’s close. None of the lead contracts were able to muster as much as 10,000 contracts of trading volume. The day session began with a modest rally effort, but that did n...
Chinese Trade Soap Opera and Markets
Having commented so often about U.S.-China trade relations and the ongoing negotiations, we fear we risk boring clients. However, the trade negotiations are reminiscent of the traditional “soap operas” on daytime television in that their stories never end. Every time one crisis is r...
Summary of Futures
May 19 Corn closed at $3.7125/bushel, down $0.0025 from yesterday's close. May 19 Wheat closed at $4.565/bushel, down $0.0025 from yesterday's close. May 19 Soybeans closed at $9.04/bushel, down $0.0175 from yesterday's close. May 19 Soymeal closed at $310.8/short ton, up $1 f...
Market Commentary
Markets were weaker to start the Sunday evening session, and that negative trading pattern persisted throughout today. As another analyst wrote, the market is starving for news of any kind. China talk continues to dominate the markets’ attitude and direction. There was more chatter over t...
Mercosur Regional Analysis
Soybeans Market Overview There was some movement at the beginning of last week when Chinese crushers decided to cover their open positions for March, April and May. The U.S. should not be competitive for these months, especially considering the significant delays in shipments at the U.S. Gulf d...
Summary of Futures
May 19 Corn closed at $3.715/bushel, down $0.0175 from yesterday's close. May 19 Wheat closed at $4.5675/bushel, down $0.055 from yesterday's close. May 19 Soybeans closed at $9.0575/bushel, down $0.035 from yesterday's close. May 19 Soymeal closed at $309.8/short ton, down $1...
Southeast Europe Regional Analysis
Milling Wheat The Black Sea market has reversed the downward trend it had been following since January. The buyers/consumers have certainly appreciated the $20 collapse, and they don’t want to miss the opportunity to lock in the current prices. Russia’s exports have reached 30 MMT,...
Summary of Futures
May 19 Corn closed at $3.7325/bushel, up $0.03 from yesterday's close. May 19 Wheat closed at $4.6225/bushel, up $0.095 from yesterday's close. May 19 Soybeans closed at $9.0925/bushel, up $0.1075 from yesterday's close. May 19 Soymeal closed at $310.8/short ton, up $4.9 from...
Market Commentary
Corn and soybean markets were steady to slightly higher overnight with wheat 1-2 cents lower. Soybean futures led the markets all higher this morning on another round of positive news surrounding the China/U.S. trade talks. It seems that most are now convinced an agreement is near. This belief...
Market Commentary
Traders showed more interest in the overnight session. Volume was not back to Tuesday’s level, but it was notably higher than Wednesday’s. Pricewise, the results were mixed. Grains were steady to firm, but soybeans traded mostly lower. A wire service reported late in the overnight s...
Summary of Futures
May 19 Corn closed at $3.7025/bushel, up $0.0375 from yesterday's close. May 19 Wheat closed at $4.5275/bushel, up $0.055 from yesterday's close. May 19 Soybeans closed at $8.985/bushel, down $0.025 from yesterday's close. May 19 Soymeal closed at $305.9/short ton, up $1.2 fro...
Export Sales
Wheat: Net sales of 263,000 metric tons for delivery in the 2018/2019 marketing year were reported for Nigeria (106,300 MT, including 24,000 MT switched from unknown destinations), Japan (62,500 MT), Yemen (44,000 MT, including 40,000 MT switched from unknown destinations), Vietnam (32,80...
Market Commentary
NASS has decided to no longer conduct actual field surveys in compiling production and yield estimates for corn and soybeans in the August WASDE as they are deemed too early at that time to be very meaningful. It will instead only use farmer surveys, weather/yield models and satellite data. Fie...
Black Sea Regional Analysis
Russian Grain Markets: 4-7 March 2019 Grain prices on the domestic market mainly decreased under pressure from negative trends on the export market. The average milling wheat export price dropped $2/MT to $228/MT FOB Black Sea, but purchase prices grew to $201-203/MT CPT-Black Sea port. Meanwhi...
Summary of Futures
May 19 Corn closed at $3.665/bushel, up $0.0075 from yesterday's close. May 19 Wheat closed at $4.4725/bushel, down $0.0575 from yesterday's close. May 19 Soybeans closed at $9.01/bushel, up $0.04 from yesterday's close. May 19 Soymeal closed at $304.7/short ton, up $1.7 from...