A Reprieve

2021-06-23T06:01:16-05:00June 23rd, 2021|Commentary, Morning Commentary|

Morning Summary: As expected, the grain and oilseed complex was able to post a modest rally overnight on generally light trade volume, with Minneapolis (HRS) wheat still leading the way. Just as Tuesday’s strong noncommercial-led selloff wasn’t a huge surprise, [...]

Weather Test

2021-06-22T15:07:11-05:00June 22nd, 2021|Afternoon Commentary, Commentary|

Session Summary: When I get to the individual Commentary segments for corn, soybeans, and wheat today I’m going to give you a little test. With that in mind, I’ll save my opening comments regarding the grain and oilseed sector until [...]

US Soil Moisture

2021-06-22T09:46:48-05:00June 22nd, 2021|Commentary, Report Commentary|

This week’s soil moisture map (left hand side) from the National Weather Service Climate Prediction Center, for Monday, June 21, shows the situation continues to worsen across the US Northern Plains and upper Midwest despite another week of rains last [...]

CFTC CoT: Corn

2021-06-21T17:01:47-05:00June 21st, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their corn net-long futures position by 27,052 contracts, putting it at a total of 401,376 contracts as of Tuesday, June 15. Included in this was a decrease [...]

CFTC CoT: Soybeans

2021-06-21T16:55:47-05:00June 21st, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their net-long soybean futures position (blue line) by 21,295 contracts, putting it at 205,393 contracts as of Tuesday, June 15. Included in this was a decrease [...]

CFTC CoT: Cotton

2021-06-21T16:47:38-05:00June 21st, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their net-long cotton futures position (blue line) by 375 contracts, putting it at 65,704 contracts as of Tuesday, June 15. Included in this was a decrease [...]

A Strange Day

2021-06-21T14:51:10-05:00June 21st, 2021|Afternoon Commentary, Commentary|

Session Summary: The best word to describe Monday’s session is “strange”. Going back through the overnight session, it looked like the grain and oilseed complex was set for a meltdown. Then, most of the morning saw markets find renewed buying [...]

It’s Fed Day Wednesday

2021-06-16T06:02:58-05:00June 16th, 2021|Commentary, Morning Commentary|

Morning Summary: The US Federal Open Market Committee (FOMC, The Fed) will make its latest announcement on interest rates Wednesday afternoon with the general consensus being no move will be made. However, commentators are talking about how the wording of [...]

US Soil Moisture

2021-06-15T10:05:58-05:00June 15th, 2021|Commentary, Report Commentary|

This week’s soil moisture map (left hand side) from the National Weather Service Climate Prediction Center, for Monday, June 14, shows no improvement in soil moisture deficits for much of the US Northern Plains and upper Midwest, despite last week's [...]

Squeezing Shorts

2021-06-13T10:22:41-05:00June 13th, 2021|Commentary, Weekly Column|

My friend Mike Pearson invited me to be the guest on his “Farming in the 605” podcast, sponsored by South Dakota Corn. Late in the conversation, if my memory serves, the discussion turned to the investment side of the commodity [...]

CFTC CoT: Corn

2021-06-12T08:02:28-05:00June 12th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their corn net-long futures position by 23,948 contracts, putting it at a total of 428,428 contracts as of Tuesday, June 8. Included in this was a decrease [...]

CFTC CoT: Soybeans

2021-06-12T07:55:14-05:00June 12th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their net-long soybean futures position (blue line) by 2,342 contracts, putting it at 226,688 contracts as of Tuesday, June 8. Included in this was an increase [...]

CFTC CoT: Wheat

2021-06-12T07:47:52-05:00June 12th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their net-long Chicago wheat futures position (blue line) by 178 contracts to a total of 18,617 contracts as of Tuesday, June 8. Included in this was [...]

CFTC CoT: Cotton

2021-06-12T07:40:29-05:00June 12th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their net-long cotton futures position (blue line) by 1,873 contracts, putting it at 66,079 contracts as of Tuesday, June 8. Included in this was an increase [...]

Not Enough

2021-06-11T05:56:00-05:00June 11th, 2021|Commentary, Morning Commentary|

Morning Summary: A look at Friday morning’s radar gives us an idea as to “why” new-crop corn, soybeans, and spring wheat markets are under pressure to start the day, but the reality is this fast-moving line of thunderstorms isn’t going [...]

Here We Go Again

2021-06-08T06:17:31-05:00June 8th, 2021|Commentary, Morning Commentary|

Morning Summary: It’s another summer morning, meaning the grain and oilseed complex was higher again overnight. Similar to 24 hours ago, contracts have lost some of their bullish enthusiasm, not unusual pre-dawn activity as traders wait for the next weather [...]

CFTC CoT: Corn

2021-06-06T14:31:39-05:00June 6th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their corn net-long futures position by 23,950 contracts, putting it at a total of 452,376 contracts as of Tuesday, June 1. Included in this was an increase [...]

CFTC CoT: Soybeans

2021-06-06T14:27:06-05:00June 6th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their net-long soybean futures position (blue line) by 3,291 contracts, putting it at 224,346 contracts as of Tuesday, June 1. Included in this was an increase [...]

CFTC CoT: Cotton

2021-06-06T14:13:31-05:00June 6th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their net-long cotton futures position (blue line) by 553 contracts, putting it at 64,206 contracts as of Tuesday, June 1. Included in this was an increase [...]

Two Roads

2021-06-06T08:52:51-05:00June 6th, 2021|Commentary, Weekly Column|

"Two roads diverged in a yellow wood, and sorry I could not travel both, and be one traveler, long I stood and looked down as far as I could to where it bent in the undergrowth; Then took the other, [...]

Green Screen

2021-06-04T14:10:11-05:00June 4th, 2021|Afternoon Commentary, Commentary|

Session Summary: it’s always interesting the difference 24 hours can make. Recall from Thursday at this time I was talking about how not a single contract in the grain and oilseed complex was in the green, the screen awash in [...]

A Green Morning

2021-06-04T05:52:32-05:00June 4th, 2021|Commentary, Morning Commentary|

Morning Summary:  The grain and oilseed complex rallied again overnight, erasing Thursday’s loss and setting the stage for what should be another volatile opening round of WWW (Wraparound Weather-market Weekend) Activity. A look at the past 72-hour precipitation map shows [...]

No Green to be Seen

2021-06-03T14:26:43-05:00June 3rd, 2021|Afternoon Commentary, Commentary|

Session Summary: I’ll give this to the grain and oilseed complex Thursday, there was not a green number to be seen at the close. The closest contract, outside of some far deferred issues, was new-crop November rice closing unchanged on [...]

Overcooked Beef

2021-06-02T14:33:13-05:00June 2nd, 2021|Afternoon Commentary, Commentary|

Session Summary: To some, there is no culinary crime more heinous than overcooking beef. In my years of travel, I had the opportunity to dine with folks who ate a lot of steak, usually ordering it in the medium to [...]

Up and Running

2021-06-02T05:52:48-05:00June 2nd, 2021|Commentary, Morning Commentary|

Morning Summary:  The JBS cyberattack was front and center in financial news again this morning, with the talk from the company being most of its operations will be up and running Wednesday. Again this sounds familiar to what Colonial Pipeline [...]

Sum Sum Summertime

2021-06-01T14:39:57-05:00June 1st, 2021|Afternoon Commentary, Commentary|

Session Summary: If Tuesday’s markets are any indication, this summer is going to be hot! But then again, that goes without saying because summer is supposed to be hot. And that’s where I got lost on the strong rally in [...]

Waiting for Wheat Harvest

2021-05-31T14:45:46-05:00May 31st, 2021|Commentary, Weekly Column|

Somehow, the last day of May is upon us. It seems like only yesterday when Justin Timberlake’s singing of “It’s gonna be may (me)” was all over social media. Now, though, when we wake up Tuesday morning meteorological summer will [...]

CFTC CoT: Corn

2021-05-29T09:49:29-05:00May 29th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their corn net-long futures position by 31,052 contracts, putting it at a total of 428,426 contracts as of Tuesday, May 25. Included in this was a decrease [...]

CFTC CoT: Soybeans

2021-05-29T09:46:14-05:00May 29th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their net-long soybean futures position (blue line) by 7,286 contracts, putting it at 221,055 contracts as of Tuesday, May 25. Included in this was a decrease [...]

CFTC CoT: Cotton

2021-05-29T09:36:39-05:00May 29th, 2021|Commentary, Report Commentary|

The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their net-long cotton futures position (blue line) by 9,000 contracts, putting it at 63,653 contracts as of Tuesday, May 25. Included in this was a decrease [...]

Close the Book

2021-05-28T15:13:29-05:00May 28th, 2021|Afternoon Commentary, Commentary|

Session Summary: We can now close the book on the spring 2021 season, for when we are back together again next Tuesday it will be the first day of meteorological summer. Books will be written about everything that has happened [...]

Quite a Day

2021-05-26T14:09:33-05:00May 26th, 2021|Afternoon Commentary, Commentary|

Session Summary: Wednesday was the kind of day when if you didn’t like the way a market looked, turn the quote screen off and come back an hour later and it will have change completely. There were several big moves, [...]

After the Tipping Point, Gravity

2021-05-25T20:48:03-05:00May 25th, 2021|Commentary, Weekly Column|

Following Tuesday’s close in the grain and oilseed complex, a day that saw old-crop July corn fall its daily limit 40 cents before closing 37 cents lower, the question on everyone’s mind was “Why?”. You folks are familiar with my [...]

It Got Worse

2021-05-25T14:35:47-05:00May 25th, 2021|Afternoon Commentary, Commentary|

Session Summary: Remember yesterday when I quoted the line from “Young Frankenstein” (Could be worse…Could be raining.)? Well, it got worse Tuesday as corn fell apart completely. I’ll be changing my Weekly Column schedule a bit to talk about today’s [...]

Dollar Daze

2021-05-25T06:09:22-05:00May 25th, 2021|Commentary, Morning Commentary|

Morning Summary: The US dollar index was under pressure again overnight and still sitting in the red early Tuesday morning. This sets up what should be an interesting end of May/beginning of June timeframe, with the greenback’s long-term monthly chart [...]

Could Be Worse…

2021-05-24T14:53:40-05:00May 24th, 2021|Afternoon Commentary, Commentary|

Session Summary: …Could be raining. Those of you who have been with me over the years will recall this is one of my favorite lines from one of my favorite movies, Mel Brooks’ “Young Frankenstein”. In the scene the young [...]

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