Going Forward (Curve) on a Supercycle
A question that has come up more frequently of late is whether or not I think the commodity sector is in a supercycle. Some of the interest has to do with another market analyst’s recent prediction of $30 soybeans, raising [...]
CoT Corn: Some Serious Selling
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their corn net-long futures position by 26,069 contracts, putting it at a total of 503,765 contracts as of Tuesday, March 2. Included in this was a decrease [...]
CoT Soybeans: Extending the Trend
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-long soybean futures position (blue line) by 16,146 contracts, putting it at 223,662 contracts as of Tuesday, March 2. Included in this was a decrease [...]
CoT Wheat: Buying Dry
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long Chicago wheat futures position (blue line) by 2,533 contracts to a total of 29,931 contracts as of Tuesday, March 2. Included in this was [...]
CoT Cotton: Give and Take
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their net-long cotton futures position (blue line) by 5,453 contracts, putting it at 91,575 contracts as of Tuesday, March 2. Included in this was a decrease [...]
CoT Live Cattle: Total Recall
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-long live cattle futures position (blue line) by 5,875 contracts, putting it at 83,632 contracts as of Tuesday, March 2. Included in this was a [...]
CoT Lean Hogs: Still Buying Bacon
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long lean hog futures position (blue line) by 3,685 contracts, putting it at 74,565 contracts as of Tuesday, March 2. Included in this was an [...]
Out Like a Lion
Session Summary: If the month of March came in like a lamb, weatherwise, markets in general went out the first week like a lion. Gains were seen almost across the board, with crude oil (up 3.5%) and oats (3.6%) leading [...]
Some Surprises to Start the Day
Morning Summary: As I mentioned in Friday morning’s Chart of the Day, a look at the weekly chart for the US dollar index, when the first thing one sees when firing up the quote screen in the morning is a [...]
Making a Statement
Session Summary: Thursday’s highlights included a couple of market moving statements. First, an early statement from OPEC+ that production cuts would remain in place through April sent crude oil markets skyrocketing. The international Brent market gained as much as 5.7% [...]
Soybean Sales and Shipments: Cancelation Conversation
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybeans at 1.936 bb (blue column, bottom of the chart) through Thursday, February 25, a point in the marketing year when a 4-year average [...]
Soybean Meal Sales and Shipments: Holding Firm
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybean meal at 5,449 thousand metric tons (blue column, bottom of the chart) through Thursday, February 25, a point in the marketing year when [...]
Corn Sales and Shipments: Small and Big
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. corn at 1.030 bb (blue column, bottom of the chart) through Thursday February 25, a point in the marketing year when a 4-year average [...]
Cotton Sales and Shipments: Stabilized
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. cotton at 8.564 million bales (blue column, bottom of the chart) through Thursday, February 25, a point in the marketing year when a 4-year [...]
All Wheat Sales and Shipments: Still Slowing Down
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of all U.S. wheat at 647.7 mb (blue column, bottom of the chart) through Thursday, February 25, a point in the marketing year when a 4-year [...]
Through Bloodshot Eyes
Morning Summary: After pouring myself the usual cup of coffee to start the day, my first trip through running the traps of the various market sectors made me think I was looking at the world through bloodshot eyes. Treasury futures [...]
Wednesday’s Silver Lining
Session Summary: As closing bells were ringing across the various market landscapes, the best word to describe the day’s activity was “Meh”. Yes, some markets made big moves, most notably crude oil to the upside (2.5%) and cotton to the [...]
US Soil Moisture: As Spring Begins
A look at this March 1 subsoil moisture map from the NWS Climate Prediction Center confirms what we already know as we head into spring: much of the Western Corn Belt continues to show a deficit, as does the upper [...]
A Mixed Morning
Morning Summary: Checking the commodity sector early Wednesday shows us mixed results, with the energy complex showing a strong gain and metals a solid selloff. In the energy complex, crude oil was up almost 2% with the spot-month contract gaining [...]
This Is What Commercial Buying Looks Like
Session Summary: Tuesday was a classic example of what commercial buying can do in a market, particularly if we are looking at the grain and oilseed complex. After closing lower Monday and spending the overnight session into early Tuesday morning [...]
3-2-(2)1 Go!
Morning Summary: What does the title of this morning’s Commentary mean? Not much, just that I noticed the day resembles the countdown: March (3) 2, (202)1. Okay, maybe I haven’t had enough coffee yet. A look at the markets early [...]
Day One is in the Books
Session Summary: It was a less than stellar first day of meteorological spring for many commodity markets, most notably live and feeder cattle. Here we see clear cut pressure from the commercial side (see attached chart), indicated by the consistent [...]
Weekly Export Inspections
The weekly Export Inspections report for the week ending Thursday, February 25 was released Monday morning. Corn inspections came in at 1,636,876 mt (64.4 mb), up 29% from the previous week’s revised 1,266,555 mt (49.9 mb). Total marketing year export [...]
March of the Bulls
Morning Summary: We have crossed the bridge into meteorological spring and from what we’ve seen so far this March, the new month is much like what we’ve seen the last half-year. Metals led the way early Monday with silver up [...]
Spring Training
It’s the last day of February, meaning the last day of meteorological winter. In honor of the day, Major League Baseball has scheduled its first games of Spring Training for Sunday, the first sign meteorological spring begins with when the [...]
CoT Corn: Shrinking Shorts
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their corn net-long futures position by 15,375 contracts, putting it at a total of 529,834 contracts as of Tuesday, February 23. Included in this was an increase [...]
CoT Soybeans: Simple Math and Trends
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long soybean futures position (blue line) by 3,700 contracts, putting it at 239,808 contracts as of Tuesday, February 23. Included in this was an increase [...]
CoT Wheat: Spring Hopes Eternal
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-long Chicago wheat futures position (blue line) by 4,424 contracts to a total of 27,398 contracts as of Tuesday, February 23. Included in this was [...]
CoT Cotton: Still Bullish, For Now
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their net-long cotton futures position (blue line) by 5,022 contracts, putting it at 97,028 contracts as of Tuesday, February 23. Included in this was an increase [...]
CoT Live Cattle: Cattle Tipping
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-long live cattle futures position (blue line) by 6,694 contracts, putting it at 89,507 contracts as of Tuesday, February 23. Included in this was a [...]
CoT Lean Hogs: Bullish All the Way Around
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long lean hog futures position (blue line) by 6,463 contracts, putting it at 70,880 contracts as of Tuesday, February 23. Included in this was an [...]
“Of Our Elaborate Plans, The End…”
Session Summary: When the final bell rang and trading in February had come to an end, plans to talk about a potential meltdown in the grain and oilseed complex had gone awry, as oft such plans do. The difference between [...]
US Soil Moisture: “Desperately in Need…”
I know most industry analysts and commentators like to look at weekly Drought Monitor Maps, but as you recall, I prefer the Soil Moisture maps from the NWS Climate Prediction Center. As we turn the page to spring this weekend, [...]
“This is the End…”
Morning Summary: Friday marks the last trading day of the week, month, and quarter while this weekend brings a close to meteorological winter. Given that, as we look ahead to the day, the opening sequence from Apocalypse Now might be [...]
A Good Day to Do Something Else
Session Summary: Over the decades I’ve often joked there are days to turn off the quote screens and find something else to do. Particularly if it’s nice outside, and according to a post I saw about Kansas weather, temperatures have [...]
Soybean Sales and Shipments: Holiday Duldrums
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybeans at 1.898 bb (blue column, bottom of the chart) through Thursday, February 18, a point in the marketing year when a 4-year average [...]
Soybean Meal Sales and Shipments: Coming Into View
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybean meal at 5,016 thousand metric tons (blue column, bottom of the chart) through Thursday, February 18, a point in the marketing year when [...]
Corn Sales and Shipments: Holding Steady
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. corn at 951.1 mb (blue column, bottom of the chart) through Thursday February 18, a point in the marketing year when a 4-year average [...]
Cotton Sales and Shipments: The Downtrend Accelerates
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. cotton at 8.177 million bales (blue column, bottom of the chart) through Thursday, February 18, a point in the marketing year when a 4-year [...]
All Wheat Sales and Shipments: Continued Winter Slide
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of all U.S. wheat at 632.7 mb (blue column, bottom of the chart) through Thursday, February 18, a point in the marketing year when a 4-year [...]
Points of Interest
Morning Summary: At first glance, Thursday morning markets seemed to be a bit calmer than what we’ve seen so far this week, with a couple of exceptions. First, 30-year T-bond futures fell to a new 13-month low of 160-07 overnight [...]
Spring is in the Air
Session Summary: Somewhere the birds are chirping, the bees are buzzing, and baseball gloves are popping; all the familiar sounds of spring we look forward to every year. Markets, almost regardless of sector, are in the swing of spring with [...]
Another Spring-Like Day
Morning Summary: Commodities in general continue to live in a world where every morning (or so it seems) brings more green. Just like spring. Similar to Tuesday morning, the oilseed complex led the way higher once again with soybeans and [...]
January Cold Storage: Pass the Chicken
USDA/NASS released its Cold Storage report for January 31, 2021 Tuesday afternoon. Total beef stocks decreased by 3% during January, erasing much of the 4% increased reported for December. However, the January 2021 number was still 6% more than the [...]
More Big Moves
Session Summary: Tuesday was another day of big moves, with the only difference being which markets were most active. Where the energy complex ruled Monday’s session, the oilseed complex was the star Tuesday. Here we saw soybeans rally as much [...]
A Different Oil Leads the Way
Morning Summary: The story Monday afternoon was crude oil’s 4% rally to start the week, though canola wasn’t far behind when the final bell rang. As Tuesday gets underway, the oilseed complex is roaring higher once again with canola up [...]
The Rally Continues
Session Summary: It was another big day in the commodity sector, led by an impressive 4% rally in crude oil. Here we see the spot-month contract hitting a high of $61.84, quickly looking to erase last week’s bearish reversal on [...]
Weekly Export Inspections
The weekly Export Inspections report for the week ending Thursday, February 18 was released Monday morning. Corn inspections came in at 1,231,810 mt (48.5 mb), down 6% from the previous week’s revised 1,314,960 mt (62.4 mb). Total marketing year export [...]
The End is In Sight
Morning Summary: The last week of February has begun, meaning the end of meteorological winter is in sight at the end of the month. Parts of the US Midwest were hit by a wet, heavy snowstorm over the weekend, precipitation [...]
Animal Crackers
A look at the calendar shows North America has one more week of winter before meteorological spring begins on March 1. A year ago at this time, the world was just waking to the realization of a potential pandemic, paving [...]
CoT Corn: Follow the Money
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their corn net-long futures position by 7,973 contracts, putting it at a total of 514,459 contracts as of Tuesday, February 16. Included in this was a decrease [...]
CoT Soybeans: Newton and Newsom Rules
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-long soybean futures position (blue line) by 13,067 contracts, putting it at 236,108 contracts as of Tuesday, February 16. Included in this was a decrease [...]
CoT Wheat: Long Winter Into Spring
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long Chicago wheat futures position (blue line) by 4,050 contracts to a total of 31,822 contracts as of Tuesday, February 16. Included in this was [...]
CoT Cotton: Warding Off the Cold
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their net-long cotton futures position (blue line) by 302 contracts, putting it at 92,006 contracts as of Tuesday, February 16. Included in this was a decrease [...]
CoT Live Cattle: Buying Before the Band Breaks
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long live cattle futures position (blue line) by 4,106 contracts, putting it at 96,201 contracts as of Tuesday, February 16. Included in this was an [...]
CoT Lean Hogs: Everybody Likes Bacon
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long lean hog futures position (blue line) by 12,586 contracts, putting it at 64,417 contracts as of Tuesday, February 16. Included in this was an [...]
February Cattle on Feed: Big Numbers Again
USDA released its February 1 Cattle on Feed report Friday with the number coming in at 12.106 million head (mh, brown column), up 1% from the February 1, 2020 number of 11,928. According the USDA's release, this "is the second [...]
Time for the Weekend
Session Summary: Friday saw a lot of market movement though little changed when all was said and done. The US dollar index was lower, but never threatened to extend its selloff, keeping a lid on a potential rally in metals. [...]
Soybean Sales and Shipments: At the Crossroads
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybeans at 1.862 bb (blue column, bottom of the chart) through Thursday, February 11, a point in the marketing year when a 4-year average [...]
Soybean Meal Sales and Shipments: More Trouble With Averages
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybean meal at 4,872 thousand metric tons (blue column, bottom of the chart) through Thursday, February 11, a point in the marketing year when [...]
Corn Sales and Shipments: The Trouble With Averages
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. corn at 904.3 mb (blue column, bottom of the chart) through Thursday February 11, a point in the marketing year when a 4-year average [...]
Cotton Sales and Shipments: The Asterisk
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. cotton at 7.873 million bales (blue column, bottom of the chart) through Thursday, February 11, a point in the marketing year when a 4-year [...]
All Wheat Sales and Shipments: Winter Slowdown
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of all U.S. wheat at 618.3 mb (blue column, bottom of the chart) through Thursday, February 11, a point in the marketing year when a 4-year [...]
Back in the Office
Morning Summary: Good morning everyone. I am back in the office and appreciate your patience while I was on the road this week. Fortune smiled on me as the weather, while cold, was cooperative for a quick trip up to [...]
Thursday Thaw
Morning Summary: Though it may not feel like it where you are now, but Thursday is supposed to start the thawing process of the arctic dome that has been over most of North America the better part of a week. [...]
Mixed Markets Midweek
Session Summary: Wednesday’s session saw mixed results with some sectors posting solid gains (energies), some solid losses (livestock), and most everything else mixed. Let’s start with the US dollar index that posted a solid rally, following up Tuesday’s short-term bullish [...]
Cold as Ice
Morning Summary: It’s another cold morning across most of North America again Wednesday, with sub-freezing temperatures once again stretching south to the US Gulf Coast. But here’s the funny thing, as cold as it is this morning, it feels warm [...]
Weekly Export Inspections
The weekly Export Inspections report for the week ending Thursday, February 11 was released Tuesday morning. Corn inspections came in at 1,322,412 mt (52.1 mb), down 16% from the previous week’s revised 1,585,145 mt (62.4 mb). Total marketing year export [...]
Red Hot Markets
Session Summary: The commodity sector was interesting again Tuesday as most markets stayed red hot despite the stronger US dollar index. Starting with the greenback, the daily chart is showing a bullish key reversal indicating the short-term trend could be [...]
All Is Cold But Commodities
Morning Summary: While North America remains locked in a deep-freeze, the commodity sector remains red hot. Markets were higher across the board with the energy sector making the largest move. Here we see the effects of this February winter blast [...]
One for the Road
I spent this past weekend putting together a market presentation I’ll be giving, in person, in Hutchinson, Minnesota later this week. As I was working, it dawned on me to go back and look at the last time I was [...]
Another Step Closer to Spring
Session Summary: We can close the book on another week, the second week of February, meaning there are only two weeks remaining until March 1 and the start of meteorological spring. Regardless of what Punxsutawney Phil said earlier this month. [...]
CoT Corn: Hanging On
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their corn net-long futures position by 6,082 contracts, putting it at a total of 522,432 contracts as of Tuesday, February 9. Included in this was an increase [...]
CoT Soybeans: Still Buying Beans
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long soybean futures position (blue line) by 6,953 contracts, putting it at 249,175 contracts as of Tuesday, February 9. Included in this was an increase [...]
CoT Wheat: KC is Still Chief
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-long Chicago wheat futures position (blue line) by 5,053 contracts to a total of 27,772 contracts as of Tuesday, February 9. Included in this was [...]
CoT Cotton: Remember Last Week
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increased their net-long cotton futures position (blue line) by 17,799 contracts, putting it at 91,704 contracts as of Tuesday, February 9. Included in this was an increase [...]
CoT Live Cattle: A Bullish Stampede
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long live cattle futures position (blue line) by 12,900 contracts, putting it at 92,095 contracts as of Tuesday, February 9. Included in this was an [...]
CoT Lean Hogs: Pork Stays Popular
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long lean hog futures position (blue line) by 4,954 contracts, putting it at 51,831 contracts as of Tuesday, February 9. Included in this was an [...]
Happy New Year, Again
Morning Summary: Friday morning is the start of Lunar New Year, a holiday observed by the world’s largest buyer of commodities – China. A few minutes of research tells me that by the Chinese calendar, 2021 is a Year of [...]
In the End
Session Summary: When all is said and done, the only thing for certain is that it’s over. The grain and oilseed complex was interesting in the respect that soybeans had outshone corn for much of Thursday’s session, right up until [...]
Soybean Sales and Shipments: Almost Home
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybeans at 1.828 bb (blue column, bottom of the chart) through Thursday, February 4, a point in the marketing year when a 4-year average [...]
Soybean Meal Sales and Shipments: A Slight Slip
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybean meal at 4,503 thousand metric tons (blue column, bottom of the chart) through Thursday, February 4, a point in the marketing year when [...]
Corn Sales and Shipments: Finding Strength
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. corn at 849.7 mb (blue column, bottom of the chart) through Thursday February 4, a point in the marketing year when a 4-year average [...]
Cotton Sales and Shipments: A Soft Resting Place
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. cotton at 7.549 million bales (blue column, bottom of the chart) through Thursday, February 4, a point in the marketing year when a 4-year [...]
All Wheat Sales and Shipments: Keep Looking Up
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of all U.S. wheat at 604.4 mb (blue column, bottom of the chart) through Thursday, February 4, a point in the marketing year when a 4-year [...]
Scattered Thoughts
Morning Summary: Thursday is one of those mornings when no clear market thoughts come to my head. The dust has settled from the day before, and now we wait for the next sunrise. Then the one after that, then the [...]
Bingo
Session Summary: A common question Wednesday was, “What happened to corn and soybeans?” As always, there are countless reasons “why” markets do what they do, but a couple of simple ideas is that Tuesday’s USDA report did not fill the [...]
A Mixed Midweek Morning
Morning Summary: it almost seems as if commodity traders took the night off after what has already been a volatile week. On the green side of the screen we find the usual suspects: Energies were mostly higher with both crude [...]
Richard Marx Was Right
Session Summary: The best way to think about Tuesday’s round of USDA monthly Supply and Demand reports is to remember what Richard Marx told us, “It don’t mean nothin’”. I’ll go into each of the grain markets individually, but the [...]
More of the Same
Morning Summary: Not much changed overnight, except for US stock index futures were showing small losses rather than their usual gains. Otherwise, the US dollar index was back under pressure, extending the short-term downtrend I talked about late last week, [...]
No Bears Anywhere
Session Summary: Commodity market bears are in hibernation, allowing bulls to run free across the sector. Monday was a great example, for no matter where you looked you could see a market making a big move. Energies? Distillates rallied 1.8% [...]
Weekly Export Inspections
The weekly Export Inspections report for the week ending Thursday, February 4 was released Monday morning. Corn inspections came in at 1,576,663 mt (62.1 mb), up 41% from the previous week’s revised 1,116,097 mt (43.9 mb). Total marketing year export [...]
Thoughts of Spring
Morning Summary: Regardless of what Punxsutawney Phil said almost a week ago, now that the Super Bowl is behind us our thoughts naturally turn to spring (and for those of us who are baseball fans, Spring Training!). Adding to the [...]
People Get Ready
“There’s a train a-coming…” One of the hot topics this past week was news that the CME Group had announced its plans to increase “both spot-month and all-months combined speculative limits effective March 15.” (National Grain and Feed Association Newsletter; [...]
CoT Corn: A Pause
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their corn net-long futures position by 19,163 contracts, putting it at a total of 528,514 contracts as of Tuesday, February 2. Included in this was a decrease [...]
CoT Soybeans: Buying Beans Again
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long soybean futures position (blue line) by 5,789 contracts, putting it at 242,222 contracts as of Tuesday, February 2. Included in this was an increase [...]
CoT Wheat: Still Bullish Kansas City
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-long Chicago wheat futures position (blue line) by 3,356 contracts to a total of 32,825 contracts as of Tuesday, February 2. Included in this was [...]
CoT Cotton: Too Soon
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-long cotton futures position (blue line) by 4,321 contracts, putting it at 73,905 contracts as of Tuesday, February 2. Included in this was a decrease [...]
CoT Live Cattle: Still Buying Steers
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long live cattle futures position (blue line) by 4,765 contracts, putting it at 79,195 contracts as of Tuesday, February 2. Included in this was an [...]
CoT Lean Hogs: A Strong Round of Buying
The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders increasing their net-long lean hog futures position (blue line) by 6.059 contracts, putting it at 46,877 contracts as of Tuesday, February 2. Included in this was an [...]
A Fitting End to Groundhog Week
Session Summary: A look across the commodity sector landscape shows wide price swings galore, with cotton again in the spotlight. After rallying more than 3.0 cents Thursday the nearby March contract fell 1.67 cents at Friday’s close on renewed commercial [...]
Calm Before the Storm
Morning Summary: The grain and oilseed sector was mostly higher overnight in generally quiet trade. However, the talk of Thursday afternoon was the coming change in position limits for the various markets, setting the stage for what could be an [...]
Another Wild Day
Session Summary: A number of markets posted wide trading ranges again Thursday, with cotton stealing the spotlight. Here we see the March issue closed 3.29 cents higher, gaining 0.13 on May and 0.28 on July, indicating strong support from the [...]
Soybean Sales and Shipments: Getting Closer
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybeans at 1.746 bb (blue column, bottom of the chart) through Thursday, January 28, a point in the marketing year when a 4-year average [...]
Soybean Meal Sales and Shipments: Gaining Strength
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. soybean meal at 4,052 thousand metric tons (blue column, bottom of the chart) through Thursday, January 28, a point in the marketing year when [...]
Corn Sales and Shipments: Baked-In Bullishness
The latest weekly export sales and shipment update showed 2020-2021 marketing year export shipments of U.S. corn at 788 mb (blue column, bottom of the chart) through Thursday January 28, a point in the marketing year when a 4-year average [...]