Session Summary: What a day. With closing bells ringing out across the various market sectors, the common theme is big moves on the last day of the week, month, and financial quarter. The US dollar index dropped as much as [...]

Session Summary: With about an hour left in Thursday’s session, a good friend called to talk markets. After visiting about soybean meal, gold, live cattle, and lean hogs the conversation finally worked its way around to corn. I quickly did [...]

Session Summary: A number of markets made big moves Wednesday, but none could knock the US dollar index out of the spotlight. The greenback extended this month’s rally to a high of 106.84 (so far), up 0.61 from Tuesday’s settlement [...]

Session Summary: There are a number of markets I could lead with this afternoon, starting with the US dollar index extending this month’s rally to a new high of 106.25. At the same time, WTI crude oil found some renewed [...]

Session Summary: As expected, interest in markets picked up as Monday unfolded. I spent most of the day watching the financial markets where the US dollar index climbed to a new 2023 high as it took out 105.88 from this [...]

Session Summary: As I mentioned in yesterday’s Afternoon Commentary Thursday’s session, with its general selloff on increased trade volume, looked more like what we are accustomed to seeing on a Friday. This left the door open to a little noncommercial [...]

Session Summary: The Barchart Futures Market Heat Map is almost monotone Thursday afternoon. Every sector of the Commodity Complex (CC, or Cs) is some shade of red. This was interesting to watch develop as the day unfolded as it more [...]

Session Summary: The big news of the day, if one could call it that, was the US Federal Reserve left the Fed funds rate unchanged at the conclusion of its September meeting. However, in his comments, Chairman Powell talked about [...]

Session Summary: Please excuse me. I didn’t know how many exclamation points to put behind the word “Bullish” in the title[i]. A good friend in the industry called around midday and asked how everything had changed so quickly. After a [...]

Session Summary: A look back at last Friday’s Afternoon Commentary and I see the title was “Mostly Red Friday”. Fast forward to Monday afternoon and I could say much the same thing. Though this time around there is an interesting [...]

Session Summary: As I look over the Barchart Futures Market Heat Map Friday afternoon, the first thing that jumps out at me is most sectors in the commodity complex finished the week in colors other than green. US stock index [...]

Session Summary: The spotlight was on global currencies Thursday after the European Central Bank (ECB) raised its main interest rate to a record high 4%, reportedly the 10th consecutive rate hike in this round of fighting inflation. However, as CNBC’s [...]

Session Summary: Sure enough, as Wednesday’s session neared its close, a good friend in the industry sent me a message that included a trading blurb. It read, “Wheat futures on the CBOT have led grains higher all day, propelled in [...]

Session Summary: If one didn’t know better, and just looked at the difference in most commodities from this week’s opens and closes, one would be excused if they thought markets just went through a short week-long holiday. With all the [...]

Session Summary: Recall from today’s Morning Commentary when I said, “In general, there is a good chance we see a typical Throwaway Thursday develop…”. That is pretty much how the day played out. Of all the sectors in the commodity [...]

Session Summary: Sometimes when I struggle to come up with a theme for a piece of Commentary, I look to the latest Barchart Futures Market Heat Map for possible ideas. Wednesday afternoon’s edition is a bit misleading as only one [...]

Session Summary: In Tuesday’s Morning Commentary I talked about the change in latitude of a number of markets. As I look at the quote screen this afternoon there is one that stands out to me with a changed attitude[i]. While [...]

Session Summary: I’m probably painting with too broad of a brush by saying traders seemed to add Friday to the 3-day holiday weekend, but looking at the commodity complex in general I don’t see a lot of interest. The US [...]

Session Summary: There is a certain sadness this time each year as meteorological summer comes to an end. I know the most popular season is autumn, at least in the US, but the last few hours of summer remind us [...]

Session Summary: When I came up with the title for today’s Afternoon Commentary, I was mostly thinking about the 3 Kings of Commodities. With the US dollar index still under pressure we saw December gold rally as much as $12.00 [...]

Session Summary: I was tempted to say Tuesday’s session was simply driven by Turnaround activity, but as the session progressed it was easy to see there was more to it than that. In the grain and oilseed sector you could [...]

Session Summary: I defy anyone to declare today a Meatless Monday as it was the livestock sector that led all others higher to start the week. Of the four major markets, it was the recently beleaguered pork duo posting the [...]

Session Summary: I want to say it was interesting to listen to the chatter about US stock markets following Fed Chairman Powell’s speech Friday morning, but it wasn’t. It reminded me of the talking heads in ag media who attribute [...]

Session Summary: According to Thursday afternoon’s Barchart Futures Market Heat Map, the Livestock sector was the big winner today. All three major markets posted solid gains, led by October lean hogs adding $1.925 (2.5%) while running away from the December [...]

Session Summary: As I watched the corn market and wheat sector rally Wednesday, I had a hunch we would see more headlines out of Russia or the Black Sea region. Recall this morning’s news was of another attack on a [...]

Session Summary: When the closing bells rang across the market landscape Tuesday afternoon, there was some Turnaround activity to be seen. Most notable was the US dollar index, rallying as much as 0.42 over the course of the day and [...]

Session Summary: I’ll say it again, Monday’s selloff was not driven by the imaginary findings on the first day of the 2023 Midwest Crop Tour. If we take a step back and consider how shallow it makes an industry worth [...]

Session Summary: Since Friday is USDA Cattle on Feed day, let’s start out in the Barn. All three major markets closed higher, led by an incredible rally in October lean hogs. The front-month contract gained as much as $3.20 (4%) [...]

Session Summary: At different times Thursday, it looked like markets were going through something other than a typical Throwaway session. But when all the shouting was done, not a lot had changed. Most traders seem geared up for Friday, with [...]

Session Summary: A look at the Barchart Futures Market Heat Map Wednesday afternoon shows us once again the weather derivative nature of some markets. Softs were the lead sector showing a cumulative gain of 1.9%, with orange juice extending its [...]

Session Summary: The commodity complex was laid bare Tuesday as all three of its Kings were under pressure. What made the session more interesting is crude oil, gold, and corn all broke down on different time scales. For the moment, [...]

Session Summary: Were markets interesting Monday? Let me put it this way, a friend of mine in the brokerage business called and said, “They should’ve had markets open the first half hour and last half hour, and it would’ve been [...]

Session Summary: The grain and oilseed sector grew interesting immediately following the release of USDA’s August supply and demand guesses. First, a tip of the hat to USDA for taking its best shot at sparking a buying frenzy with solidly [...]

Session Summary: Earlier this week I talked about how Tuesday’s session turned out to be largely routine, with a number of markets pulling off standard turnarounds. A look at Thursday’s close and we see markets again did what is characteristic [...]

Session Summary: A look at Wednesday afternoon’s Barchart Futures Market Heat Map shows one sector was clearly the most bullish. Energies were posting a cumulative gain of 3.9%, easily lapping second-place softs with a gain of 0.2%. Our old friend [...]

Session Summary: The most notable feature of Tuesday’s session was how most markets turned around from early in the day. Recall from today’s Morning Commentary when I talked about how the only sector in the green was Financials (Treasuries). As [...]

Session Summary: I was trying to think of a way of wrapping up Monday’s session. As market sectors were closing, there wasn’t much difference from where they were earlier this morning. The energy sector was mixed with crude oil and [...]

Session Summary: There were a number of times during Friday’s session I had to make sure the internet was still working. It was quiet, so quiet in fact one had to wonder if many markets still had a pulse ahead [...]

Session Summary: It was a mixed day for markets Thursday, leaving plenty of intrigue for Friday’s session to sort out ahead of the weekend. The US dollar index rallied as much as 0.25 before falling back into the red late [...]

Session Summary: As I sat down to write today’s Afternoon Commentary, I pulled up the latest Barchart Futures Market Heat Map and what I saw reminded me of the song Kermit the Frog used to sing on Sesame Street. Every [...]

Session Summary: With the turning of the calendar page to August, the North American version of the Dog Days of Summer have begun (recall the South American version is the much shorter month of February). The commodity complex was lower, [...]

Session Summary: The zodiac sign for the end of July is Leo the Lion, and markets certainly showed their King of the Beasts quality Monday. Most of the activity was in the grain and oilseed sector as traders reacted to [...]

Session Summary: As I sit down to write this Commentary, there is roughly an hour left in the trading week for US stock markets. A look at the quote screen shows me the three major indexes are still in the [...]

Session Summary: As we move toward the close of Thursday’s session it seems many markets will have their numbered days come to an end. First and foremost, the Dow Jones Industrial Average has fallen to a loss of 180 points [...]

Session Summary: A good friend in the industry called this afternoon, and prefaced our conversation with, “I know this will get a chuckle from you…”. Usually when he says that, I know it is has something to do with messages [...]

Session Summary: By the looks of it, most markets would’ve been content with skipping from Monday’s close to Wednesday afternoon, post- FOMC interest rate announcement. Tuesday was a classic throwaway day, and yes, I know those usually occur on Thursday. [...]

Session Summary: The grain and oilseed sector stole the show again Monday, with almost all markets registering another big day. A look at the Barchart Futures Market Heat Map shows this sector was the easy leader with a cumulative gain [...]

Session Summary: I don’t remember where I first saw and/or heard it, but there’s an old market saying that goes, “If you can drink it, don’t trade it.” A look at the Barchart Futures Market Heat Map Friday afternoon and [...]

Session Summary: Thursday’s session again showed how wrong I was to believe Watson (my name for the algorithm-based investment industry in general) had evolved beyond a simple headline-driven system. The equivalent of ambulance chasing in the legal profession. But as [...]

Session Summary: After an explosive early rally in the grain and oilseed complex, markets seemed to be growing a bit top-heavy and tired from the recent uphill run. Contracts had begun giving back some of the past week’s gains, until [...]

Session Summary: It was an impressive day all the way around for the commodity complex, with only a handful of markets showing a loss Tuesday afternoon. On this list we see soybean oil, feeder cattle, Doctor Copper, cotton, and lumber, [...]

Session Summary: While visiting with my friend Mike Pearson on air Monday morning, he quoted Newsom’s Rule #6: Fundamentals win in the end. Naturally, our conversation was on Russia “ending” the Black Sea grain deal and the overnight rally posted [...]

Session Summary: My thoughts on Friday’s session can be summed up by looking at one, single market. Early in the session, my Chart of the Day was a discussion on the weekly candlestick chart for December live cattle. At first [...]

Session Summary: In some ways, Thursday’s session left us with the impression Wednesday never happened. This was mostly in the grain and oilseed sector, that I’ll discuss in more detail shortly. The US dollar index was in the spotlight once [...]

Session Summary: Those of you of a certain age might recognize the title of this piece (Days are Numbers) as the classic song from the Alan Parsons Project. It’s a great song, and though its lyrics have nothing to do [...]

Session Summary: Here’s the list of Tuesday’s Top 5 Hot Commodities (and the percent gain for the day): Cotton (3.62%), Lean Hogs (3.61%), Pork Cutout (3.48%), Crude Oil (2.58%), and Soybean Meal (2.56%). There is a common thread running through [...]

Session Summary: After the close of the grain and oilseed markets Monday, I did an interview about the day’s session and my friend asked, “How do you explain these squirrely markets?” The best I can do is compare it to [...]

Session Summary: Friday was odd. There were a lot of interesting moves being made in a number of sectors, yet it was one of the quietest days I’ve seen in a while. It all started with the June nonfarm payroll [...]

Session Summary: As Thursday’s session draws to a close, it seems for every bullish market there is an offsetting bearish market. The most obvious is in the grain and oilseed sector where Dec23 corn closed 13.0 cents higher while Nov23 [...]

Session Summary: I was visiting with a friend around midday, and he said, “I don’t know what to make of the corn and soybean markets. It looks like traders are fishing. It wouldn’t surprise me to see one or both [...]

Session Summary: As closing bells sounded across the market landscape Monday afternoon, we find ourselves facing another US holiday. It’s always awkward when these things occur mid-week, and in this case it would’ve been more convenient it the powers that [...]

Session Summary: A friend called shortly after USDA released its quarterly Grain Stocks and Acreage Update reports, and asked if I believed the numbers. While I give these reports more credit than the monthly supply and demand guesses, they still [...]

Session Summary: As Thursday unfolded, it became apparent tomorrow was first notice day for the grain and oilseed complex July issues. July corn posted a trading range of 29.5 cents, from up 13.5 cents overnight to down 16.0 cents around [...]

Session Summary: As I mentioned in this space Tuesday, there seems to be more going on in the grain and oilseed sector than just weather. Yes, there was a lot of noncommercial selling to go along with some scattered commercial [...]

Session Summary: As Buffalo Springfield told us many decades ago, “There’s something happening here. But what it is ain’t exactly clear.” Early in the day, the grain and oilseed sector generally acted like one would expect when a weather market [...]

Session Summary: Monday was one of those sessions when you sit back at the end and say to yourself, “Hmmm…What just happened?” The answer, this time around, is not much. Yes, there was a lot of activity, though most markets [...]

Session Summary: We made it through Friday, and as far as the grain and oilseed sector goes, it’s safe to say this week’s WWW (Wrap-around Weather-market Weekend) Activity was off to a rousing start. The Barchart Futures Market Heat Map [...]

Session Summary: I was visiting with a friend from central Nebraska around midday, and he summed up the session perfectly. After discussing possible strategies for 2023 and 2024, my friend said, “It all depends on if it rains.” That’s what [...]

Session Summary: It was a big day across the commodity complex with a number of markets posting strong gains. Similar to this morning, soybean meal led the way with the July contract showing a gain of 6.8%. The flip side [...]

Session Summary: Tuesday’s session was fascinating for a number of markets, many of them found in the grain and oilseed sector. I’ll get to those in a minute. In the financial sector we saw both the US dollar index and [...]

Session Summary: Friday afternoon means it is CWS Time, meaning not only have Corn, Wheat, and Soybeans taken center stage but the men’s baseball College World Series has begun here in Omaha. Both tell us summer is here, with the [...]

Session Summary: The big news of the day was the US dollar index crumbled as the session progressed, falling as much as 0.83 and sitting on its low as of this writing. No, it wasn't quite down a full 1.00, [...]

Session Summary: It was no surprise the US Federal Open Market Committee concluded its 2-day June meeting by leaving the Fed fund rate unchanged. At least to those who keep track of Chairman Powell’s comments between official meetings and the [...]

Session Summary: Tuesday was another interesting session. The day started with the May Consumer Price Index coming in at 0.1%, as expected, while the year over year change was reported 4.0%. This was much lower that the expected 5.3% and [...]

Session Summary: Sometimes, things are just because they are. Such was the case with the commodity complex Monday, particularly the grain and oilseed complex. Let’s start with things that did make sense, most notably the US dollar index doing little [...]

Session Summary: The first message I received immediate after the release of USDA’s June WASDE report was a simple, “A lot of nothing…”. He was absolutely right. I’ll discuss in more detail below but suffice it to say traders weren’t [...]

Session Summary: I was thumbin’ through the pages of my Barchart market quote system when the US dollar index caught my eye[i]. The greenback dropped as much as 0.80 points through late afternoon and was sitting near its session low [...]

Session Summary: Wednesday is one of those days that is hard to explain. Or maybe it is simple. I know the industry will be filled with folks making up reasons why corn and wheat dropped double digits while old-crop soybeans [...]

Session Summary: A number of markets made big moves Tuesday, but lean hogs ruled them all. Here we see the July contract closed $4.175 (4.9%) higher while gaining $1.30 on August which gained $1.35 on October. This tells us there [...]

Session Summary: I’m not sure what the catalyst was, but much of the bullish excitement seen across the market landscape last Friday was missing coming out of the weekend. Maybe it was because it was Monday, with a whole week [...]

Session Summary: I’ll admit, I lost interest in the markets by late Friday morning, turning my attention to other projects. A phone call had me fire the quote screen up again, with my friend asking if the move in grains [...]

Session Summary: A number of markets were red hot to start this first day of meteorological summer, though some of them cooled considerably throughout the session. Not cattle, though, and it doesn’t matter if you read that as live or [...]