Commentary: The corn has so much negative to deal with. One wonders when the fundamentals will be baked in the cake. The early trade Friday saw some buying on crude strength. The prevailing weak market took control. The Ethanol destruction is too much to overcome yet. The positive is that the Chinese purchased 570 t tn of corn. They have …
Soy Update
Commentary: The soybeans are essentially range bound midway in a 60 cent range. The overall demand picture has weighed this week on beans as well as most markets in the AG. The USDA will release supply and demand estimates next week. The question is how much will they reduce exports due to corona, if at all. Looking forward at some …
Corn Commentary
Commentary: The corn traded both sides today. The early trade was fueled by rebounds in commodities. Talk of President Trump talking with Russia and Saudia Arabia regarding the Crude situation. The corn has broken a lot. The market continues to hold above the 332 basis March which may prove important. Looking forward there are many private analysts questioning the USDA acreage. …
Soy Update
Commentary: The soy traded both sides today due to outside influence. The soy in the near term will look at the SA production estimates. The Brazilian estimates are coming down. This will open a window for the US to make sales to China. It is possible that the Chinese start to restock and US purchases should be on the buying …
Corn Commentary
Commentary: The corn story is consistent. Overall weakness is due to plenty of supply. Increased by the failing ethanol process. This is a key fundamental and will take a bit to turn. The USDA planting intentions yesterday are overstated IMO. This is a long term market consideration. The near term will be plagued by the demand destruction. The positives are …
Soy Update
Commentary: The soybeans witnessed a lower trade today. The market is under pressure for a couple reasons. The overall demand remains weak for exports. This is due to the Brazilian exports of approx 13 mmt during March, a record. The main destination is China. The USDA numbers yesterday showed a larger carry than anticipated. This could prove important, and could …
Corn Commentary
Commentary: The corn market today was driven by the USDA release. The stocks were estimated at 7.953. This was approx 200 million bu less than estimates. This could indicate an overstatement of last years crop. Or perhaps a realization of corn left in the fields. Whatever the reason, it is material. The problem for corn at present is the acreage …
Soy Update
Commentary: The USDA released the stocks and acreage estimates today for March. The soy stocks came in at 2.253 billion. This was larger than anticipated. The acreage came in at 83.5 mil acres. This was smaller than anticipated by approx 1 million acres, but still up from 19 by 7.4 million acres. As mentioned over the last couple of days, …
Soy Commentary
Commentary: The soy has been led higher by the old crop. Both beans and meal have been the leaders while the oil share has lost approx 6% in the past weeks. The catalyst for the strength has been concern over the recent weather in South America that has caused reductions in crop size. In addition, for meal, concerns due to …
Corn Commentary
Commentary: The corn has dropped recently. There are real concerns over the shuttering of the Bio industry. This, if prolonged, will lead to an accumulation of corn stocks, potentially. The Covid shut down extension does not help this thought. The Chinese have been buyers of US corn, up to 1 mil tns. There is thought they may buy 1.5 mmt …