BASIC & RECENT MARKET INFO

Tidbits Weekly Export Inspections will be released today at 10:00 a.m. CDT. Crop Progress and Conditions will be released after the close on Tuesday.   Yesterday morning, Cargill’s crush plant at Sidney, Ohio sent a text to farmers stating they were paying $10.50 for beans in November. Their website quote at the same time was 3 under the January, at $10.30. Early this morning, their website still was 3 under the January futures.   As on Friday China announced a $1.4 trillion

Tidbits The Panama Canal uses fresh water from Gatun Lake to fill the locks to raise the ships. The water level of Gatun Lake is right where it normally is this time of year, just shy of 88 feet. A year ago, it was just shy of 80 feet and traffic through the canal was restricted.   The United Nations reported world food prices rose in October to an 18-month high as vegetable oils led to price increases of most food staples.   The 29th Conference of the Parties to the UN Frame

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. Dow Jones  Industrial Average Index settled at 43,989, +1,936.80 points for the week. Crude oil  settled at $70.43, +1.10. Dollar Index  settled at 104.95, +0.63. Baltic Dry Index  (a shipping freight-cost index)  settled at 1,495, +117 for the week. Corn December futures  at $4.31, +16½¢ for the week. Basis   (Z = Dec; e.g. 10Z means 10¢ over December futures) (Futures price + Basis = C

Highlights Two men were arrested in New York City and a third is being sought as an Iranian plot to kill  Donald Trump was foiled.     The Biden Administration has lifted sanctions  on Russian banks while still promising to cut Russia off from the Western financial system. The US Treasury Department cleared energy-related transactions with Otkritie Bank, Zenit, Saint Petersburg, Sovcombank, Sberbank, VTB, Alfa Bank, Vnesheconombank, Rosbank, the National Clearing Center (NCC)

Highlights On the November S&D, USDA reduced corn yields by 0.7 bu. to 183.1 bu. and an even bigger surprise was a 1.4 bu. reduction of soybean yields to 51.7 bushels per acre. The soybean yield was lower than the lowest yield estimate by three-tenths of bushel!   Corn yield was reduced for all the states along the Atlantic Seaboard as well as Kentucky down 3.2 bu., Illinois down 1.8 bu., Missouri down 1.6 bu., Nebraska down 1 bu., Iowa and Wisconsin both down 0.5 bu. But Ind

The numbers were: Friendly Corn Bullish Soybeans Neutral Wheat   17 Minutes After the Report: Dec corn +4.5 Nov beans +8.5 Dec CBOT wheat...

At 10 AM Mountain Time today the USDA will issue its November S&D.  On Wednesday, an EPA auditor gave an agricultural commercial chemical applicator, who does business with one of our clients, a set of new regulations that went into effect Wednesday. The applicator told our client these new regulations will require some serious limitations in 2025. The limited information our client has is that the new regulations have something to do with the Endangered Species Act. If any o

Highlights Leaders of foreign countries who sell products to the U.S. markets, are scurrying to prepare to deal with President Trump’s...

Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn , soybeans and wheat (Soft Red Winter, Hard Red Winter & Spring), fuel , fertilizers for past week Wednesday to Tuesday. Explanation of our approach: https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain Corn Corn  situation after the close  Tuesday, November 5 , 2024: December corn settled yesterday at $4.18½, +4¾¢ since last Tuesd

Highlights Yesterday morning, the USDA announced the sale of 124,000 mts of corn to unknown.   Dr. Michael Cordonnier left his South American corn and soybean crop estimates unchanged from last month (in million mts):   Corn: Brazil 125 (USDA 127), Argentina 48 (USDA 51)  Soybeans: Brazil 165 (USDA 169), Argentina 57 (USDA 51)   Egypt purchased 290,000 mts of wheat this week: 120,000 mts Romania 120,000 mts Ukraine 50,000 mts Bulgaria   Chinese manufacturing purchasing manage

Highlights Some analysts say yesterday afternoon’s weakness at the CBOT  was because polls were showing Harris was gaining on Trump. In fact, the Des Moines Register/Mediacom Iowa Poll showed Harris leading Trump 47% to 44% among likely voters.   If a possible Harris victory is truly the reason CBOT prices faded yesterday afternoon, that indicates CBOT prices will rally if Trump does win. Trump won Iowa in 2020 by 8.2% and by nearly 10% in 2016.          USDA reported 91% of

Highlights Today, the CBOT will assign 440 contracts of soybeans for delivery tomorrow on the November futures. One or more customers of J.P. Morgan issued all of them. The oldest long November futures position is 18 October 2024. One of J.P. Morgan’s futures trading clients is rumored to be Cargill.    A customer of ADM Investor Services will be assigned (stopped) 333 of the contracts and the rest (107) were assigned to a customer of J.P. Morgan.   Rough rice contracts zero

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. Dow Jones  Industrial Average Index settled at 42,052, -62.21 points for the week. Crude oil  settled at $69.33, -2.36. Dollar Index  settled at 104.32, steady. Baltic Dry Index  (a shipping freight-cost index)  settled at 1,378, -32 for the week. Corn December futures  at $4.14½, -¾¢ for the week. Basis   (Z = Dec; e.g. 10Z means 10¢ over December futures) (Futures price + Basis = Cash

Highlights Wayne Bacon of Hammersmith Reports has been involved in the international grain trade for more than 60 years. His comment this week on corn: "Corn had a good week for export with large sales to Mexico and a new shipment loading to Tunisia in NOLA. I have not seen US corn sold to Tunisia in quite a while. The US Grains Council office in Tunis says that more US corn business is expected for Tunisia."   Tunisia  is in North Africa, a hop, skip, and a jump from the Bla

Highlights Yesterday morning, the USDA announced the sale  of: 715,800 mts of old crop corn to Mexico 65,532 mts of new crop corn to Mexico 132,000 mts of old crop soybeans to China 198,000 mts of old crop soybeans to unknown 30,000 mts of old crop soybean oil to India The USDA reported the September crush numbers  for: Soybeans: Crush was 187 million bushels, 12 million more bushels (6.8%) than a year ago. The soy oil inventory at the end of September was 5% more than a year

Highlights December crude oil  made a 4-week low Tuesday after Israel's weekend retaliatory strike was very limited and raised hopes that the direct attacks between Iran and Israel were over for the time being. Iran said on Monday its oil industry was operating normally despite the weekend strike by Israel. The risk premium in oil prices was further reduced Monday when Israel said it was open to a short truce in Gaza in return for the release of a small number of hostages.  

Highlights Yesterday morning, the USDA reported the sale of: 132,000 mts of old crop soybeans to China 132,000 mts of old crop soybeans to unknown 273,048 mts of old crop corn to unknown Angie Setzer reported: “ Tuesday’s weakness in beans was due to rumors that China is planning to shut down ports for 2-3 weeks to update their quarantine rules. While this is not unusual, considering something similar happened twice last year, it does create some uncertainty over the pace of

Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn , soybeans and wheat (Soft Red Winter, Hard Red Winter & Spring), fuel , fertilizers for past week Wednesday to Tuesday. Explanation of our approach: https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain Corn Corn  situation after the close  Tuesday, October 29 , 2024: December corn settled yesterday at $4.13¾, -2¾¢ since last Tuesd

Cuba and Sugar Lobby Venezuela has been the primary crude oil supplier to Cuba for decades with Russia also sending some crude to Cuba. However, political corruption, civil unrest, cash flow problems, off-and-on U.S. sanctions, etc., has caused Venezuela’s oil shipments to Cuba to decline from 60,000 barrels per day (bpd) in 2023 to 32,600 bpd in 2024.   Mexico has picked-up some of the slack by supplying Cuba with more and more crude oil and refined fuels since early 2023.  

Highlights All long November soybean futures and basis contracts need to be rolled or priced by the close of business tomorrow to avoid any chance of being assigned delivery. CBOT prices were lower yesterday because crude oil was down about $4 most of the day because Israel’s counter strike on Iran was not aimed at Iran’s oil infrastructure. Additional pressure came from Brazil’s rainy season progressing well and some much-needed rain is in the forecast over the next 10 days