BASIC & RECENT MARKET INFO

Highlights Northwest Ohio is out of corn. Our client, Evan, reported a nearby feed mill took their corn basis to +75Z (75¢ over December futures) for corn delivered by Saturday, the 14th. Kalmbach Feeds in Upper Sandusky is paying +70Z through Saturday and Poet in Fostoria is paying +100Z this week. Poet in Leipsic is +50Z, Poet in Marion is +80Z through Friday. A day after the 50th anniversary of the start of the 1973 Yom Kippur war, the terrorist group HAMAS attacked Isra

It's our weekly grain market prices and US grain basis analysis and outlook on October 8, 2023 for corn, soybeans and wheat. The Dow Jones Industrial Average (DJIA) settled at 33407.58, -99.92 points for the week. Crude oil settled at $82.81, -7.96. The Dollar Index settled at 106.1, -0.07. The Baltic Dry Index (a shipping freight-cost index) settled at 1929, +228 points for the week. Corn December futures at $4.92, +15¼¢ for the week. Basis (Z = December; e.g. 10Z mea

World Free-On-Board Grain & Oilseed Prices for October 7, 2023

Politics Not a word about Ukraine’s corruption and its links with US political figures the past 24 hours. Rep. Jim Jordan (R-Ohio) is the leading candidate for the Speaker position and he said he is against Ukraine aid. The war will not continue very long without US aid. If the war ends, is that bearish or bullish wheat and corn? In the first year or two, it will depend on how well the two enemies can work together to get everything up and running. About half of the House Rep

Highlights Definitions: Moving average: a commodity’s (or stock) price for the past X number of days averaged each day; a 20 day closing price moving average would add the settlement of the past 20 days and divide the answer by 20. Tomorrow, the oldest day’s settlement will be removed and replaced by tomorrow’s settlement price. A moving average could be the opening price, the high for the day price, the low for the day price, etc. Short: When a person sells futures contrac

Dec Wheat - Steady to 1 Lower Dec Corn - 1 to 2 Lower Nov Beans - Steady to 1 Lower Old resistance becomes support as markets rally, just...

Highlights Ukraine’s leadership is highly stressed by Speaker McCarthy’s removal from office. They claim McCarthy, Jeffries and Biden made a secret deal last week to send more money to Ukraine. Supposedly, McCarthy confirmed yesterday the secret deal for Ukraine was true. Now, this money will be delayed, or could be rejected completely with a new speaker. About two weeks ago, Ukraine set-up a temporary “humanitarian corridor” for cargo vessels, and several ships have departe

Dec Wheat - Steady to 1 Higher Dec Corn - Steady Nov Beans - Steady to 1 Lower A quiet day all the way around in the grains. December...

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) for past week Wednesday to Tuesday. Explanation of our approach to this report: https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain Corn Corn situation after the close Tuesday, October 3 , 2023: December corn settled on Tuesday at $4.87½, +7¾¢ since last Tuesday.

Highlights The Speaker of the House of Representatives, Kevin McCarthy, lost his job yesterday afternoon by a vote of 216 to oust to 210 supported him. Eight Republicans and all the Democrats voted to remove McCarthy. He said he will not run again for the job. Steve Scalise is the #2 Republican in the House and he had previously said he would seek the job when McCarthy retired, but he has not said if he is ready to step into the job now. Some Republicans are supporting FL Co

Dec Wheat - Steady to 1 Lower Dec Corn - Steady Nov Beans - Steady to 1 Lower A note on support/resistance: these spots can be swing...

Highlights OPEC members, Nigeria and Iran, have been cheating on their crude oil quota the past two months while other OPEC members did maintain reduced production. OPEC produced more crude in August than they did in July, but OPEC leaders (aka Saudi Arabia) swept that under the rug to keep prices on an upward trajectory. However, after the same two “villians” over produced again in September, the Saudis “blew the whistle” yesterday and crude oil prices slumped $2 and settled

Dec Wheat - Steady to 2 Higher Dec Corn - Steady Nov Beans - Steady to 1 Lower Please note that support and buy area are synonymous, and...

Highlights Rain has fallen the past three days in the Brazilian states of Mato Grosso and Goias and the Brazilian National Weather Service (Inmet) is forecasting more chances of rain over the next few days with amounts of 0.8 to 1.2 inches (20 to 30 mm) with the possibility of high winds and hail. Rainfall amounts and coverage should increase in central Brazil starting the second week of October. After 90 days without any significant precipitation, coverage was spotty and am

Jon Scheve with weekly market commentary made on September 29, 2023 On Friday, the USDA reported last year’s ending stocks. It showed...

Dec Wheat - 5 to 6 Higher Dec Corn - Steady to 1 Higher Nov Beans - Steady to 1 Lower Because you folks are extremely busy during the...

It's our weekly grain market prices and US grain basis analysis and outlook on October 1, 2023 for corn, soybeans and wheat. The Dow Jones Industrial Average (DJIA) settled at 33507.5, -456.34 points for the week. Crude oil settled at $90.77, +0.44. The Dollar Index settled at 106.17, +0.59. The Baltic Dry Index (a shipping freight-cost index) settled at 1701, +108 points for the week. Corn December futures at $4.76¾, +½¢ for the week. Basis (Z = December; e.g. 10Z means 10

Highlights The US House of Representatives passed a funding bill to keep the government open until November 17th. If things go according to plan, there will not be a partial government shutdown and the USDA reports will continue as scheduled, which is positive for CBOT prices. Markets, especially grain markets, do not like uncertainty. The USDA announced Friday morning that 223,540 mts of corn were sold to Mexico; just a reminder, Mexico bought 1.6+ million mts earlier in the

World Free-On-Board Grain & Oilseed Prices for September 30, 2023

Highlights In yesterday's Quarterly Inventory and Small Grains Summary Reports, the USDA reduced the size of the 2022 corn crop by 15 million bushels, 4 million more than expected. USDA also reduced the 2022 soybean crop by 5.93 million bushels, about 1 million bushels less than expected. More importantly, the inventory of corn in the USA on September 1 was less than expected for the third consecutive quarter, this time 68 million less than expected, which is 1½ days’ wort