BASIC & RECENT MARKET INFO

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

Tidbits Crude oil futures gapped a dollar lower and traded as much as $4.00 lower last evening on the relatively “peaceful” Saturday attack by Israel on Iran. Last evening was the lowest trade in December crude futures since 1 October.   India’s crude oil demand will increase 4% during the final quarter of 2024 amid their festival season that also coincides with increased agricultural activity after the monsoon season, according to S&P Global Commodity Insights, as gasoline a

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. Dow Jones  Industrial Average Index settled at 42,114, -1,161.51 points for the week. Crude oil  settled at $71.69, +2.35. Dollar Index  settled at 104.32, +0.86. Baltic Dry Index  (a shipping freight-cost index)  settled at 1,410, -166 for the week. Corn December futures  at $4.15¼, +10½¢ for the week. Basis   (Z = Dec; e.g. 10Z means 10¢ over December futures) (Futures price + Basis =

Q&A: Trading Thursday, 24 October 2024:  "Good evening, I have a few questions.      Are there any calls for soybeans that look as good as the March call for corn?   Also, I assume you can sell these calls any time before the expiration date?   Do you guys recommend any type of app that you can buy/sell futures, calls, puts, etc? I would not mind using a broker, but we are not currently set up with a broker and I am not sure how to locate a trustworthy one. So, I thought mayb

Tidbits Yesterday’s weakness for corn and beans was a result of speculative profit-taking after four days of gains earlier in the week, options expiration, and merchandiser pre-hedging in the corn. The weakness in wheat made no sense at all.   Yesterday morning, USDA announced the sale of: 116,000 mts of old crop soybeans to China and 136,000 mts of old crop corn to Mexico   Since Monday, the US reported “flash” sales like the above notice totaled 1.347 million mts of beans (

Highlights & Export Sales November CBOT options expire today.   Weekly export sales were huge. According to Karen Braun, it was the fifth-largest corn sales for any week in at least 20 years, while sales of soybeans were the 2nd largest for any week in over a year. Also, yesterday morning, the USDA announced the sale of: 227,600 mts of old crop corn to Japan 165,000 mts of old crop corn to unknown 198,000 mts of old crop soybeans to unknown

Highlights Yesterday morning, the USDA announced the sale  of: 130,000 mts of old crop soybeans to China 259,000 mts of old crop soybeans to unknown 100,000 mts of old crop corn to unknown, the 6th straight business day of a corn export sale announcement.   Angie Setzer of Consus Ag Consulting reported yesterday: "According to AgTraderTalk, a brokerage and analytical firm, yesterday’s sale brings the full month total to nearly 4.7 million metric tons, the fourth largest month

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 22 , 2024: December corn settled yesterday at $4.16½, +15¼¢ since last Tues

Highlights Andy sent us river depth information from the Soy Transportation Coalition. "For each foot of draft reduction on the river, an individual barge is loaded with 7,000 fewer bushels (200 tons) of soybeans. In certain areas of the river, we are seeing several feet of draft restrictions due to low water. In addition, the lack of water will narrow the shipping channel, which limits the number of barges that can be attached together to form one single flotilla or tow. Dep