BASIC & RECENT MARKET INFO

Wheat & Put Options On 27 May 2022, September Soft Red Winter Wheat futures settled at $11.66 after trading to $12.85 on 17 May.    Here is the daily price chart for September 2022 CBOT wheat June through August 2022: On 27 May 2022, September Soft Red Winter Wheat futures settled at $11.66 after trading to $12.85 on 17 May.    Here is the daily price chart for September 2022 CBOT wheat June through August 2022:

Highlights Between October and January are the traditional months the U.S. dominates sourcing soybeans to China. However, this marketing year, 46% were from Brazil, up from 29% two years earlier. The two primary reasons are Brazil’s soybean production and storage capacity is growing faster than Chinese demand for soybeans and the U.S. and China trade and political relationships have been in down-trend ever since Biden refused to reduce or remove Trump’s tariffs on most Chines

Tidbits March U.S. manufacturing PMI (purchasing managers index) was better than expected at 52.5, services PMI was below expectation at 51.7, values above 50 imply expansion. Existing home sales were better than expected at 4.38 million. Jobless claims at 210k were less than expected.   Iowa is facing drought for the 4th year in a row. Today's drought monitor showed at least abnormally dry conditions with 23% for corn and 19% for beans. Seasonal outlooks, released by NOAA to

Planting Intentions Survey At noon Eastern Time on Thursday, 28 March, the USDA will issue results of its survey of farmers planting intentions for corn, beans and spring wheat as well as the inventory of grains and oilseeds on hand as of March 1st. So, both new and old crops will get a major dose of information that could move the market sharply up or down.   CBOT will be closed on Good Friday, March 29. No markets Thursday evening. Trade resumes normal evening session on Ea

Tidbits The Director of Russian Foreign Intelligence Service says France is preparing to deploy 2,000 troops to Ukraine to help fight Russia. France’s President Macron, earlier this month, suggested NATO troops could support Kyiv forces. He has not ruled out the suggestion of French infantry intervention.   The Financial Times reports that the EU is set to place a 95 euro per mt tariff on grain imports from Russia and Belarus. EU imports of Russian grain hit a record 4 mil mt

Tidbits CBOT markets will not open until Monday evening. NOAA released its monthly 3-month long-range outlook for the US, joining several private services predicting warmer temperatures for the summer and potential dryness for the Western Corn Belt.     Baker-Hughes reported there were 621 oil and gas drilling rigs in operation last week in the USA, 2 less than the previous week and 139 less than a year ago. Canada had 234 rigs drilling, 2 more than the previous week, but 14

The markets usually do not move very much the 24 hours before a USDA monthly S&D as traders have had weeks to determine the positions they want to hold through the report and those on the sidelines stay on the sidelines until after the report. Highlights Poland sent 2,000 troops to the Belarusian border this week. Terrible floods this week in Norway, Slovenia, Alaska, and Northeast China (corn country). Typhoon Kanu’s route changed. It will pass through China’s regions of

The Story of Two Clients Chris and Doug were email subscription clients in May 2022. Both farm in Iowa and both became full service clients of Lance’s in early August of 2022. Chris is not going to renew his subscription. He is very upset with Wright on the Market because markets have gone down and all we do is keep saying markets will go higher. Doug renewed his subscription at once upon receiving the invoice this month. What is the difference? Same emails. Same full serv

Highlights Kevin Duling, market advisor and futures broker in Maupin, Oregon (kdinvestors@gmail.com and phone 541 980 4554) said: "The...

Highlights The USDA announced yesterday morning the cancellation of 272,000 mts of old crop corn to China. That news and better than expected planting progress, four days without a lower settlement, and a good weather forecast is why corn and beans were so weak yesterday. Russia, Ukraine, Turkey, and the UN will meet in Istanbul today and tomorrow to discuss the grain corridor deal. CPI (measures inflation at the retail level) will be released this morning at 7:30 Central.

Highlights After trashing the markets yesterday afternoon when she said there would be no government guarantee on 100% of bank deposits, US Treasury Secretary Janet Yellen, had a different story Thursday when it came to the ongoing debate over insuring bank deposits beyond the $250,000 limit. In prepared remarks to a House committee, Yellen repeated that the Biden administration’s actions tied to recent banking meltdowns were “taken to ensure that Americans’ deposits are saf

Highlights Federal Reserve Chairman Powell will testify today and tomorrow before a congressional committee. The market expects him to affirm the Fed Fund rate will peak 5½ to 6% by September to November. The monthly USDA S&D will be issued tomorrow at 11 AM Central Time. The expectations are:

Highlights China's February manufacturing PMI was expected to be 50.5, but it came in at 52.6 this morning, the highest since April 2012... eleven years, Folks! The non-manufacturing PMI was highest since March 2021. An expanding Chinese economy means more crude oil, soybeans, corn, pork and beef. Many of you are looking for a respected market advisor who will tell you to sell your corn, wheat, and beans. We are not going to do it, so Bill Crowder is your man. Bill is a cot

Highlights Mexico has officially scrapped the ban on GMO corn imports for animal feed and industrial use that was due to start in January. Mexico still plans to prohibit glyphosate and GMO corn for human consumption. That human consumption corn has never been a sizable percent of their corn imports. President Biden Administration said yesterday morning another 26 million barrels will be released from Strategic Petroleum Reserve (SPR) as Russia cuts production. That and the C

Highlights The Nord Stream Pipeline is a natural gas pipeline from Russia to Germany running through the Baltic Sea, financed by Russia’s Gazprom and several European energy companies. A Pulitzer Prize-winning journalist, Seymour Hersh, reported last Wednesday that the Biden Administration decided to damage the pipeline to prevent Russia from boosting its income while reducing the dependence of Western Europe on inexpensive Russian gas. Now, four days later, it appears that

Highlights Yesterday’s weekly export sales had soybeans at their lowest or second lowest sales of the marketing year. Before you panic and sell every bean, note that the lowest weekly soybean exports of the marketing year (which began 1 September) is always a month or so after Brazil starts to harvest soybeans. In fact, the lowest sales week of the marketing year usually comes the first or second week of January because Brazil’s soybean harvest usually starts in late December

Highlights The Dollar Index made a ten-month low Thursday and then rallied sharply Friday after the January jobs report stated the US added 517,000 jobs. The market expected only 185,000 new jobs. For any economy to add three times more jobs than expected in one month is blockbuster good news. Demand for goods and services will explode! But, not in the USA... The current managers of the United States monetary policy manage the economy by adding money to the money supply to s

Highlights Brazilian bean market analyst, Eduardo Vanin, reports the soybean harvest in Mato Grosso (MT) is being delayed by excessive rain. Take a look at our rain days chart below to see why; the first three locations are where 85% of Brazil’s beans are grown. A form manager with 270,000 acres in MT reported harvest is only 7% complete whereas normally they would be 30% done. He said it is too early to talk about yield losses and he still expects 3 to 5 bushels more than a

CBOT will begin trading at 7 PM Central Time this evening. Crude oil started trading last evening. Highlights NATO defense ministers will meet on January 20. Ukraine, naturally, wants NATO to increase its support for the war and obviously wants to sway EU public opinion to support continued deliveries of military equipment and money to Ukraine. On Sunday, Russian news service reported Ukrainian agents intentionally destroyed a grain elevator in northeast Ukraine to accuse Ru

Tax Time: Wright on the Market, 8472 State Route 161, Mechanicsburg, Ohio 43044; Tax ID number, aka employer ID number is: 85-3860442 Here is the link for the margin requirements for futures contracts. It can and does change frequently. Soybean margin for speculators was $3350 on Thursday; now it is $3960. If you trade futures, you will be glad if you save this link: https://ww2.rjobrien.com/documents/shared/margins/margins.pdf Tidbits CONAB is Brazil’s USDA. On Friday, beca