BASIC & RECENT MARKET INFO

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. The Dow Jones  Industrial Average (DJIA) settled at 38,686, -383.27 points for the week. Crude oil  settled at $77.18, -0.62. The Dollar Index  settled at 104.62, -0.13. The Baltic Dry Index  (a shipping freight-cost index)  settled at 1,815, +18 for the week. Corn July futures  at $4.46¼, -18½¢ for the week. Basis   (N = July; e.g. 10N means 10¢ over July futures) (Futures price + Basis

Highlights The USA GDP for the first quarter was reported at 1.3% versus 1.2% estimate. Jobless claims were 219,000 to 218,000 expected with the previous week revised up to 216,000. Goods trade balance was deficit $99.4 billion vs. $91.8 billion estimate. Goods and services combined balance is a bit better, but consistently negative since the 90s, meaning US imports more than it exports, and that is one of the reasons the national debt is ever rising. A Federal Reserve “chit-

Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn, soybeans...

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. The Dow Jones  Industrial Average (DJIA) settled at 39,070, -934 points for the week. Crude oil  settled at $77.8, -2.20. The Dollar Index  settled at 104.75, +0.25. The Baltic Dry Index  (a shipping freight-cost index)  settled at 1,797, -47 for the week. Corn July futures  at $4.64¾, +12¼¢ for the week. Basis   (N = July; e.g. 10N means 10¢ over July futures) (Futures price + Basis = C

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: https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain Corn Corn  situation after the close  Tuesday, May 21 , 2024: July corn settled yesterday at $4.58, -9½¢ since last Tuesday. The past 7 days’ high wa

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. The Dow Jones  Industrial Average (DJIA) settled at 40,004, +490.75 points for the week. Crude oil  settled at $80, +1.80. The Dollar Index  settled at 104.5, -0.81. The Baltic Dry Index  (a shipping freight-cost index)  settled at 1,844, -285 for the week. Corn July futures  at $4.52½, -17¼¢ for the week. Basis   (N = July; e.g. 10N means 10¢ over July futures) (Futures price + Basis =

Highlights Wheat Quality Council Tour: Kansas has biggest wheat crop since 2021 Estimated production 290 million bushels (USDA 267.9); Last year Kansas produced 201 million bushels; This year’s yield is seen at 46.5 bushels per acre (USDA 38). Tidbits Agronomists in Central Ohio say the soft red winter wheat crop is flowering 15+ days early. Thanks to Gary for the tip. Set the basis three weeks before the soft red winter wheat harvest starts in your area.   On Wednesday, SovE

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: https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain Corn Corn  situation after the close  Tuesday, May 14 , 2024: July corn settled yesterday at $4.67½, +½¢ since last Tuesday. The past 7 days’ high wa

Highlights Yesterday’s Producer Price Index (PPI=inflation at the wholesale level) for April was up 0.5%. The market expected +0.3%. In March, the PPI was down 0.1%. The Fed has managed to create a weakening economy with high inflation.   Today we get the inflation rate at the retail level with the Consumer Price Index (CPI). Market is looking for a 0.4% increase in CPI in April with the year inflation rate at 3.4%.   Yesterday, President Biden announced a bundle of steep tar

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

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. The Dow Jones Industrial Average (DJIA) settled...

Highlights Biden said late yesterday he will withhold weapons from Israel if it invades Rafah. Most news reports state Israel’s military went into Rafah on Tuesday.    The main crude oil news yesterday was the U.S. Energy Information Administration (EIA) reported in the morning an inventory draw-down of 1.4 million barrels for the week ending May 3rd, which was much different than last week’s build of 7.3 million barrels. On Tuesday, the American Petroleum Institute estimated

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: https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain Corn Corn  situation after the close  Tuesday, May 7 , 2024: July corn settled yesterday at $4.67, +27½¢ since last Tuesday. The past 7 days’ high wa

Tidbits Saturday and Sunday cease fire talks between Hamas and Israel ended with Hamas demanding Israel end the war first and then Hamas will release hostages. Israel said that will never happen. Supposedly they will meet again on Tuesday.      Rio Grande do Sul, the second largest soybean producing state in Brazil, with the weekend rains, is now experiencing its worst flooding since 1941. About half the soybeans are still in the field.   Argentina is slashing import taxes on

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. The Dow Jones  Industrial Average (DJIA) settled at 38,676, +436.02 points for the week. Crude oil  settled at $77.99, -5.67. The Dollar Index  settled at 105.08, -1.01. The Baltic Dry Index  (a shipping freight-cost index)  settled at 1,876, +155 for the week. Corn July futures  at $4.60¼, +10¼¢ for the week. Basis   (N = July; e.g. 10N means 10¢ over July futures) (Futures price + Basi

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: https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain Corn Corn  situation after the close  Tuesday, April 30 , 2024: July corn settled yesterday at $4.39½, -3½¢ since last Tuesday. The past 7 days’ high

Highlights The road map for corn ethanol and soy oil to qualify for the SAF $40 billion of subsidies was released by the Biden Administration yesterday afternoon after the CBOT closed. No-till, cover crops, and “efficient fertilization” must be documented to have shot at the bonus price for low carbon corn and beans. Ag Economist Scott Irwin from The University of Illinois summed it up this way: "Looks to me like a pretty small number of acres would qualify for 2023 and 2024.

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat. The Dow Jones  Industrial Average (DJIA) settled at 38,240, +253.26 points for the week. Crude oil  settled at $83.66, +0.42. The Dollar Index  settled at 106.09, -0.03. The Baltic Dry Index  (a shipping freight-cost index)  settled at 1,721, -198 for the week. Corn May futures  at $4.40, +6½¢ for the week. Basis   (K = March; e.g. 10K means 10¢ over May futures) (Futures price + Basis =

Highlights Wheat has been the upside leader the past three trading days. What are analysts saying is moving the wheat market higher?   The dry US Southern Plains (this area had a crop failure in 2023 and the market did not care) Forecast for freezing temps in Europe Too much rain in France Not enough rain in Southern Russia     Except for cold temperatures in Europe, all of the above is and has been old news for several months and more for the dry Southern Plains.   Yesterday

Marketing recommendations for grain May basis contracts. Wheat weather problems. IRS summary.