Recent Energy Analysis
Summary of Futures
Dec 26 Corn closed at $4.49/bushel, up $0.0975 from yesterday's close. Dec 26 Wheat closed at $5.9275/bushel, up $0.0475 from yesterday's close. Jan 27 Soybeans closed at $12.28/bushel, up $0.3975 from yesterday's close. Dec 26 Soymeal closed at $326.5/short ton, up $5.8 from...
A Closer, More Complex Look at Inflation
Although inflation has remained elevated since the post-COVID surge, it steadily moderated until the past year. More to the point, today’s inflation looks very different from 2022, when the Consumer Price Index (CPI) peaked at 9 percent. During and after the pandemic, the M2 money supply...
Summary of Futures
Dec 26 Corn closed at $4.415/bushel, up $0.015 from yesterday's close. Dec 26 Wheat closed at $5.9125/bushel, down $0.08 from yesterday's close. Jan 27 Soybeans closed at $11.9375/bushel, up $0.055 from yesterday's close. Dec 26 Soymeal closed at $319.2/short ton, up $2 from y...
Global Soybean Crush Margin Forecasts
Key Takeaways: WPI’s forecasts call for physical U.S. soybean crushing margins to weaken over the next four months and average $4.44/bushel by late February, while CBOT futures margins should rise modestly to about $2.40/bushel. A key catalyst for this is the expectation that U.S...
CFTC COT Report Analysis
Managed money sold a net 235,000 agricultural futures contracts during the week, cutting the aggregate net long 52.8 percent to 210,000 contracts. Funds have reduced their aggregate agricultural net long by 423,000 contracts over the past two weeks, with this week’s selling exceeding the...
Summary of Futures
Dec 26 Corn closed at $4.4/bushel, down $0.0425 from yesterday's close. Dec 26 Wheat closed at $5.9925/bushel, up $0.0075 from yesterday's close. Jan 27 Soybeans closed at $11.8825/bushel, down $0.14 from yesterday's close. Dec 26 Soymeal closed at $317.2/short ton, down $1.4...
Summary of Futures
Dec 26 Corn closed at $4.4425/bushel, up $0.0175 from yesterday's close. Dec 26 Wheat closed at $5.985/bushel, down $0.0125 from yesterday's close. Jan 27 Soybeans closed at $12.0225/bushel, down $0.1175 from yesterday's close. Dec 26 Soymeal closed at $318.6/short ton, up $0...
Summary of Futures
Dec 26 Corn closed at $4.425/bushel, down $0.0575 from yesterday's close. Dec 26 Wheat closed at $5.9975/bushel, down $0.0675 from yesterday's close. Jan 27 Soybeans closed at $12.14/bushel, down $0.0275 from yesterday's close. Dec 26 Soymeal closed at $318/short ton, down $1...
Summary of Futures
Dec 26 Corn closed at $4.4825/bushel, up $0.005 from yesterday's close. Dec 26 Wheat closed at $6.065/bushel, up $0.03 from yesterday's close. Jan 27 Soybeans closed at $12.1675/bushel, down $0.175 from yesterday's close. Dec 26 Soymeal closed at $319.6/short ton, down $5 from...
CFTC COT Report Analysis
Managed money was a net seller across agricultural markets for the sixth straight week, liquidating a net 189,000 contracts through Tuesday's reporting deadline and reducing the combined net-long position by 29.8 percent to 444,000 contracts. The selling accelerated for the third consecutive we...
Summary of Futures
Dec 26 Corn closed at $4.4775/bushel, down $0.035 from yesterday's close. Dec 26 Wheat closed at $6.035/bushel, down $0.0025 from yesterday's close. Jan 27 Soybeans closed at $12.3425/bushel, down $0.005 from yesterday's close. Dec 26 Soymeal closed at $324.6/short ton, down $...
Fed Holds Steady Prior to Election as GDP and Inflation Pressures Grow
As predicted, the Federal Reserve held rates steady at the last meeting before the midterm elections, likely in part because of the election (see WPI 19 October and 22 September). The decision comes at the tail end of a midterm election cycle that has been marked by the two parties campaigning...
Summary of Futures
Dec 26 Corn closed at $4.49/bushel, up $0.0975 from yesterday's close. Dec 26 Wheat closed at $5.9275/bushel, up $0.0475 from yesterday's close. Jan 27 Soybeans closed at $12.28/bushel, up $0.3975 from yesterday's close. Dec 26 Soymeal closed at $326.5/short ton, up $5.8 from...
A Closer, More Complex Look at Inflation
Although inflation has remained elevated since the post-COVID surge, it steadily moderated until the past year. More to the point, today’s inflation looks very different from 2022, when the Consumer Price Index (CPI) peaked at 9 percent. During and after the pandemic, the M2 money supply...
Summary of Futures
Dec 26 Corn closed at $4.415/bushel, up $0.015 from yesterday's close. Dec 26 Wheat closed at $5.9125/bushel, down $0.08 from yesterday's close. Jan 27 Soybeans closed at $11.9375/bushel, up $0.055 from yesterday's close. Dec 26 Soymeal closed at $319.2/short ton, up $2 from y...
Global Soybean Crush Margin Forecasts
Key Takeaways: WPI’s forecasts call for physical U.S. soybean crushing margins to weaken over the next four months and average $4.44/bushel by late February, while CBOT futures margins should rise modestly to about $2.40/bushel. A key catalyst for this is the expectation that U.S...
CFTC COT Report Analysis
Managed money sold a net 235,000 agricultural futures contracts during the week, cutting the aggregate net long 52.8 percent to 210,000 contracts. Funds have reduced their aggregate agricultural net long by 423,000 contracts over the past two weeks, with this week’s selling exceeding the...
Summary of Futures
Dec 26 Corn closed at $4.4/bushel, down $0.0425 from yesterday's close. Dec 26 Wheat closed at $5.9925/bushel, up $0.0075 from yesterday's close. Jan 27 Soybeans closed at $11.8825/bushel, down $0.14 from yesterday's close. Dec 26 Soymeal closed at $317.2/short ton, down $1.4...
Summary of Futures
Dec 26 Corn closed at $4.4425/bushel, up $0.0175 from yesterday's close. Dec 26 Wheat closed at $5.985/bushel, down $0.0125 from yesterday's close. Jan 27 Soybeans closed at $12.0225/bushel, down $0.1175 from yesterday's close. Dec 26 Soymeal closed at $318.6/short ton, up $0...
Summary of Futures
Dec 26 Corn closed at $4.425/bushel, down $0.0575 from yesterday's close. Dec 26 Wheat closed at $5.9975/bushel, down $0.0675 from yesterday's close. Jan 27 Soybeans closed at $12.14/bushel, down $0.0275 from yesterday's close. Dec 26 Soymeal closed at $318/short ton, down $1...
Summary of Futures
Dec 26 Corn closed at $4.4825/bushel, up $0.005 from yesterday's close. Dec 26 Wheat closed at $6.065/bushel, up $0.03 from yesterday's close. Jan 27 Soybeans closed at $12.1675/bushel, down $0.175 from yesterday's close. Dec 26 Soymeal closed at $319.6/short ton, down $5 from...
CFTC COT Report Analysis
Managed money was a net seller across agricultural markets for the sixth straight week, liquidating a net 189,000 contracts through Tuesday's reporting deadline and reducing the combined net-long position by 29.8 percent to 444,000 contracts. The selling accelerated for the third consecutive we...
Summary of Futures
Dec 26 Corn closed at $4.4775/bushel, down $0.035 from yesterday's close. Dec 26 Wheat closed at $6.035/bushel, down $0.0025 from yesterday's close. Jan 27 Soybeans closed at $12.3425/bushel, down $0.005 from yesterday's close. Dec 26 Soymeal closed at $324.6/short ton, down $...
Fed Holds Steady Prior to Election as GDP and Inflation Pressures Grow
As predicted, the Federal Reserve held rates steady at the last meeting before the midterm elections, likely in part because of the election (see WPI 19 October and 22 September). The decision comes at the tail end of a midterm election cycle that has been marked by the two parties campaigning...