Recent Energy Analysis
Summary of Futures
Jul 26 Corn closed at $4.4675/bushel, down $0.09 from yesterday's close. Jul 26 Wheat closed at $6.105/bushel, down $0.135 from yesterday's close. Jul 26 Soybeans closed at $11.8675/bushel, down $0.0775 from yesterday's close. Jul 26 Soymeal closed at $329.8/short ton, down $4...
Market Commentary: Grains and oilseeds see strength on high PCE reading, Crude oil and macros remain topsy-turvy with U.S.-Iran headline risk
What You Need to Know Today: The U.S. struck Iranian military targets for the second time this week. During a cabinet meeting, President Trump said that the Strait of Hormuz is international waters and will be open to everybody, which appears to be wishful thinking. Control of the Strait...
Summary of Futures
Jul 26 Corn closed at $4.5575/bushel, up $0.0325 from yesterday's close. Jul 26 Wheat closed at $6.24/bushel, up $0.015 from yesterday's close. Jul 26 Soybeans closed at $11.945/bushel, up $0.0925 from yesterday's close. Jul 26 Soymeal closed at $334.1/short ton, up $3.5 from...
Market Commentary: Trading Headlines, Pricing Risk
Key Market Insights Today was another reminder that this market is trading headlines first, facts second. Early optimism surrounding reports of a possible U.S.-Iran memorandum of understanding helped pressure energy risk premium and kept the broader commodity space defensive. An hour later, how...
Summary of Futures
Jul 26 Corn closed at $4.525/bushel, down $0.05 from yesterday's close. Jul 26 Wheat closed at $6.225/bushel, down $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.8525/bushel, down $0.0075 from yesterday's close. Jul 26 Soymeal closed at $330.6/short ton, up $2 fro...
Brazil’s Emerging Corn Ethanol Industry Driven by Market Forces and Biofuel Policy
Key Takeaways: Brazil has been the second-largest producer of fuel ethanol globally, but almost all of it was derived from sugarcane until recently. Corn ethanol production has increased due to expanded second-crop corn production, sugarcane storage limitations, and biofuel policy. Brazil is e...
Summary of Futures
Jul 26 Corn closed at $4.575/bushel, down $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.355/bushel, down $0.1075 from yesterday's close. Jul 26 Soybeans closed at $11.86/bushel, down $0.105 from yesterday's close. Jul 26 Soymeal closed at $328.6/short ton, down $3...
CFTC COT Report Analysis
Friday’s CFTC report showed funds reducing net long positions across most of the major ag futures contracts for the second straight week. Funds reduced the all-ags net long by 4,300 contracts (0.4 percent), pulling back from the largest net long since at least 2016 forged just two weeks p...
Summary of Futures
Jul 26 Corn closed at $4.6325/bushel, up $0.01 from yesterday's close. Jul 26 Wheat closed at $6.4625/bushel, down $0.0125 from yesterday's close. Jul 26 Soybeans closed at $11.965/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $331.9/short ton, up $3.5 fr...
Summary of Futures
Jul 26 Corn closed at $4.6225/bushel, down $0.035 from yesterday's close. Jul 26 Wheat closed at $6.475/bushel, down $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.9425/bushel, down $0.055 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, down $2...
Summary of Futures
Jul 26 Corn closed at $4.6575/bushel, down $0.095 from yesterday's close. Jul 26 Wheat closed at $6.605/bushel, down $0.0675 from yesterday's close. Jul 26 Soybeans closed at $11.9975/bushel, down $0.0975 from yesterday's close. Jul 26 Soymeal closed at $330.9/short ton, down...
Soyoil Prices Continue to Be Bullish Amid High Energy Prices and Favorable Biofuel Policy
Key Takeaways: Soyoil futures have been trading at the highest levels since 2022. Higher crude oil prices have allowed biofuels to be more cost-competitive with fossil fuels. Recent U.S. biofuel policy, including 45Z, has been favorable toward soyoil as a feedstock. California will be limiting...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, down $0.0175 from yesterday's close. Jul 26 Wheat closed at $6.6725/bushel, up $0.0275 from yesterday's close. Jul 26 Soybeans closed at $12.095/bushel, down $0.035 from yesterday's close. Jul 26 Soymeal closed at $332.3/short ton, down $2...
Summary of Futures
Jul 26 Corn closed at $4.77/bushel, up $0.2125 from yesterday's close. Jul 26 Wheat closed at $6.645/bushel, up $0.2875 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.36 from yesterday's close. Jul 26 Soymeal closed at $334.5/short ton, up $0.2 from yes...
Summary of Futures
Jul 26 Corn closed at $4.5575/bushel, down $0.1175 from yesterday's close. Jul 26 Wheat closed at $6.3575/bushel, down $0.2225 from yesterday's close. Jul 26 Soybeans closed at $11.77/bushel, down $0.155 from yesterday's close. Jul 26 Soymeal closed at $334.3/short ton, up $1...
Summary of Futures
Jul 26 Corn closed at $4.675/bushel, down $0.1325 from yesterday's close. Jul 26 Wheat closed at $6.58/bushel, down $0.175 from yesterday's close. Jul 26 Soybeans closed at $11.925/bushel, down $0.365 from yesterday's close. Jul 26 Soymeal closed at $332.5/short ton, down $6 f...
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, up $0.04 from yesterday's close. Jul 26 Wheat closed at $6.34/bushel, up $0.15 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.05 from yesterday's close. Jul 26 Soymeal closed at $324.8/short ton, up $5.1 from yester...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long positions across the major ag futures contracts for the third straight week as weather concerns sustained risk-on buying. Funds added 97,000 contracts (9.8 percent) to their all-ags net long position last week, essentially reversing the...
Summary of Futures
Jul 26 Corn closed at $4.7125/bushel, up $0.0375 from yesterday's close. Jul 26 Wheat closed at $6.19/bushel, up $0.0675 from yesterday's close. Jul 26 Soybeans closed at $12.08/bushel, up $0.1575 from yesterday's close. Jul 26 Soymeal closed at $319.7/short ton, up $0.8 from...
Al Gore and the Unidentified Opportunity Costs
Twenty years ago, An Inconvenient Truth helped bring climate risk into the public foreground. Al Gore’s film and book contributed to a transformation in how climate change was understood, moving it from a largely scientific discussion into a broad political and cultural movement. Its infl...
Summary of Futures
Jul 26 Corn closed at $4.675/bushel, down $0.01 from yesterday's close. Jul 26 Wheat closed at $6.1225/bushel, down $0.05 from yesterday's close. Jul 26 Soybeans closed at $11.9225/bushel, down $0.025 from yesterday's close. Jul 26 Soymeal closed at $318.9/short ton, up $1.6 f...
Market Commentary: War Premium Out. Weather Premium Next?
Key Market Insights Macros: Macro markets traded a sharp shift in tone Wednesday as traders aggressively pulled risk premium from the market on growing optimism surrounding a possible U.S.–Iran agreement. Crude oil briefly traded back below $89/barrel while the NASDAQ and S&P 500 push...
Summary of Futures
Jul 26 Corn closed at $4.685/bushel, down $0.115 from yesterday's close. Jul 26 Wheat closed at $6.1725/bushel, down $0.105 from yesterday's close. Jul 26 Soybeans closed at $11.9475/bushel, down $0.1675 from yesterday's close. Jul 26 Soymeal closed at $317.3/short ton, down $...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, down $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2775/bushel, down $0.1325 from yesterday's close. Jul 26 Soybeans closed at $12.115/bushel, down $0.1125 from yesterday's close. Jul 26 Soymeal closed at $320.4/short ton, down $0...
Summary of Futures
Jul 26 Corn closed at $4.8575/bushel, up $0.055 from yesterday's close. Jul 26 Wheat closed at $6.41/bushel, up $0.0325 from yesterday's close. Jul 26 Soybeans closed at $12.2275/bushel, up $0.195 from yesterday's close. Jul 26 Soymeal closed at $320.9/short ton, up $1.6 from...
Summary of Futures
Jul 26 Corn closed at $4.8025/bushel, up $0.055 from yesterday's close. Jul 26 Wheat closed at $6.3775/bushel, up $0.01 from yesterday's close. Jul 26 Soybeans closed at $12.0325/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $319.3/short ton, up $0.4 from...
Summary of Futures
Jul 26 Corn closed at $4.7475/bushel, down $0.03 from yesterday's close. Jul 26 Wheat closed at $6.3675/bushel, down $0.1625 from yesterday's close. Jul 26 Soybeans closed at $11.955/bushel, down $0.015 from yesterday's close. Jul 26 Soymeal closed at $318.9/short ton, down $4...
Summary of Futures
Jul 26 Corn closed at $4.7775/bushel, up $0.0225 from yesterday's close. Jul 26 Wheat closed at $6.53/bushel, down $0.0475 from yesterday's close. Jul 26 Soybeans closed at $11.97/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $323.8/short ton, down $3.6 f...
Summary of Futures
Jul 26 Corn closed at $4.755/bushel, up $0.0625 from yesterday's close. Jul 26 Wheat closed at $6.5775/bushel, up $0.28 from yesterday's close. Jul 26 Soybeans closed at $11.8925/bushel, down $0.0275 from yesterday's close. Jul 26 Soymeal closed at $327.4/short ton, down $0.4...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long position across the major ag futures contracts after a two week break as deteriorating negotiations in the Middle East and the emergence of weather concerns triggered risk-on buying. Funds bought 40,000 contracts (4.7 percent) to their...
Summary of Futures
Jul 26 Corn closed at $4.6925/bushel, up $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2975/bushel, up $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.92/bushel, up $0.135 from yesterday's close. Jul 26 Soymeal closed at $327.8/short ton, up $8.7 from y...
Summary of Futures
Jul 26 Corn closed at $4.635/bushel, down $0.0025 from yesterday's close. Jul 26 Wheat closed at $6.1675/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $11.785/bushel, up $0.0375 from yesterday's close. Jul 26 Soymeal closed at $319.1/short ton, up $2.6...
E15: What Does It Mean?
Previous administrations—including that of President Donald Trump—have promoted domestic consumption of corn and soybeans through expanded biofuel mandates and subsidies. The original framework for this policy was the Energy Independence and Security Act of 2007, which required the...
Summary of Futures
Jul 26 Corn closed at $4.4675/bushel, down $0.09 from yesterday's close. Jul 26 Wheat closed at $6.105/bushel, down $0.135 from yesterday's close. Jul 26 Soybeans closed at $11.8675/bushel, down $0.0775 from yesterday's close. Jul 26 Soymeal closed at $329.8/short ton, down $4...
Market Commentary: Grains and oilseeds see strength on high PCE reading, Crude oil and macros remain topsy-turvy with U.S.-Iran headline risk
What You Need to Know Today: The U.S. struck Iranian military targets for the second time this week. During a cabinet meeting, President Trump said that the Strait of Hormuz is international waters and will be open to everybody, which appears to be wishful thinking. Control of the Strait...
Summary of Futures
Jul 26 Corn closed at $4.5575/bushel, up $0.0325 from yesterday's close. Jul 26 Wheat closed at $6.24/bushel, up $0.015 from yesterday's close. Jul 26 Soybeans closed at $11.945/bushel, up $0.0925 from yesterday's close. Jul 26 Soymeal closed at $334.1/short ton, up $3.5 from...
Market Commentary: Trading Headlines, Pricing Risk
Key Market Insights Today was another reminder that this market is trading headlines first, facts second. Early optimism surrounding reports of a possible U.S.-Iran memorandum of understanding helped pressure energy risk premium and kept the broader commodity space defensive. An hour later, how...
Summary of Futures
Jul 26 Corn closed at $4.525/bushel, down $0.05 from yesterday's close. Jul 26 Wheat closed at $6.225/bushel, down $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.8525/bushel, down $0.0075 from yesterday's close. Jul 26 Soymeal closed at $330.6/short ton, up $2 fro...
Brazil’s Emerging Corn Ethanol Industry Driven by Market Forces and Biofuel Policy
Key Takeaways: Brazil has been the second-largest producer of fuel ethanol globally, but almost all of it was derived from sugarcane until recently. Corn ethanol production has increased due to expanded second-crop corn production, sugarcane storage limitations, and biofuel policy. Brazil is e...
Summary of Futures
Jul 26 Corn closed at $4.575/bushel, down $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.355/bushel, down $0.1075 from yesterday's close. Jul 26 Soybeans closed at $11.86/bushel, down $0.105 from yesterday's close. Jul 26 Soymeal closed at $328.6/short ton, down $3...
CFTC COT Report Analysis
Friday’s CFTC report showed funds reducing net long positions across most of the major ag futures contracts for the second straight week. Funds reduced the all-ags net long by 4,300 contracts (0.4 percent), pulling back from the largest net long since at least 2016 forged just two weeks p...
Summary of Futures
Jul 26 Corn closed at $4.6325/bushel, up $0.01 from yesterday's close. Jul 26 Wheat closed at $6.4625/bushel, down $0.0125 from yesterday's close. Jul 26 Soybeans closed at $11.965/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $331.9/short ton, up $3.5 fr...
Summary of Futures
Jul 26 Corn closed at $4.6225/bushel, down $0.035 from yesterday's close. Jul 26 Wheat closed at $6.475/bushel, down $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.9425/bushel, down $0.055 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, down $2...
Summary of Futures
Jul 26 Corn closed at $4.6575/bushel, down $0.095 from yesterday's close. Jul 26 Wheat closed at $6.605/bushel, down $0.0675 from yesterday's close. Jul 26 Soybeans closed at $11.9975/bushel, down $0.0975 from yesterday's close. Jul 26 Soymeal closed at $330.9/short ton, down...
Soyoil Prices Continue to Be Bullish Amid High Energy Prices and Favorable Biofuel Policy
Key Takeaways: Soyoil futures have been trading at the highest levels since 2022. Higher crude oil prices have allowed biofuels to be more cost-competitive with fossil fuels. Recent U.S. biofuel policy, including 45Z, has been favorable toward soyoil as a feedstock. California will be limiting...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, down $0.0175 from yesterday's close. Jul 26 Wheat closed at $6.6725/bushel, up $0.0275 from yesterday's close. Jul 26 Soybeans closed at $12.095/bushel, down $0.035 from yesterday's close. Jul 26 Soymeal closed at $332.3/short ton, down $2...
Summary of Futures
Jul 26 Corn closed at $4.77/bushel, up $0.2125 from yesterday's close. Jul 26 Wheat closed at $6.645/bushel, up $0.2875 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.36 from yesterday's close. Jul 26 Soymeal closed at $334.5/short ton, up $0.2 from yes...
Summary of Futures
Jul 26 Corn closed at $4.5575/bushel, down $0.1175 from yesterday's close. Jul 26 Wheat closed at $6.3575/bushel, down $0.2225 from yesterday's close. Jul 26 Soybeans closed at $11.77/bushel, down $0.155 from yesterday's close. Jul 26 Soymeal closed at $334.3/short ton, up $1...
Summary of Futures
Jul 26 Corn closed at $4.675/bushel, down $0.1325 from yesterday's close. Jul 26 Wheat closed at $6.58/bushel, down $0.175 from yesterday's close. Jul 26 Soybeans closed at $11.925/bushel, down $0.365 from yesterday's close. Jul 26 Soymeal closed at $332.5/short ton, down $6 f...
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, up $0.04 from yesterday's close. Jul 26 Wheat closed at $6.34/bushel, up $0.15 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.05 from yesterday's close. Jul 26 Soymeal closed at $324.8/short ton, up $5.1 from yester...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long positions across the major ag futures contracts for the third straight week as weather concerns sustained risk-on buying. Funds added 97,000 contracts (9.8 percent) to their all-ags net long position last week, essentially reversing the...
Summary of Futures
Jul 26 Corn closed at $4.7125/bushel, up $0.0375 from yesterday's close. Jul 26 Wheat closed at $6.19/bushel, up $0.0675 from yesterday's close. Jul 26 Soybeans closed at $12.08/bushel, up $0.1575 from yesterday's close. Jul 26 Soymeal closed at $319.7/short ton, up $0.8 from...
Al Gore and the Unidentified Opportunity Costs
Twenty years ago, An Inconvenient Truth helped bring climate risk into the public foreground. Al Gore’s film and book contributed to a transformation in how climate change was understood, moving it from a largely scientific discussion into a broad political and cultural movement. Its infl...
Summary of Futures
Jul 26 Corn closed at $4.675/bushel, down $0.01 from yesterday's close. Jul 26 Wheat closed at $6.1225/bushel, down $0.05 from yesterday's close. Jul 26 Soybeans closed at $11.9225/bushel, down $0.025 from yesterday's close. Jul 26 Soymeal closed at $318.9/short ton, up $1.6 f...
Market Commentary: War Premium Out. Weather Premium Next?
Key Market Insights Macros: Macro markets traded a sharp shift in tone Wednesday as traders aggressively pulled risk premium from the market on growing optimism surrounding a possible U.S.–Iran agreement. Crude oil briefly traded back below $89/barrel while the NASDAQ and S&P 500 push...
Summary of Futures
Jul 26 Corn closed at $4.685/bushel, down $0.115 from yesterday's close. Jul 26 Wheat closed at $6.1725/bushel, down $0.105 from yesterday's close. Jul 26 Soybeans closed at $11.9475/bushel, down $0.1675 from yesterday's close. Jul 26 Soymeal closed at $317.3/short ton, down $...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, down $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2775/bushel, down $0.1325 from yesterday's close. Jul 26 Soybeans closed at $12.115/bushel, down $0.1125 from yesterday's close. Jul 26 Soymeal closed at $320.4/short ton, down $0...
Summary of Futures
Jul 26 Corn closed at $4.8575/bushel, up $0.055 from yesterday's close. Jul 26 Wheat closed at $6.41/bushel, up $0.0325 from yesterday's close. Jul 26 Soybeans closed at $12.2275/bushel, up $0.195 from yesterday's close. Jul 26 Soymeal closed at $320.9/short ton, up $1.6 from...
Summary of Futures
Jul 26 Corn closed at $4.8025/bushel, up $0.055 from yesterday's close. Jul 26 Wheat closed at $6.3775/bushel, up $0.01 from yesterday's close. Jul 26 Soybeans closed at $12.0325/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $319.3/short ton, up $0.4 from...
Summary of Futures
Jul 26 Corn closed at $4.7475/bushel, down $0.03 from yesterday's close. Jul 26 Wheat closed at $6.3675/bushel, down $0.1625 from yesterday's close. Jul 26 Soybeans closed at $11.955/bushel, down $0.015 from yesterday's close. Jul 26 Soymeal closed at $318.9/short ton, down $4...
Summary of Futures
Jul 26 Corn closed at $4.7775/bushel, up $0.0225 from yesterday's close. Jul 26 Wheat closed at $6.53/bushel, down $0.0475 from yesterday's close. Jul 26 Soybeans closed at $11.97/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $323.8/short ton, down $3.6 f...
Summary of Futures
Jul 26 Corn closed at $4.755/bushel, up $0.0625 from yesterday's close. Jul 26 Wheat closed at $6.5775/bushel, up $0.28 from yesterday's close. Jul 26 Soybeans closed at $11.8925/bushel, down $0.0275 from yesterday's close. Jul 26 Soymeal closed at $327.4/short ton, down $0.4...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long position across the major ag futures contracts after a two week break as deteriorating negotiations in the Middle East and the emergence of weather concerns triggered risk-on buying. Funds bought 40,000 contracts (4.7 percent) to their...
Summary of Futures
Jul 26 Corn closed at $4.6925/bushel, up $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2975/bushel, up $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.92/bushel, up $0.135 from yesterday's close. Jul 26 Soymeal closed at $327.8/short ton, up $8.7 from y...
Summary of Futures
Jul 26 Corn closed at $4.635/bushel, down $0.0025 from yesterday's close. Jul 26 Wheat closed at $6.1675/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $11.785/bushel, up $0.0375 from yesterday's close. Jul 26 Soymeal closed at $319.1/short ton, up $2.6...
E15: What Does It Mean?
Previous administrations—including that of President Donald Trump—have promoted domestic consumption of corn and soybeans through expanded biofuel mandates and subsidies. The original framework for this policy was the Energy Independence and Security Act of 2007, which required the...