Recent Livestock Analysis
Market Commentary: Easing But Not Ending Novelty and Risk
There were more modest volumes trading in today’s session, perhaps reflecting growing resilience and circumspection about geopolitical uncertainties. The trade has had an ample opportunity to react to the modest changes in USDA’s March WASDE report, and there is still plenty of expe...
Summary of Futures
May 26 Corn closed at $4.6025/bushel, up $0.08 from yesterday's close. May 26 Wheat closed at $5.9475/bushel, up $0.0375 from yesterday's close. May 26 Soybeans closed at $12.14/bushel, up $0.1225 from yesterday's close. May 26 Soymeal closed at $315.4/short ton, up $0.9 from...
Market Commentary: Oil Volatility Drives CBOT More than WASDE
Usually, the day USDA releases its monthly world supply and demand report – known colloquially as “WASDE day” – sees heightened volatility in CBOT ag futures. That was true again Tuesday, though there was little causal connection between the WASDE and the market’s...
Summary of Futures
May 26 Corn closed at $4.5225/bushel, down $0.015 from yesterday's close. May 26 Wheat closed at $5.91/bushel, down $0.1225 from yesterday's close. May 26 Soybeans closed at $12.0175/bushel, up $0.055 from yesterday's close. May 26 Soymeal closed at $314.5/short ton, up $1 fro...
Livestock Industry Margins
Beef packer margins improved sharply, with estimated net losses narrowing to -$111/head from -$206/head the prior week. The recovery was driven by another firming in the boxed beef cutout, which rose to $379.00/cwt, while fed cattle prices softened modestly on the week. Even with the improvemen...
Summary of Futures
May 26 Corn closed at $4.5375/bushel, down $0.0675 from yesterday's close. May 26 Wheat closed at $6.0325/bushel, down $0.135 from yesterday's close. May 26 Soybeans closed at $11.9625/bushel, down $0.045 from yesterday's close. May 26 Soymeal closed at $313.5/short ton, down...
Market Commentary: Crude Oil Rally and Crash Drives Whipsaw CBOT Action
The massive rally in energy markets remains the primary story underpinning ag markets. Front-month crude oil futures ripped higher overnight and traded above $100/brl for the first time since July 2022 before scoring an overnight high just shy of $120/brl. That strength pulled ag markets &ndash...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the seventh straight week. Funds added 125,000 contracts (27 percent) to their all-ags net long position, with buying in soybeans and corn primarily responsible for the move. ...
Market Commentary: War, Crude Oil Still Dominate
The geopolitics of war in Iran are said to now be eclipsing any market focus on next week’s USDA March WASDE report. Volumes were modest in today’s trading, but the message was nonetheless clear – shipping grain and inputs is getting complicated. Notably, the ratio of De...
Summary of Futures
May 26 Corn closed at $4.605/bushel, up $0.07 from yesterday's close. May 26 Wheat closed at $6.1675/bushel, up $0.33 from yesterday's close. May 26 Soybeans closed at $12.0075/bushel, up $0.215 from yesterday's close. May 26 Soymeal closed at $317.2/short ton, up $7.9 from ye...
Summary of Futures
May 26 Corn closed at $4.535/bushel, up $0.0975 from yesterday's close. May 26 Wheat closed at $5.8375/bushel, up $0.155 from yesterday's close. May 26 Soybeans closed at $11.7925/bushel, up $0.0975 from yesterday's close. May 26 Soymeal closed at $309.3/short ton, down $0.6 f...
Market Commentary: Middle East Turmoil Keeps Commodities Higher
War-related upward pressure in petroleum prices continues to provide support to grain prices. Brent crude oil hit $85/barrel and WTI crude rose 8.5 percent, its biggest jump since July 2024 and the first time above $80/barrel in over a year. HRW hit its highest price in a year, corn broke throu...
Market Commentary: Easing But Not Ending Novelty and Risk
There were more modest volumes trading in today’s session, perhaps reflecting growing resilience and circumspection about geopolitical uncertainties. The trade has had an ample opportunity to react to the modest changes in USDA’s March WASDE report, and there is still plenty of expe...
Summary of Futures
May 26 Corn closed at $4.6025/bushel, up $0.08 from yesterday's close. May 26 Wheat closed at $5.9475/bushel, up $0.0375 from yesterday's close. May 26 Soybeans closed at $12.14/bushel, up $0.1225 from yesterday's close. May 26 Soymeal closed at $315.4/short ton, up $0.9 from...
Market Commentary: Oil Volatility Drives CBOT More than WASDE
Usually, the day USDA releases its monthly world supply and demand report – known colloquially as “WASDE day” – sees heightened volatility in CBOT ag futures. That was true again Tuesday, though there was little causal connection between the WASDE and the market’s...
Summary of Futures
May 26 Corn closed at $4.5225/bushel, down $0.015 from yesterday's close. May 26 Wheat closed at $5.91/bushel, down $0.1225 from yesterday's close. May 26 Soybeans closed at $12.0175/bushel, up $0.055 from yesterday's close. May 26 Soymeal closed at $314.5/short ton, up $1 fro...
Livestock Industry Margins
Beef packer margins improved sharply, with estimated net losses narrowing to -$111/head from -$206/head the prior week. The recovery was driven by another firming in the boxed beef cutout, which rose to $379.00/cwt, while fed cattle prices softened modestly on the week. Even with the improvemen...
Summary of Futures
May 26 Corn closed at $4.5375/bushel, down $0.0675 from yesterday's close. May 26 Wheat closed at $6.0325/bushel, down $0.135 from yesterday's close. May 26 Soybeans closed at $11.9625/bushel, down $0.045 from yesterday's close. May 26 Soymeal closed at $313.5/short ton, down...
Market Commentary: Crude Oil Rally and Crash Drives Whipsaw CBOT Action
The massive rally in energy markets remains the primary story underpinning ag markets. Front-month crude oil futures ripped higher overnight and traded above $100/brl for the first time since July 2022 before scoring an overnight high just shy of $120/brl. That strength pulled ag markets &ndash...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the seventh straight week. Funds added 125,000 contracts (27 percent) to their all-ags net long position, with buying in soybeans and corn primarily responsible for the move. ...
Market Commentary: War, Crude Oil Still Dominate
The geopolitics of war in Iran are said to now be eclipsing any market focus on next week’s USDA March WASDE report. Volumes were modest in today’s trading, but the message was nonetheless clear – shipping grain and inputs is getting complicated. Notably, the ratio of De...
Summary of Futures
May 26 Corn closed at $4.605/bushel, up $0.07 from yesterday's close. May 26 Wheat closed at $6.1675/bushel, up $0.33 from yesterday's close. May 26 Soybeans closed at $12.0075/bushel, up $0.215 from yesterday's close. May 26 Soymeal closed at $317.2/short ton, up $7.9 from ye...
Summary of Futures
May 26 Corn closed at $4.535/bushel, up $0.0975 from yesterday's close. May 26 Wheat closed at $5.8375/bushel, up $0.155 from yesterday's close. May 26 Soybeans closed at $11.7925/bushel, up $0.0975 from yesterday's close. May 26 Soymeal closed at $309.3/short ton, down $0.6 f...
Market Commentary: Middle East Turmoil Keeps Commodities Higher
War-related upward pressure in petroleum prices continues to provide support to grain prices. Brent crude oil hit $85/barrel and WTI crude rose 8.5 percent, its biggest jump since July 2024 and the first time above $80/barrel in over a year. HRW hit its highest price in a year, corn broke throu...