World Perspectives

Recent Macroeconomics Analysis

Tax Glitch Sill Not Fixed

One of the late changes to the recently passed U.S. tax reform bill created some significant, unintended consequences that gave farmers a huge tax break and cooperatives an incredible advantage over privately-owned grain companies. As it stands today, the situation allows farmers to deduct 20 p...

soy-oilseeds feed-grains wheat

Mercosur Regional Analysis

Macroeconomics On 9 February, a portion of the grain truck drivers’ union called for a strike across Argentina that is also preventing those who are not members from working as well. The strike is generating losses of $100 million/day across the entire value chain. The combination of not...

soy-oilseeds softs biofuel

Indian Subcontinent Regional Analysis

High Duty Reduces Edible Oil Imports Edible oil imports dropped in December 2017 following an increase in the duty the previous month, falling approximately 9.88 percent to 1.058 MMT versus 1.174 MMT in December 2016. They totaled 2.283 MMT for the two months of November and December 2017, down...

feed-grains soy-oilseeds wheat

An Important Month for U.S. Farmers

February is important for U.S. farmers as it is the month that the initial prices for the federal crop revenue insurance programs are calculated. These also serve as the minimum prices regardless of what the markets do going forward and form the basis for the per acre revenue guarantees for the...

feed-grains soy-oilseeds wheat

Funds Still Not Covering Record Short Positions

When previously discussing what it might take to push the funds out of their record (or near-record) short positions in corn, wheat and soybean futures (see Ag Perspectives, 8 January) in advance of USDA’s January reports, the following potential factors were cited as possible triggers to...

feed-grains soy-oilseeds wheat

Market Commentary

The upward thrust of grain and soy futures prices continued overnight as did the upsurge in trading volume. Also continuing was the downward trend of the U.S. dollar, which again helped support grain and soy prices throughout much of the session. Fresh comments today from Treasury Secretary Mnu...

feed-grains livestock soy-oilseeds

Closing Bell Wrap-Up

Grains and oilseeds were higher in the overnight session, trying to extend yesterday’s gains. Trade volume was big with 15,000 March corn contracts traded, 14,000 contracts of March soybeans swapped, and 9,000 March Chicago wheat contracts exchanged. The dollar’s recent slide and te...

feed-grains soy-oilseeds wheat

Closing Bell Wrap-Up

Grains and the soy complex were mixed in the overnight session with soy lower and grains firmer. The volume of overnight trade was good with 19,000 March corn contract traded and 17,000 contracts of March soybeans and almost 7,000 contracts of March Chicago wheat.  The day session, however...

soy-oilseeds feed-grains biofuel

China In-Country Analysis

Macro Trends 2017 Ag Output Up Despite Lagging Growth Rates Annual data released by China’s National Bureau of Statistics shows the country’s total ag output was up year on year in 2017. Field crop production (including soybeans, wheat, corn, rice, beans, fruits and vegetables) incr...

soy-oilseeds feed-grains wheat

Mercosur Regional Analysis

Soybeans Argentina Soybean seeding in Argentina is almost finished with 98 percent of the projected area (18 million hectares) covered and less than 400,000 hectares in the northern provinces still awaiting rains. Loss of the seeding window remains a risk due to dry weather, especially in the n...

feed-grains soy-oilseeds wheat

Bunge Merger Talks Again Highlight Industry Troubles

There were a number of stories circulating last Friday afternoon about how Bunge is (or might now be) the target of acquisition talks by ADM and perhaps others such as, notably, Glencore. An internet search will produce an assortment of articles pertaining to the subject, ranging from the Wall...

SOE Solution: Transparency

The U.S. Trade Representative’s Office just released a list of so-called notorious markets where counterfeit and pirated goods are sold. Notably, many are in countries like Russia and China where state-owned enterprises (SOE’s) are also dominant. SOE’s pose an unfair challenge...

Tax Glitch Sill Not Fixed

One of the late changes to the recently passed U.S. tax reform bill created some significant, unintended consequences that gave farmers a huge tax break and cooperatives an incredible advantage over privately-owned grain companies. As it stands today, the situation allows farmers to deduct 20 p...

soy-oilseeds feed-grains wheat

Mercosur Regional Analysis

Macroeconomics On 9 February, a portion of the grain truck drivers’ union called for a strike across Argentina that is also preventing those who are not members from working as well. The strike is generating losses of $100 million/day across the entire value chain. The combination of not...

soy-oilseeds softs biofuel

Indian Subcontinent Regional Analysis

High Duty Reduces Edible Oil Imports Edible oil imports dropped in December 2017 following an increase in the duty the previous month, falling approximately 9.88 percent to 1.058 MMT versus 1.174 MMT in December 2016. They totaled 2.283 MMT for the two months of November and December 2017, down...

feed-grains soy-oilseeds wheat

An Important Month for U.S. Farmers

February is important for U.S. farmers as it is the month that the initial prices for the federal crop revenue insurance programs are calculated. These also serve as the minimum prices regardless of what the markets do going forward and form the basis for the per acre revenue guarantees for the...

feed-grains soy-oilseeds wheat

Funds Still Not Covering Record Short Positions

When previously discussing what it might take to push the funds out of their record (or near-record) short positions in corn, wheat and soybean futures (see Ag Perspectives, 8 January) in advance of USDA’s January reports, the following potential factors were cited as possible triggers to...

feed-grains soy-oilseeds wheat

Market Commentary

The upward thrust of grain and soy futures prices continued overnight as did the upsurge in trading volume. Also continuing was the downward trend of the U.S. dollar, which again helped support grain and soy prices throughout much of the session. Fresh comments today from Treasury Secretary Mnu...

feed-grains livestock soy-oilseeds

Closing Bell Wrap-Up

Grains and oilseeds were higher in the overnight session, trying to extend yesterday’s gains. Trade volume was big with 15,000 March corn contracts traded, 14,000 contracts of March soybeans swapped, and 9,000 March Chicago wheat contracts exchanged. The dollar’s recent slide and te...

feed-grains soy-oilseeds wheat

Closing Bell Wrap-Up

Grains and the soy complex were mixed in the overnight session with soy lower and grains firmer. The volume of overnight trade was good with 19,000 March corn contract traded and 17,000 contracts of March soybeans and almost 7,000 contracts of March Chicago wheat.  The day session, however...

soy-oilseeds feed-grains biofuel

China In-Country Analysis

Macro Trends 2017 Ag Output Up Despite Lagging Growth Rates Annual data released by China’s National Bureau of Statistics shows the country’s total ag output was up year on year in 2017. Field crop production (including soybeans, wheat, corn, rice, beans, fruits and vegetables) incr...

soy-oilseeds feed-grains wheat

Mercosur Regional Analysis

Soybeans Argentina Soybean seeding in Argentina is almost finished with 98 percent of the projected area (18 million hectares) covered and less than 400,000 hectares in the northern provinces still awaiting rains. Loss of the seeding window remains a risk due to dry weather, especially in the n...

feed-grains soy-oilseeds wheat

Bunge Merger Talks Again Highlight Industry Troubles

There were a number of stories circulating last Friday afternoon about how Bunge is (or might now be) the target of acquisition talks by ADM and perhaps others such as, notably, Glencore. An internet search will produce an assortment of articles pertaining to the subject, ranging from the Wall...

SOE Solution: Transparency

The U.S. Trade Representative’s Office just released a list of so-called notorious markets where counterfeit and pirated goods are sold. Notably, many are in countries like Russia and China where state-owned enterprises (SOE’s) are also dominant. SOE’s pose an unfair challenge...

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