soybean markets Archives - Page 10 of 13

07 May 2021

Agriculture, Corn, Cotton, Dow Jones, Grain, Lumber, Market Commentary, Market Updates, Podcast, Soybeans, Weather, Weekly Prices rcmagserv 0 comment

AG MARKET UPDATE: MAY 1-7

Corn continued it’s hot run this month with a great week in both old crop and new crop prices. As Brazil’s safrinha crop keeps facing a dry outlook, pressure is mounting on the US to produce a great crop to fulfill world demand. The US forecast is turning wetter for many major growing areas but remains cool for this time of year. The cool weather is not ideal for early growth, but the rain will be welcome in areas facing drought conditions (see map at bottom). There is a rumor of more Chinese interest in new crop which helped propel old crop to end the week. Despite poor exports this week, this news, along with South America’s troubles, have been the market moving news this week. The US corn crop is seen at 44% planted at the start of the week beginning May 3.

Via Barchart

Soybeans followed Corn this week as they also saw strong gains. China’s ASF news has slowed as of late which is good for export expectations to China. The world demand has continued to be strong and helpful to prices in both South America and the US, while US beans remain competitive in the world market even at these levels. The recent wet and colder weather across much of the US is not expected to cause any issues for the soybean crop except maybe pushing planting back in some areas where farmers also must wait to plant corn. 25% of the US soybean crop is seen as being planted for the week beginning May 3.

Via Barchart

The big question right now: What is going on with cotton? Cotton has not enjoyed in the rally in 2021 that other commodities have. The demand has been there, but there are already worries about the 2021 cotton crop. Normally these are a recipe for higher prices, right? The fundamentals would agree as higher comparative prices for other commodities may take away some cotton acres by the end of planting season. The technical side has been cotton’s enemy as of late as they have not been able to make new contract highs, unlike the grains. The world shipping bottleneck does not appear to be getting any better and as the US continues to come out of lockdowns along with other countries demand will only make it worse. This problem needs to be solved sooner rather than later.

Via Barchart

Dow Jones
The Dow was up this week while other indexes were mixed with the Nasdaq and Russel falling. As earnings continue to be reported many of the winners of the last year have posted strong quarters but it appears the momentum behind them have slowed as good earnings have sometimes been followed by selling.

Lumber
Check out our recent post about the lumber market and what all has been going on.

Podcast
Check out or recent podcasts with guests Elaine Kub and Kyle Little. Elaine and Jeff discuss grain markets and trading grains while Kyle helps give insight into the Lumber markets and what has been going on.

Listen with Kyle:

Listen now with Elaine

CME
CME Group announced this week that it will not re-open its trading pits that were closed last March at the start of the pandemic. The Eurodollar Options pit will remain open. See the full press release here.

US Drought Monitor
The map below shows the current drought conditions throughout the US as planting continues across the country.

Weekly Prices

Via Barchart.com

30 Apr 2021

Agriculture, Corn, Cotton, Grain, Livestock, Lumber, Market Commentary, Market Updates, Soybeans, Weather, Weekly Prices rcmagserv 0 comment

AG Market Update: April 24-30

Volatility was the name of the game this week as many days saw wide trading ranges on both sides of unchanged. Looking at the chart below you can just how wide ranges the last few days have been. Despite the volatlity, the May contract settled squarely within the range as of Thursday. This volatility came about as we’ve faced a short squeeze on the front month May contract. Coming into the week, there were nearly 200,000 open contracts, as of this morning there are only 12,500 – presumably many were on the short side and needed to cover.

Regardless of what has caused the rally – higher prices is GREAT for the American Farmer!

For the July contract and new crop Dec, the markets followed the May higher this week and most April as South America’s struggles with drought conditions begin to be seen in yield estimates. Any rain after May 10^th probably won’t be able to add must help this late in the game. As expected, exports were good this week but that has become the new normal. The epanded limits coming next week along with higher prices means we should probably expect volatility to hang around.

Via Barchart

Soybeans had small gains on the week as they also traded in wide ranges in the May contract in addition to future months. The short squeeze has end users scrambling with physical delivery coming up. Along with beans rallying, we have seen basis improve in many areas as buyers try get what is left out of farmers bins. A growing consensus among traders is that continued strong US cash bids indicate that the stock numbers are lower than the USDA reports. Will the USDA adjust in the June report is a major question? Bean meal and oil have also rallied in the past couple weeks aiding to soybeans rise. The fundamental news around the market was less in focus this week with the May contract expiration causing for most of the volatility.

Via Barchart

Dow Jones

The Dow was up slightly on the week as more news about reopenings continue to roll in and President Biden gave his first speech to Congress. Vaccination rates continue to be strong in many cities and New York City announced this week they will lift all restrictions for reopening July 1^st.

Lumber

Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out or recent podcasts with guests Elaine Kub and Kyle Little. Elaine and Jeff discuss grain markets and trading grains while Kyle helps give insight into the Lumber markets and what has been going on.

https://rcmagservices.com/the-hedged-edge/

Other News

On Monday, daily trading limits will expand for our major markets with corn increased from 25 cents to 40 cents, beans from 70 to $1.00 and wheat from 40 to 45. The CBOT is not tipping their hand that they expect volatility this summer, the daily limit increases are largely due to the high prices to keep daily ranges in line with historic percentages of price.

US Drought Monitor

The map below shows what areas are currently experiencing drought conditions across the US. Not much changed from last week. The rains in Texas will help alleviate some dryness in the area but will not solve their moisture issues. Some dryness has crept into Illinois and Indiana but nothing to worry about right now.

Weekly prices

Via Barchart.com

23 Apr 2021

Agriculture, Corn, Cotton, Dow Jones, Grain, Lumber, Market Commentary, Market Updates, Research, Soybeans, Weather, Weekly Prices rcmagserv 0 comment

Ag Markets Update: April 17 – 23

Off to the races? Corn was limit up Thursday as prices for May corn topped $6.50 for the first time since 2013 continuing its impressive weekly run. The May option expiration occurring Friday has traders scrambling to cover short call option positions by buying futures and positioning themselves for next week’s first notice day. As we have been seeing in the cash market for a while with improving basis, it seems the futures market is catching up and realizing the market needs corn and it needs it now. Any farmers with old crop remaining has the cards in their hands looking to get prices high enough for them to make any sales. The cold weather/snow across much of the country this week is not expected to cause many issues except delaying planting a little longer in some areas as we wait for soil temperatures to get back up. Brazil’s dry outlook has not changed and will continue to put stress on a crop that does not need anymore problems. Continue to monitor the dryness in South America as problems there will transition to gains in our new crop markets as the world will need the US to produce a large crop.

Via Barchart

Soybeans gained on the week as they followed corn for similar reasons. The South American weather issues will not effect the soybean market like corn but as we have seen good news for one has been good news for the other. The may option expiration came into play as beans saw a strong rise on Thursday even though they were not limit up. Exports this week were nothing to write home about but still within expectations and well ahead of the pace needed to meet USDA estimates. With world demand high, the US needs to have a great crop to meet it and not cause issues in the world pipeline. As volume begins to pick up in the November contract it will be important to have a plan for marketing your crop this year as volatility is always around.

Via Barchart

Cotton did not enjoy the rally the grains had this week as they continue to trail the other markets in price competitiveness. Weekly exports are expected to decline going forward, not from a lack of demand, but from a lack of supply left in the US, which should be seen as bullish despite lower export numbers appearing bearish. The big head scratcher is why cotton prices are lagging the grain market so much when prices need to be competitive just to get all the acres in the ground. With corn and soybeans taking their next leg up this week, December cotton equivalent price should be about $1.11 vs. the current $.84. What is needed to get to this level? We could see what is currently playing out in the grain markets on option expiration causing a big boost when the next one comes up, but cotton needs a boost to get it all in the ground.

Via Barchart

Dow Jones

The Dow had been trading fairly evenly on the week with some down and up days until Thursday’s losses following the Biden administration stating their plans to increase the capital gains tax to over 40% for high earners. A number that high will face headwinds from the house and senate and is unlikely to come to fruition but the Biden administration did campaign on raising those and a raise should be expected.

Lumber

Check out our recent post about the lumber market and what all has been going on.

US Drought Monitor

The map below shows what areas are currently experiencing drought conditions across the US. Not much changed from last week.

Weekly Prices

Via Barchart.com

19 Apr 2021

Agriculture, Corn, Cotton, Dow Jones, Grain, Market Commentary, Market Updates, Soybeans, Weather, Weekly Prices rcmagserv 0 comment

Ag Markets Updates: April 10-16

Corn had a good week as we reach new contract highs in May for old crop. As you can see in the 1 year chart below after trading in the $5.30-$5.60 range for a couple months corn has seen a strong response since the Projected Plantings report came out. The export numbers this week were not great, yet corn was still able to post a positive day following the report as the number was still 10 million bushels above the weekly total needed to meet USDA estimates. Analysts are expecting Brazil’s safrinha crop to potentially lose 5 million metric tonnes due to the late planting and stress from the drought conditions that have been present for a while. Ethanol stocks are the lowest mid-April they have been since 2014 showing that demand has ramped back up as re-openings continue. Some corn planting has started in areas across the country but this week’s cold weather will bring it to a stop as many areas will have to wait for it to warm back up to continue planting.

Via Barchart

Soybeans saw small gains on the week, but for the most part it was a quiet week for beans after a slight dip then gains. The news in the market around soybeans has been limited which is why the corn and bean chart are starting to look different. The cold weather that will delay/pause planting in some areas will not have much, if any, effect on soybean planting as they usually begin later anyway. Beans are now well off their contract highs for old crop and until we get back to those levels do not expect any strengthening look from the charts. Soybean’s will continue to move with exports and if anything crazy happens in South America but will probably slowly follow corn just how corn followed soybeans until now for the short term.

Via Barchart

Cotton continues its rebound from the recent lows as world demand continues to increase and consumer spending rebounds. The dollar has also weakened recently supporting commodities as well. Retail sales for the month of March were reported this week climbing 9.8% as stimulus checks were spent and consumers get back out in the market. With cotton prices where they are compared to other crops many farmers are stuck with a difficult decision on which to plant. In some cases, farmers in areas such as west Texas, currently suffering from bad drought conditions, may elect to plant sorghum (milo) as a cheaper to produce alternative that has a much wider planting window. The drought conditions are a problem (see map below) in many areas, but when 40% of the cotton crop is expected to be planted in Texas the supply and demand story come the fall comes into play.

Via Barchart

Dow Jones

The Dow gained on the week despite the news that the Johnson & Johnson vaccine distribution will be put on hold after 6 cases of a rare blood clot after giving out over 7 million doses. The reopening strength has still been playing in the markets as many consumers are out and about again after receiving stimulus checks.

Lumber

In case you have not been paying attention to it, lumber prices have been high for a while now but continue to climb. In the cash market any wood that is for sale is bought immediately and this is also being reflected in the futures market with it now trading over $1,200. This plays out in the cost to build houses in a real estate market that has been hot the last year in the US despite the pandemic.

US Drought Monitor

The map below shows what areas of the US are currently suffering from drought conditions and as you can see it is widespread. As planting begins in many areas some areas will be delayed as they wait for a good rain to help them get in the field. The drought in Texas will have the biggest effect on Cotton as over 40% of the US cotton crop is expected to be planted there.

Weekly Prices

09 Apr 2021

Agriculture, Cash Basis, Corn, Dow Jones, Market Commentary, Market Updates, Soybeans, Weekly Prices rcmagserv 0 comment

AG MARKET UPDATES: APRIL 3 – 9

The grains have started to separate themselves from each other as they begin to have their own trades tied to the US growing season coming into view. After last week’s plantings intention report, corn had a couple down days but has climbed back to the post report level heading into Friday’s USDA April report. Corn’s exports this week were better than expected along with news that China may buy up to 80 million bushels into late summer (bullish news for old crop corn). Basis is showing us that supplies are tightening despite the lagging data from the USDA stocks report. Even if Friday’s report does not show this expected change, will the market believe the USDA or the cash market? Brazil’s safrinha crop is under stress as it continues to be dry with no immediate relief which is expected to cause even more damage to a crop that has had its issues coming down the home stretch. Brazil’s corn production according to this week’s CONAB report is still expected to be a record 4.29 billion bushels despite the stress. The US forecast is dry in many areas as early planting looks to be available across multiple regions.

Via Barchart

Soybeans had a tough week following last week’s rally post acreage announcement. World vegetable oil prices have been falling and have pulled beans down with it. The markets are trying to figure out how to price beans. ASF in China is still a problem while world demand continues to rise outside of hog feed. US consumer demand coming out of Covid-19 lockdowns has been supportive to bean prices, despite the reopening issues in other parts of the world. Looking at new crop beans, they continue the slow climb higher, as the US crop is expected to play a major role in meeting the post lockdown demand towards the end of 2021. The USDA report on Friday will show the updated stocks and, like corn, soybean demand should be higher than the last report based off continued exports since the last report.

Via Barchart

Dow Jones
The Dow gained on the week as interest rate anxiety is calming down and funds reposition themselves away from tech and into more cyclical sectors following tech’s run to end 2020. The Biden administration announced their plan for a $2+ trillion-dollar infrastructure plan this week that covers many different areas. Investors will keep their eye on the implementation of the plan and what sectors will be the best benefactors.

Basis
Cash basis levels in many areas continue to move higher even on days when futures prices rally. The cash market is reminding us that demand is still strong and many farmers have sold most of their old crop, so finding corn and beans is not as easy since farmers have sold with the rally of the last several months.

Weekly Prices

Via Barchart.com

26 Mar 2021

Agriculture, Corn, Cotton, Market Commentary, Market Updates, Soybeans, USDA Report, Weekly Prices rcmagserv 0 comment

Ag Market Updates: March 20 – 26

Corn struggled to get any momentum going this week, despite having better than expected exports. Corn, like other commodities, has struggled as funds begin to reposition in a “rising interest rates” environment and a strengthening US dollar. There has not been any news out of South America that is either bullish or bearish for corn and it is likely to stay that way into next week. The prospective plantings report on Wednesday is major and we expect the market news to be relatively calm as everyone holds their breath for next week. This report always has the potential to pull the rug out from under the market, so positioning yourself ahead of it will be important as well as considering some new crop sales as prices are still very good in case the report is bearish.

Via Barchart

Soybeans had slight gains on the week as they continue to trade in the same range of the last few weeks. Even though it looks like beans have flattened out on the chart, we are still about 50 cents better than we were on Feb 1^st . So even though beans have slowed down compared to Aug-Jan, we still have seen a good last 2 months even if it looks like the momentum is slowing down. Exports were good again this week and there was little changed in the world weather outlook, so beans have been at the mercy of traders and not the fundamental news moving the markets. Wednesday’s report, like with all markets, will be an important measuring stick on beans as we see the acres as well. As it is expected, the USDA will lower ending stocks as exports continue to be strong and ahead of the USDA predicted pace. As always, the USDA can surprise everyone so be prepared for the unexpected and plan accordingly.

Via Barchart

The cotton market got hammered this week capped off by a limit-down movement on Thursday. The cotton market is being moved by the funds and quants as what we are seeing in all other markets is affecting cotton. The fundamental news about cotton is rather bullish as pressure continues to be put on the CCP and cotton coming out of Xinjiang. The exports this week were higher than anticipated as well as large sales going to Vietnam, China, and Turkey pushing cotton higher. With the acreage report next week it is expected that about 40% of the US cotton crop will be planted in West Texas (which is suffering from very bad drought conditions) which will affect planting unless there is a major shift in weather. Cotton will also likely lose some acres to other crops in areas that can grow variety as December soybean and corn prices are much more attractive. The increase in demand coming to the US market along with what could be a very challenging growing season for many areas could lead to a high demand low supply environment.

Via Barchart

Dow Jones
The Dow suffered some losses on the week as the markets leaked lower after a couple of weeks of gains. The vaccination problems in Europe mixed with uncertainty about rates continue to hover over the market. All major indexes were down this week with the Dow as all eyes turn to what the Biden administration has planned in their infrastructure and tax plan.

Prospective Plantings Report March 31^stThis report will be a big market mover as it will set the tone for what we have to plan for in the year ahead. This report contains the expected plantings and last year’s harvest for principal crops and tobacco presented on a state basis. Principal crops are as follows: corn, all wheat, winter wheat, durum wheat, other spring wheat, oats, barley, flaxseed, cotton, rice, all sorghum, sweet potatoes, dry edible beans, soybeans, sunflower, peanuts, sugarbeets, canola, and proso millet.

Weekly Prices

Via Barchart.com

19 Mar 2021

Agriculture, Corn, Market Commentary, Market Updates, Soybeans, Weekly Prices rcmagserv 0 comment

Ag Market Updates: March 13 – 19

Corn had a good week overall, despite the struggle of Thursday’s trade, largely supported by another strong week of exports. Improved chances of rain in Argentina and rains in the US adding to early spring soil conditions kept the bulls from running away to the upside. The markets also continue to have ASF in China hanging over them, but the less we hear about that the better as “no news, is good news.” Ethanol production hit a 12-week high in this week’s report while stocks fell for the 5^th straight week. With more people driving and good blend margins for producers the Ethanol machine (i.e corn buying) should continue. As you can see in the chart below we have been trading in the same range since the February USDA report bookended the near term high AND low. The Acreage Intentions report at the end of the month will be very important and likely the next major marketing moving event.

Via Barchart

Soybeans struggled this week as much needed rain came in parts of the country as we approach planting season in the US. South America’s harvest has begun to pick up after it struggled the first few weeks. The increased harvest pace has helped replenish the world export pipeline. World demand continues to be strong, and the US will need to have a solid new crop production to be able to meet both the current and post COVID world demand heading into 2022. Looking ahead to the end of the month, both China and South American weather will continue to be the important movers leading up to the acreage report on March 31^st. The chart below shows soybeans in a narrow near term technical range. Continued buying from both end users and the funds will be needed to keep the technical outlook from getting dicey, especially for new crop.

Via Barchart

Dow Jones
The Dow had a strong week as vaccines continue to rollout in large amounts across the US. We are now well ahead of the 100 million vaccines in the first 100 days of the Biden administration. All eyes were on the FED earlier this week when they held interest rates at historic lows and indicated that no change in policy is likely until 2023. Combining low cost money and the $1.9 Trillion Covid Relief bill traders had no reason not to buy equities.

Energies
Energies took it on the chin this week as there were loses across the board in both energy stocks and energy commodities. Energies have had an incredible start the year, where a pullback wasn’t all that surprising. There is a question if OPEC will increase output to take advantage. Long term, as long as production doesn’t change drastically and vaccines continue to roll out experts are forecasting rising demand for energy across the board.

Weekly Prices

Via Barchart.com

12 Mar 2021

Agriculture, Corn, Cotton, Dow Jones, Market Commentary, Market Updates, Soybeans, Weekly Prices rcmagserv 0 comment

Ag Market Updates: March 6 – 12

Corn had small gains on the week after continuing to trade in the recent range since leveling off at the start of February. Corn had strong exports and CONAB’s crop were both bullish factors supporting the market on Thursday. Rain expectations were added to later in March for Argentina but also added to northern Brazil in the short run. These expectations are continuing to put pressure on an already delayed harvest. Throughout the current bull run, Corn has managed to bounce when it tests the low end of its technical range. This is nice to see the support kicking in when there is both bearish and bullish news in the market. The March 31^st Acreage and Stocks Report will have updates on every category and will set the stage for the trade’s expectations into the US growing season. The USDA will need to update their stocks in this report as exports have been ahead of their predicted pace for the year-to-date.

Via Barchart

Soybeans made small gains on the week; albeit volatile, after falling from their contract highs at the start of the week. The continued ASF questions in China will hang around the market as bearish news until we get more concrete answers. South America has continued to struggle with its bean harvest and with more rain in the forecast for northern part of Brazil the struggles look to continue. Friday’s early pullback pushed beans below $14.00 on fund selling despite South America continuing to trim their expected yield. Beans are still trading within a wide range but still have a bullish chart even with the small pullback from contract highs this week. Continue to keep an eye on South American weather, exports, and ASF news as those will be the movers going into the March 31^st acreage and stocks report.

Via Barchart

Dow Jones

The Dow had a strong bounce back week as President Biden and the Democrats passed a $1.9 trillion dollar stimulus bill and the continued news of states opening fully back up. Covid-19 vaccines continue to rollout and case numbers also continue to trend in the right direction which is positive for the economy and reopening efforts. The Nasdaq has also bounced back some this week after getting killed last week on rising interest rates as investors cycled out of tech.

Cotton

After falling hard last week cotton has been bouncing around making small gains on the week. Cotton, like other commodities, are being bought in greater quantities at higher prices which are signs of inflation starting at the start of the consumer cycle. Cotton demand around the world has slowly been rising as the world re-opens and consumers cant wear the same pair of sweatpants all week long everywhere.

Weekly Prices

Via Barchart.com

05 Mar 2021

Agriculture, Corn, Crop Insurance, Dow Jones, Market Commentary, Market Updates, Soybeans, Weekly Prices rcmagserv 0 comment

Ag Market Updates: February 27 – March 5

Corn had noticeable losses this week after volatility in the markets picked back up. A disappointing, but not surprising, export report helped to keep pressure on markets. Thursday was off to a good start until about midday when the selling began to finish, well off the highs for a mixed close. Rain has crept into the northern Argentina forecast which will help a hurting corn crop. The continued wetness of northern Brazil keeps the regions harvest behind with no clear window for them to catch up/make serious progress. The May contract closed below the 20 day moving average at the close of Thursday’s trading. There has been support below these levels the last few times markets tested this level. How Friday’s trade finishes will be important to maintain the technical uptrend.

The March USDA Report be out on Tuesday the March 9^th and will be the next big market mover. Traders are in need of some bullish news to hold off the bears. Consider covering a portion of your new crop with some downside protection and or forward sales ahead of the report.

Via Barchart.com

Soybeans made small gains on the week as the continued struggles with the Brazilian harvest has continued to be supportive for the past/many months. The problem hanging over the market right now is the confirmation of ASF in China AGAIN (will it ever end?). After all the talk of China’s improved process of feeding pigs = driving soybean exports, if ASF gets out of hand (i.e 2018) it could pull the rug out from under the demand story. Despite this news, soybean oil prices continue to climb supporting beans and slowing the blow from the ASF scare. Exports, like corn, were not great but that was expected as sales remain strong and well ahead of this time last year. The weather issues in South America will continue to support US beans as they struggle to finish harvest and will push back any double crop area planting. Another note about the quality of the South American crop- the Buenos Ares Grains Exchange rated the Argentinian crop 10% good to excellent down from 15% the previous week. South America’s troubles are the US bean prices gains.

Via Barchart.com

Dow Jones
The Dow had a tough week along with the other major indexes as the prospects of interest rate pressure threw cold water on stock prices. The 10 year US Treasury Note closed Thursday over 1.5% for the first time since the pandemic began. This has brought caution to the markets as tech has gotten hammered and the Fed may be losing its grip on its direction for interest rates.

Insurance
February was important for revenue-based insurance averages. At the end of the month the price for corn is $4.5848 and soybeans are $11.8665.

Weekly Prices

Via Barchart.com

19 Feb 2021

Agriculture, Corn, Dow Jones, Market Commentary, Market Updates, Soybeans, Weekly Prices rcmagserv 0 comment

AG MARKET UPDATES: FEBRUARY 13 – 19

It’s been a slow week for Corn gains as China is celebrating the lunar new year. With the lack of Chinese buying the markets turned elsewhere for news. South America’s weather is still pretty consistent with wet conditions in northern Brazil and southern Brazil and Argentina remaining pretty dry. The next few weeks will be very important for Brazil/Argentina as soybean harvest is already behind pace. The Ag Forum has released the USDA expected planted acreage; Corn was pegged at 92 million acres, which was around most estimates, and not much of a surprise to the markets.

Chief Economist Seth Meyer: U.S. crop prices and expectations #AgOutlook #OATT pic.twitter.com/X1HQJHrM6c

— Dept. of Agriculture (@USDA) February 18, 2021

Friday’s supply and demand report is going to be the most important piece of news this week as it will be a reminder how tight the world and US supply are. The report, South American weather, and China being back from holiday will be where the focus shifts.

Via Barchart.com

Like corn, Soybeans gained this week, despite a slow news cycle. Harvest delays continue in South America, to put it in perspective, the harvest is just reaching the halfway point of where they typically are at this point. The January crush report had another record month with bean crush coming in at 184.6 million bushels. The US will runout of beans this summer if this crush rate continues, and after 5 record weeks in a row it does not seem to be slowing down. The Ag Forum came out with an estimated 90 million acres of soybeans for this year which was right around estimates as well.

Chief Economist Seth Meyer: if one assumes we have normal planting weather, we would have an increase in total planted acres. But that’s entirely dependent on the weather #OATT #AgOutlook pic.twitter.com/NUIZjm5FtY

— Dept. of Agriculture (@USDA) February 18, 2021

It will be important to keep watching exports as China comes back from their holiday and will begin normal activity again. The news to end the week will be the supply and demand report so how China responds next week will give us an idea how accurate we think the report is.

Via Barchart.com

It’s been a strong week for Wheat as it bounced up from the lower end of the range it has been trading in. The cold weather throughout much of the country may have sparked the move this week as the possibility of damage to the crop comes in to play. It will be challenging to get a read on the extent of the damage until the spring making it more of a waiting game instead of a knee jerk reaction. Winterkill rallies are usually short-lived so we will see with this one. The USDA is estimating 45 million acres of wheat this year which is up by less than 1 million from last year. Even though we had a rally this week wheat appears to still be range bound as it has been.

Via Barchart.com

Dow Jones
The Dow has had an up and down week as market news has been quiet but the focus of the historic cold in parts of the country has caused energies to surge. The winter storm that ripped through the country has caused issues travelling in many areas slowing down the Covid-19 vaccine distribution and slowing down getting shots in arms as well. Cases have been on the decline the last few weeks and it will be important for this trend to continue.

Insurance
This month is important for revenue-based insurance averages so it will be important to keep an eye on the markets even if you do not plan on making any sales. As of the close on 2/18 the price for corn is $4.5304 and soybeans are $11.711.

Weekly Prices

Via Barchart.com

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Tag: soybean markets

AG MARKET UPDATE: MAY 1-7

AG Market Update: April 24-30

Ag Markets Update: April 17 – 23

Ag Markets Updates: April 10-16

AG MARKET UPDATES: APRIL 3 – 9

Ag Market Updates: March 20 – 26

Ag Market Updates: March 13 – 19

Ag Market Updates: March 6 – 12

Ag Market Updates: February 27 – March 5

AG MARKET UPDATES: FEBRUARY 13 – 19

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