weekly prices Archives - Page 18 of 21

21 Jun 2021

Agriculture, Corn, Grain, Market Commentary, Market Updates, Research, Soybeans, Weather rcmagserv 0 comment

AG MARKET UPDATE: JUNE 11-18

Corn had a volatile week much like beans having a limit down day on Thursday then a strong recovery on Friday. Corn had had a choppy trade this week before Thursday but the collapse in soybeans and soybean oil brought corn down with it. The bearish news for corn was that it was expected to rain in the drought stricken upper Midwest. This rain is much needed and will help but more consistent rainfall over the coming weeks would be needed to help the crop more. The rain will likely pressure markets lower to start the week if forecasts were accurate. If it does not rain as much as predicted it could fuel the bulls to continue from Friday. The dip on Thursday allowed some bulls to get back in the market at an attractive area while the bullish news remains the same.

Via Barchart

Soybeans nosedived on Thursday as they took full advantage of the expanded limits and fell over $1. The pressure on beans has been coming from the soybean oil and crush markets as crush numbers have decreased and soybean oil prices have fallen rapidly. With US yield estimates coming in around 52 bpa the price levels from earlier in the year would be hard to get back to. South America had a good bean harvest so there is not as much stress on the supply side like there is for corn. If dryness continues into the summer and yields begin to take a hit we could see a rebound for the bulls. The trade over the next week and half going into the June planted acreage report will give us an idea of what to expect in the report at the end of the month.

Via Barchart

Dow Jones

The Dow suffered loses on the week as the Fed announced they would begin looking at raising rates to help combat inflation. Although they said the plan would be to not raise til 2023 the market seems to think that timeline will probably be moved up if inflation accelerates.

Lumber

Lumber prices have dipped recently but are still at very high levels historically. Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

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

US Drought Monitor

The map below shows current drought conditions and the continued problems in the upper Midwest. Drought conditions continue in the Midwest with some areas getting relief over the weekend. For reference the second chart below is this time last year.

Via Barchart.com

11 Jun 2021

Agriculture, Corn, Cotton, Grain, Lumber, Market Updates, Soybeans, USDA Report, Weather, Weekly Prices rcmagserv 0 comment

AG MARKET UPDATE: JUNE 4-11

Corn had another good week that was made better following the bullish news in Thursday’s WASDE report. At the start of the week corn planting was seen as 91% complete with little progress being made from last week but at this point in the process limited progress is expected. The dryness in the Midwest and other areas of the corn belt can be seen in the drought monitor below. The USDA agreed with what many in the industry have been saying by reducing US and world ending stocks.

20/21 US ending stocks was adjusted down to 1.107 billion bushels from 1.257 in the May report while 21/22 ending stocks were adjusted down to 1.357 billion bushels from 1.507 in May. World ending stocks for 20/21 were lowered to 280.60 million tonnes from 283.53 while the 21/22 was also lowered to 289.41 million tonnes from 292.30. There is still a disconnect between the USDA and the public on what’s going on in South America and the size of their crop. Word on the street is that it has been shrinking as weather woes caused issues but the USDA does not have them down nearly as much in this report.

Now that growing season has started weather and specifically where it does and does not rain will be the main price driving factors. The upper Midwest is dry but the delta just got torrential rains this week and areas in Indiana and Ohio have been soaked too. The rain in the Dakotas and Iowa to end the week will help but still need rain over extended periods to get back to good growing conditions.

Via Barchart

Soybeans slipped a bit on the week but are still hanging on inside the recent range. Bean news has been quiet as of late with no market specific news, unlike corn. Soybean planting was seen as 80% complete to start the week with some continued progress to be made. The USDA WASDE report was more bearish for beans than corn but markets responded well after.

The 20/21 US ending stocks were raised from 120 million bushels to 135 million and the 21/22 ending stocks were raised form 140 million to 155 million bushels respectively. These were both still within trade estimates so no major shock with the US or the world stocks. The 20/21 world ending stocks were raised from 86.55 million tonnes to 88 million and the 21/22 ending stocks were raised from 91.10 million to 92.55. Raising the stocks month over month is usually bearish and old crop took a hit while new crop rallied on the report.

Markets moved lower Friday with rain coming in some much needed areas heading into the weekend.

Via Barchart

Cotton has seen modest gains this week after soaking rains and flooding in areas of the Delta. The WASDE report this week showed the expected directionally bullish revisions. There were no major surprises, but their numbers may be hinting at a continued decline in production going up against the rising levels of global consumption. The USDA projections for 21/22 show a 100,000 bale increase in exports from last month to 14.8 million bales. As exports continue to be strong for the 20/21 crop ending stocks were lowered 200,000 bales to 2.9 million ending stocks. Global ending stocks were lower as well with consumption rising.

Via Barchart

Dow Jones

The Dow lost slightly on the week as news was slow with no major market news or movers. Covid openings continue as numbers continue to decline in the US while there are still problems around the world.

Lumber

Lumber prices have dipped recently but are still at very high levels historically. Check out our recent post about the lumber market and what all has been going on.

Podcast

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

US Drought Monitor

The map below shows current drought conditions and the continued problems in the upper Midwest. More drought conditions have crept into southern Iowa and parts of Nebraska in the last week. Heat over the next two weeks will be a problem in the Dakotas and western corn belt.

Via Barchart

04 Jun 2021

Corn, Crude Oil, Dow Jones, Grain, Lumber, Market Commentary, Market Updates, Podcast, Soybeans, Weather rcmagserv 0 comment

AG MARKET UPDATE: MAY 28 – JUNE 4

Volatility continued this week as the market suffered small loses week over week. Corn planting was seen at being 95% planted this week with the first crop condition rating of the year at 76% g/e. Early yield estimates from Barchart.com have national US corn yield at 173.2 BPA for a total yield of 14.4 billion bushels. This implies 90.5 million acres planted with a 92% harvest rate. These numbers would lead to shrinking US ending stocks for 21/22 – NOTE these are just estimates and it is very early in the process.

This weeks volatility was a classic example of a news driven market. One day weather was the main price mover and another outside forces such as metals and the USD pulled markets down across the board. Old crop corn export sales this week were strong coming in at 531.1 tmt and new crop sales were 439.5 tmt. Both of which are solid numbers where old crop sales were better than expected while new crop were within expectation.

Via Barchart

Contrary to Corn, Soybeans made gains on the week. Planting was seen as being 84% completed at the onset with no crop conditions being reported just yet. World veg oil prices rallied during the week pulling beans up with it while corn struggled. With US exports to China lagging in recent weeks, the bullish stance on beans continues to be robust. Should buying resume, any and all purchases will help the export numbers and further be supportive for the market. This week’s exports were within expectations for both old crop and new crop with new crop leading the way with 180.3 tmt.

Via Barchart

Crude oil continued its gains of recent weeks reaching the highest price in 2 ½ years. The demand for gas continues to grow as lockdowns ease and summer travel, both by cars and air, begins to ramp up. OPEC announced they will up production again in July. While a bearish on the surface it would seem additional increases will be needed to slow this bull. Optimism about Europe’s reopening along with the continuation of good news in the US on covid vaccines and reopening of states has been the main driver. US crude oil inventories were also lower this week than the 5 year seasonal average showing the demand is there.

Via Barchart

Dow Jones

The Dow gained on the week as it strung together several days of small gains with only small pullbacks. The craziness of the reddit trade returned this week with $AMC, $GME and $BB having wild bouts of volatility. Other indexes finished lower for the week as Nasdaq struggled on Thursday.

JBS

JBS was the victim of a recent cyber attack that caused them to have to shut down many plants. All were up and running by the end of the week but between this and the Colonial hack we may begin seeing more of these targeted attacks effect US consumers.

Lumber

Check out our recent post about the lumber market and what all has been going on. Lumber has leveled off here recently but it is still well ahead of where it was before the run up.

Podcast

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

US Drought Monitor

The map below shows this week’s drought conditions across the US. Parts of southern Kansas and northwest Oklahoma got relief this week while parts of North and South Dakota may receive much needed rain in the next week.

PRICES

Via Barchart.com

28 May 2021

Agriculture, Corn, Grain, Podcast, Soybeans, Weather, Weekly Prices rcmagserv 0 comment

AG MARKET UPDATE: MAY 22-28

Volatility was the story this week as you can see the dip and bounce back over the last few days in the chart below. Surprisingly it was not the funds alone that triggered the selloff but rather a more balanced mix of funds, commercials, and farmer selling – in short – it appears to have been a bit of profit taking into the end of the month.

Corn had strong exports this week with no major cancellations (despite rumors to start the week). While these rumors of a cancellation dropped prices aggressively, the subsequent large sales of new crop corn to China, following the dip, ended up saving China quite a bit of money while also rebounding our markets. Seller beware when China is the main buyer.

The weekly ethanol grind was 294MGa and well above the weekly pace needed to meet the annual USDA estimate. Corn was seen as being 91% planted to start the week along with great weather across most of the US heading into Memorial Day weekend.

Via Barchart

Soybeans made small gains on the week with lower volatility than corn but similar price movement. Exports were solid in old crop beans giving the bulls some momentum to work with heading into the weekend. Exports were strong again this week, which is a welcome sign after slowing the last couple. The soybean crop was seen as about 80% planted at the start of the week as progress continues across the country. The recent loses have made US commodities competitive again in the world market allowing for some stronger demand into the end of the year. Once we get on the other side of Memorial Day the June weather outlook will start to be important as most of the crop will be in the ground and some already well into growing.

Via Barchart

Dow Jones

The Dow and other indexes gained on the week with improving opening conditions and support for some of the major market players in the S&P. Republicans and Democrats continue to work on their versions of the infrastructure plan the Biden White House wants to pass.

Lumber

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

Podcast

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

US Drought Monitor

The map below shows this week’s drought conditions across the US. Many areas across the corn belt received rain over the week while others, like the Dakotas and Michigan, remain dry.

Via Barchart

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

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

01 Apr 2021

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

Ag Market Updates: March 27 – April 1

Watch our corn and grain experts talk through this new report in our podcast The Hedged Edge. Or you can continue on below and read our analysis on the corn, soybean, and wheat markets.

The USDA coming out with a bullish report? 2021 is due to have some crazy things happen after how 2020 went. The Prospective Plantings Report that came out this week pegged the US corn crop at 91.144 million acres when the average trade estimate was 93.208 million acres. The USDA lowered their numbers from the USDA Ag Forum earlier in the year that projected 92 million acres. Along with the acreage coming in below expectations, the Stocks report was lowered from the March 1 number of 7.952 billion bushels to 7.701 billion. So, what does all this mean? It means that an already tight world supply has to meet the needs of a world coming out of a year of lockdowns where demand is expected to ramp back up to pre-pandemic levels. The US crop is always important in the world supply but any major weather issues in the US with this acreage could cause major issues in the world supply while also boosting prices. These numbers could still change as farmers can always decide to plant more but until the summer report of actual acres planted these will be the numbers to go off of.

Via Barchart

Soybeans, like corn, had a bullish report with prospective plantings coming in at 87.600 million acres. The average trade estimate was 89.996 million acres and the USDA Ag Forum had estimated it at 90 million acres. This led to a limit-up day following the report as the demand for beans is expected to continue to be strong as the world reopens and the US will need to meet that demand as South America did not blow their growing season out of the water. As we have continued to see the problems with ASF in China that is the current cloud still over this market even with the report. Even with the limit up move you can see in the chart below that it came after a long losing streak to get it back in the higher side of the range of the last 2 months. Thursday beans gave back a good chunk of their gains following the report as the market digests the report and all other information in the market right now. If this acreage number is accurate for the year and the crop isn’t trend line or better then prices should continue to be strong and go up from here. If there is a great growing season and the ASF outbreak in China gets out of control it could put some pressure on this market.

Via Barchart

The report for wheat came out bearish but was pulled up after the report by corn and beans. All wheat acres came in at 46.358 million acres when the average trade estimate had it at 44.971 million acres and the USDA Ag Forum had it at 45 million acres. Wheat appears to have taken some of the 1.4 million acres from corn and soybean estimates. The stocks came in above estimates to pushing more bearish news into the market. It will be interesting to see if this weekend’s freeze for the winter wheat areas changes some minds on abandoning acres. As you can see from the chart below wheat has had a more volatile run but is still much higher than it was over last summer despite the last few weeks of losses.

Via Barchart

Dow Jones

The Dow gained on the week as markets calm down following the spike in interest rates as their rise has slowed. President Biden rolled out his plan for over $2 trillion in infrastructure improvements this week and still has more spending plans to go. With the money that has been pumped into the economy through stimulus and reopening continuing in the US, there are many questions ahead but one thing we know is that Biden plans to raise taxes to help pay for these plans which will be important to pay attention to.

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

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Tag: weekly prices

AG MARKET UPDATE: JUNE 11-18

AG MARKET UPDATE: JUNE 4-11

AG MARKET UPDATE: MAY 28 – JUNE 4

AG MARKET UPDATE: MAY 22-28

AG MARKET UPDATE: MAY 1-7

Ag Markets Update: April 17 – 23

Ag Markets Updates: April 10-16

AG MARKET UPDATES: APRIL 3 – 9

Ag Market Updates: March 27 – April 1

Watch our corn and grain experts talk through this new report in our podcast The Hedged Edge. Or you can continue on below and read our analysis on the corn, soybean, and wheat markets.

Ag Market Updates: March 20 – 26

Disclaimer