Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Cargill and Viterra appear as charterers of two vessels to be loaded with Brazilian soybeans for delivery in Argentina over coming weeks, according to shipping data, Reuters reported.
Grains ended lower on profit taking, removing weather premium. Jim McCormick of AgMarket.Net says cattle saw short covering, but weather and report positioning were also factors. Hogs continued to slide with cash.
Cattle futures higher on short covering, ahead of cash and reports, plus putting in weather premium. Hogs lower on China news, lower cash. Grains futures lower on profit taking. Brad Kooima of Kooima Kooima Varilek.
Soybeans see profit taking, with Argentina rain chances, but follow through buying in wheat pulls corn back up. Cattle seeing short covering, while hogs await a cash bottom. Randy Martinson of Martinson Ag has more.
For 2023, evaluate your production risk. I would only become aggressive once prices move beyond your breakeven costs.
Thus, the trend of the 2023/24 ag markets is clearly balancing on a tightrope of weather.
European Union soft wheat exports since July 1 reached 17.67 MMT as of Jan. 15.
Brazil’s 2022-23 grain production will outgrow total storage capacity for the first time in 20 years . . .
U.S. export prices fell 2.6% from a month earlier in December, above expectations of a 0.5% drop.
AgDay TV Markets Now: Darin Newsom, Sr. Market Analyst for Barchart talks about whether or not the U.S. and world economies are moving into recession and what that will mean for agricultural markets and demand.
The Jan. 12 USDA reports held positive surprises for grain prices. March corn prices were up 20¢, and March soybean prices were up 35¢ for the week ending Jan. 13. Wheat prices were flat to up 11¢.
Recaps of this week’s price action and quick-read outlook for next week, 30 days and 90 days.
China imported 10.56 MMT of soybeans in December, up 19.1% from last year and the highest monthly tally since . . .
Critics told EPA in the public session the agency has underestimated the existing or expected industry capacity.
AgDay TV Markets Now: DuWayne Bosse, Bolt Marketing talks about the surprises in the USDA report and the lower South American production numbers. Are they’re game changers for corn and soybeans?
The International Grains Council (IGC) raised its forecast for global wheat production in 2022-23, driven largely by a larger-than-expected crop in Ukraine.
Grains rallied after several bullish surprises in the USDA report numbers but it the news enough to keep the markets moving higher? Livestock set back in response. DuWayne Bosse with Bolt Marketing has details.
AgDay TV Markets Now: Kent Beadle of Paradigm Futures talks about marketing strategies for the 2023 corn crop.
The Buenos Aires Grain Exchange warned it may have to cut its production forecasts for soybeans and corn for the 2022-23 growing season by up to 25% . . .
Agroconsult expects Brazil to produce record corn and soybean crops in 2022-23, despite dry weather in the far southern state of Rio Grande do Sul.
AgDay TV Markets Now: Fund traders bought grains in 2022 as a hedge against inflation but what catalyst do they need to resume that buying in the grains in 2023? Ted Seifried of Zaner Ag Hedge has the answer.
With a pandemic-driven surge finally over, monthly import cargo volume at the nation’s major container ports has fallen below the 2 million twenty-foot equivalent unit (TEU) mark . . .
Joe Vaclavik of Standard Grain talks about poor demand for corn including exports and slow ethanol production. Will USDA make adjustments in this week’s reports?
India’s wheat production is set to jump to a record. . .
Costs for hiring ships to transport commodities from the Black Sea have risen by more than one-fifth since the start of the year, Reuters reported, reflecting higher war risk insurance rates, industry sources said.
“A lot of people looked at the smaller landlocked crush facilities and said, ‘Does that make sense?” I think those locations will go away, and I’m not sure they should have been there to begin with,” Fife says.
The latest issue for rail service is a dispute between Union Pacific and poultry giant Foster Farms.
Indonesia and Malaysia, the world’s biggest producers of palm oil, agreed on Monday to work together to fight “discrimination” against the commodity after a meeting between leaders from the countries.
The acreage battle will be a hot topic in 2023, especially for the cotton market. Early indication the nation’s farmers will be planting less cotton.
World Weather Inc. anticipates scattered showers and cooler temps with a frontal passage through Argentina during the middle of next week but amounts and coverage levels won’t be enough to halt crop stress.