Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Worries about surging inflation and rising interest rates have pummeled the U.S. stock market this year.
Since the start of the 2021-22 marketing year on July 1, Ukraine has exported 46.5 MMT of grain, up from 40.9 MMT during the same period last year. . .
The International Grains Council (IGC) cut its global corn production forecast by 13 MMT to 1.184 billion metric tons, reflecting a downward revision to the U.S. crop.
Thursday’s market closes ended mixed in the grains.
For 18 straight months, the rural economy has posted healthy and consistent growth, yet signs of weakness may be surfacing.
USDA’s Cattle on Feed Report Friday afternoon is expected to show the May 1 feedlot inventory up 1.3% from year-ago. . .
Ukraine’s agricultural production may fall 30% to 40% this year due to the war, but 2023 will be “very bad” . . .
IN-DEPTH MARKET ANALYSIS: Wednesday was a risk-off day in the agricultural commodity markets.
Corn futures fell sharply, erasing gains posted early this week, as spillover from a selloff in the wheat market and prospects for a resumption of grain shipments out of Ukraine sparked active profit-taking.
Ukraine is making progress in developing grain exports over land to the EU but will need to regain sea access blocked by Russia’s invasion to avert a worsening crisis for food importing countries. . .
Gov. Kim Reynolds (R-Iowa) signed legislation Tuesday that will subsidize and expand sales of E15 gasoline and other renewable fuels.
Members of the National Oilseed Processors Association (NOPA) crushed 169.8 million bu. of soybeans in April, down 12.0 million bu. (6.6%) from March. . .
Fundamental & technical analysis of Monday’s wheat markets.
“Many of Canada’s dairy TRQs remain unfilled, and this represents a tangible loss to New Zealand’s dairy exporters…
Dr. Joe Outlaw, “I think the biggest reason the U.S. won’t see a crisis like the 1980s again is the federal crop insurance program.”
The week started out in a downward trend but ended on a high note due to continued planting delays and lower USDA crop projections.
There have been only five other years when USDA went with an initial sub-trend yield due to slow plantings . . .
We’ll start with the good news: The April data market saw a slight easing in the financial metric. The bad news: Inflation is still near 40-year highs.
The Buenos Aires Grain Exchange projects Argentina’s wheat crop will fall to 20.5 MMT in 2022-23. . .
New-crop futures led the corn market higher after USDA lowered its yield projection more than expected, fueling concern that . . .
USDA made a historic move with its May 12 World Agricultural Supply and Demand Estimates report, by dropping the national corn yield below trendline.
Crop insurance premiums could skyrocket as climate change intensifies. . .
“Right now, Ukraine’s grain silos are full,” says David Beasley, executive director of the World Food Programme. “At the same time, 44 million people around the world are marching towards starvation.”
China’s ag ministry expects the country’s corn acreage to decline 1.9% . . .
Brazil’s soybean crop is expected to jump nearly 20% . . .
China’s producer price index (PPI) eased to a 12-month low of 8.0% above year-ago in April.
The Surface Transportation Board (STB) implemented new rules for some of the largest railroads after customers said train backlogs have hampered their operations, the agency said.
Asked why crops like soybeans would require subsidies into next year, Bronaugh said prices could dip in the next year — even though ag economists expect prices to remain high through 2023.
Ukraine has sown about 7 million hectares of spring crops so far this year, 25% to 30% less than in the corresponding period in 2021, according to the country’s ag minister.
Slow planting, inflation, next week’s USDA reports and more are impacting the markets. Jerry Gulke shares his outlook.