December 11, 2019
Yesterday’s USDA report lived up to the expectations, a total snoozer. The USDA left US carryout unchanged at 1.910 billion bushels. The only noticeable change came in an increase in world carryout, 295.5mt to 300.5mt, this came on the back of a 6.7 mb increase of Chinese corn production.
December 10, 2019
Major U.S benchmarks have pulled back as much as 1% amid a healthy consolidation in front of a gauntlet of events. U.S and China trade relations are the underlying catalyst but there are a number of themes from Wednesday’s Fed meeting to economic data and drama in Washington that have kept Friday’s post Nonfarm rally in check.
December 10, 2019
December 9, 2019
Some of the world’s biggest oil-producing nations agreed on Friday to cut supply by another 500,000 barrels a day – and Saudi Arabia volunteered to go even further. The oleaginous OPEC group and its allies have cut production several times over the past three years: reduced supply boosts the oil price, theoretically meaning more profit all round.Some of the world’s biggest oil-producing nations agreed on Friday to cut supply by another 500,000 barrels a day – and Saudi Arabia volunteered to go even further. The oleaginous OPEC group and its allies have cut production several times over the past three years: reduced supply boosts the oil price, theoretically meaning more profit all round.
December 4, 2019
December 4, 2019
March corn futures finished yesterday’s session little changed as market participants continue to look for new news on the wires. Those wires will probably be pretty bare until we get to next week’s USDA report, out on the 10th. Until then, our focus will be on crop developments in South America, along with money flow and technicals.
December 3, 2019
November 25, 2019
Risk-sentiment is getting a boost to start the week after China promised to tighten intellectual property laws. IP has been a major hurdle in U.S-China trade talks and what we’ve referred to as the substance. China has been extremely reluctant to include it in negotiations, even saying at one point in October it would never be included. The nation now seems to have a change of heart announcing a plan to increase penalties on violations of intellectual property rights and is supposedly considering making it easier to hand down criminal punishments.
November 25, 2019
November 21, 2019
U.S benchmarks are back to the baseline and holding steady. The U.S-China trade narrative is dominating headlines, largely drowning out yesterday’s Fed minutes. Yesterday, it was rumored that an interim “Phase One” trade deal would not be signed this year and equity markets quickly slipped before competing headlines exuded confidence that negotiations to achieve a deal this year are ongoing.
November 21, 2019
November 20, 2019
November 20, 2019
The SPDR Gold Shares GLD, the world’s largest gold-backed exchange traded fund, is lower by 2.17% in the fourth quarter. Some of the air has come out of the gold trade as the dollar has remained peskily sturdy and as investors have gravitated toward riskier assets.
November 19, 2019
November 14, 2019
November 14, 2019
November 13, 2019
November 12, 2019
U.S. benchmarks snapped back after the open yesterday to pare Sunday night losses. The tape remains firm ahead of the bell today with a speech from President Trump at the Economic Club of New York in focus. The speech is scheduled to begin at 11:00 am CT but usual formalities may delay it just a bit. Most importantly, the market is expecting positive comments from the President on U.S-China trade.
November 11, 2019
November 11, 2019
U.S. benchmarks are set to open lower to start the week on this Veteran’s Day holiday. On Friday, President Trump addressed what we were already suspecting saying he does not want to rollback current tariffs in order to achieve the interim “Phase One” trade deal with China. While this threw a bit of cold water over sentiment, it was largely expected, and equities broadly took it in stride; the S&P and NQ each closed at record levels.
November 8, 2019
November 7, 2019
The word of the day is de-escalation. We are seeing major U.S benchmarks trek towards fresh records after China’s Foreign Ministry announced both sides plan to cancel existing tariffs in phases proportionally and at the same time sign an interim “Phase One” trade deal. The U.S has yet to confirm such steps and this leads us to believe there are two ways to look at it.
November 7, 2019
November 6, 2019
November 5, 2019
December corn futures were softer to start the week as the lack of bullish headlines coupled with harvest pressure was too much for the bulls to overcome. Crop Progress was released after the close, showing corn conditions unchanged at 58% good/excellent. Harvest is said to be 52% complete, this is 2% behind expectations and 23% behind the five-year average.
November 4, 2019
November 4, 2019
Last week, corn futures traded both sides of unchanged but finished fractionally higher. Crop Progress will be out this afternoon, after that, much of the attention will turn towards Friday’s WASDE report. We will continue to compile estimates and have those for you by mid-week. Friday’s Commitment of traders showed that funds sold 9,322 contracts from October 22nd to October 29th, expanding their net short position to 85,337.
November 4, 2019
October 30, 2019
