Commentary
U.S. grain and soy review: Prices climb on output concerns
U.S. grain and soybean futures jumped Tuesday on worries declining crop ratings will lead to smaller-than-expected harvests.
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CBOT corn outlook: Seen higher on declining crop ratings
U.S. corn futures are expected to start higher Tuesday on concerns declining condition ratings for the crop will translate into a smaller-than-expected harvest.
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CBOT corn outlook: Seen down 5c-7c on beneficial weekend rains
U.S. corn futures are expected to start lower Monday as weekend rains and forecasts for milder temperatures ease concerns about heat stressing crops.
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CBOT corn outlook: Down slightly, awaiting direction on weather
U.S. corn futures are poised to open slightly lower Friday as the market struggles for direction amid uncertainty about weather in the Midwest.
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Markets still focused on the hot weather
Heat remains the topic of choice and it’s not going away as DMN cited large drop-off in milk production and a recovery that might not materialize until fall. But weather markets often fade as quickly as they emerge. Still, sellers have stepped this week back on concerns over product availability later this year. In order for prices to cool, the weather might have to do so first.
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CBOT corn outlook: Seen up as heat fuels crop concerns
U.S. corn futures are expected to start stronger Wednesday as meteorologists warn above-normal temperatures will keep crops under stress next week.
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Bulls lose steam amid modest news Tuesday
Class III futures traded mostly lower early as the heavy volume trade continued. The spot market once again saw an uptick as buyers were aggressive but sellers brought more product to the exchange. When we settled, the block was up 2 cents at 2.1400 with 5 trades and barrels were up ½ a cent at 2.1150 with no trades. The spot sales that hit bids seemed to have deterred futures from rallying hard and instead helped inspire more of a consolidation trade at these lofty levels. Heat in the Midwest also underpinned futures.
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Blocks higher again; Class III price spike continued Monday
Class III futures kicked off the new week with follow-through price strength inspired primarily by Friday’s dazzling display of support in the block cheese market and downright oppressive Midwest heat. It wasn’t hot enough to keep spot buyers away again today, as multiple bids carried the price of blocks to up 6.25 cents to $2.1200 where a trade occurred and the increasing bids stopped (barrels finished unchanged with 1 trade). Futures continued the parabolic panic spike from Friday pushing between .09 and .49 cents higher by the closing bell.
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CBOT corn outlook: Seen down on forecasts for cooler weather
U.S. corn futures are expected to start trading lower Monday on forecasts for cooler temperatures to ease stress on the crop.
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Blocks do an about-face Friday; Class III prices spike
A tighter-than-expected short-term cheese picture collided with a massive Midwest heat dome Friday to propel Class III prices skyward. Friday morning, the futures markets did little to excite anyone before the spot market. Volume was strong and prices were mixed to weaker….. then came a spot session to change all of that.
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Blocks drop again – will barrels follow?
Class III traded firm out of the gate Thursday morning on follow-through buying from Wednesday’s session. As for 2011 contracts, prices traded up to levels of technical resistance (as in the case of August re-testing all-time contract highs) and psychological resistance (as in the case of September trading through $19.00) before cooling during another weak day for spot blocks.
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