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Tag Archives: corn

Global Supply Glut Sends Wheat Plunging 2%

Wheat futures are trading lower on Friday as the market is being weighed by higher global supplies. Due to a mounting supply glut, wheat prices have been trading in negative territory for much of the year. The only trend that the commodity is benefiting from is a weaker US dollar. May wheat futures tumbled $0.075, or 1.79%, to $4.1150 per bushel at 16:35 GMT on Thursday on the Chicago Board of Trade (CBoT). Despite starting off 2017 strong, wheat prices have been plunging since the end...

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Will the US’s WTO agriculture challenge against China land it in hot water?

Apparently borrowing a page from the Trump playbook, the outgoing Obama administration filed a new trade enforcement action with the World Trade Organization against China earlier this month, alleging that the country has not met its market access commitments to the WTO for rice, wheat and corn. The challenge at the WTO is the second such complaint by the Obama administration on behalf of the US farmers and marks “…the 15th time that the Obama administration has launched a trade...

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Brazil faces corn conundrum after weak crop necessitates more imports

I am glad I am not a chicken in Brazil. Brazil’s booming poultry industry needs corn but supply concerns might have Brazilian’s chickens wondering where their next meal is coming from. What began as a great year for exporters with good domestic production and a weak Brazilian real quickly turned challenging as dry weather damaged its second crop. Brazil’s second crop, or “safrinha,” is rather confusingly the main corn crop in Brazil, and for this year its production was 24.7%...

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How commodities have performed under US presidents since 1970

To wrap up our series examining commodity prices and US presidential elections, we turned to Jodie Gunzberg, head of commodities and real assets at S&P Dow Jones Indices. Her recent analysis of commodity returns reveals that oil, gold and 17 out of 24 commodities overall perform better with a Democratic president, while the other seven, including all grains, have been best under a Republican commander-in-chief. Of the 24 commodities, 14 have had their best performance and 18 have had...

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Soybean & Corn Drop While Wheat Rises After USDA Report

Soybean futures fell today as the US Department of Agriculture updated its forecast, increasing expected yield and ending stocks. The USDA predicted that soybean production would be at 124.3 million tons in the 2016/17 season, up 4.1 million from the previous estimate. Ending stocks are predicted to be at 365 million bushels, up 35 million from last month’s forecast. As a result, futures for delivery of soybeans...

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USDA Acreage Report Promise Ample Supply

The US Department of Agriculture released its acreage estimate for domestic corn, soybeans, and wheat. The report showed robust planting that should add to already ample supply. Yet only corn dropped following the release while soybeans jumped. Wheat had also fallen initially but has bounced as of now. US farmers planted 94.1 million acres of corn, up 7% from the last year, whereas forecasters promised a decrease from...

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Grains Fall After USDA Crop Progress Report

Prices for grains fell after the report released by the US Department of Agriculture on Monday. The data showed that the amount of corn of good-to excellent quality remained unchanged at 75% from a week ago. The amount soybeans received the same grade increased from 72% to 74%. The amount of wheat rated good or excellent actually decreased a little from 62% to 61%, but this did not prevent...

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Soybean & Wheat Decline, Corn Avoids Losses

Soybean dropped today, following the decline of soybean meal. Previously, prices for soymeal were skyrocketing due to concerns about the impact of floods on Argentina’s harvest. Yet analysts though that fundamentals do not support the high prices and a correction is long overdue. Contract for delivery of soybean in July fell 1.47% to $10.585 per bushel as of 19:31 GMT on CBoT today. Wheat declined today...

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Soybean Heads to Monthly Gain, Other Grains Join Rally

Soybean rallied today, heading to the first monthly gain since September. Prices rose on forecasts of adverse weather in South America. Yesterday, prices dropped to the lowest level in three weeks after the US Department of Agriculture reported that private exporters cancelled the sale of 395,000 tons of soybeans to China. Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, said to Reuters: Cancellations are not unusual of course but they are a sharp reminder...

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US ethanol seems to resist the siren song of low gasoline prices

US ethanol’s recent pursuit of gasoline’s nosedive has reminded me of the Gin Blossoms classic, “Follow You Down.” In the chorus of that 1996 hit, the band sings, “Anywhere you go, I’ll follow you down. I’ll follow you down, but not that far.” That’s basically where US ethanol prices are at right now: Looking at gasoline prices, saying, “I’ll follow you down, but not that far.” Ethanol maintained a discount to gasoline as long as possible, following gasoline all the way down to levels not...

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