Corn market shrugs off bearish WASDE

The market shook off a historically bearish first look at a new crop: the Jul-20 contract’s highest close of the week came on the day of that report. The same scenario played out for the December contract. It appears traders are content to let [...]

Technical bull trap in the making for cocoa?

After finding a market bottom in Q1 at $2,200 per MT, cocoa futures have been consolidating; a double bottom held, and prices rose by 10 percent. Although the fundamentals have been less inspiring with lackluster Q1 grind results, the market looks technically vulnerable to [...]

Record world wheat supplies may impact export values

In the May WASDE, new-crop wheat production forecasts for the U.S. and EU were both slightly down from 2019/20. However, USDA forecasted 2020/21 world wheat production at a record 768.5 MMT (28.2 billion bushels), supported by sizeable crops in Australia, Canada, and Russia, and [...]

WASDE: Corn & soybean 2020/21 numbers released

USDA’s forecasts in the May WASDE were neutral to bearish for both corn and soybeans, as the industry expected. Although, there were still some slightly surprising numbers that were especially bearish or less bullish than expected. Starting with corn, 2020/21 production was forecast at [...]

Soybean market gets a boost from weather, China

Soybean futures closed on Friday, May 8, with a 14-cent increase on the week as the market took notice of Chinese trade discussions and potential early weather issues. Beans are off to a quick start in terms of planting progress given the favorable weather [...]

Dollar’s rise during stay-at-home orders

Given its spread across borders, the COVID-19 global pandemic could be described as an equalizing force, at least from an economic perspective. Yet, considering its influence on foreign exchange rates, the pandemic’s economic impact has not been shared equally. The U.S. dollar index, a [...]

Mexico 2019/20 sugar output down 12 percent YOY

As of May 2, SADER reports that 19 mills have ended their crush campaigns in Mexico, over a third of all the country’s mills. For the 2019/20 campaign to date, harvest area totaled 694,818 hectares (ha), up from both last season and the five-year [...]