Soybean futures contracts continue to show an enormous amount of volatility. After rallying by nearly $1 per bushel on the last week of June’s surprise acreage reduction, Aug-23 soybeans closed at $14.27 per bushel, down by about 40 cents per bushel over the week. Nov-23 [...]
Benchmark Oct-23 #11 world raw sugar traded sideways in May and June from about 24.00 to 26.30 cents. The contract tested its upper Bollinger Band earlier in the week of Jun. 19 before sliding in the last three sessions to settle Jun. 23 at [...]
After trading mostly sideways in the month of May and reaching a contract high of 26.66 cents, benchmark Jul-23 #11 world raw sugar broke below its 20-day moving average the week of May 15. The contract fell through support from 25.10 to 24.90 on [...]
Nearby Jul-23 FCOJ closed the week of May 12 at a six-week low of 242.75 cents, recovering the week of May 18 but failing to break retracement resistance near 254.90 cents. RSI is neutral, MACD is moderately bearish, and the stochastic is bullish and no longer [...]
Dec-23 corn futures continued to move higher last week, closing out at the highest price since late April and up 42 cents over the last two weeks. Corn reached 92 percent planted as of the May 29 update, up 8 points YOY. North Dakota [...]
Adjusted for inflation, FAO’s Food Price Index (FPI) for April rose 0.6 percent from March—the first monthly increase in 13 months. The sugar and meat subindexes were the cause of this monthly increase. April’s FPI was still down 21.1 percent YOY. For the year [...]
April’s Consumer Pricing Index (CPI) was announced midweek up 0.4 percent from March, slightly below market expectations. The monthly increase cooled the annual rate of inflation down to 4.9 percent. Hourly earnings, adjusted for inflation, rose just 0.1 percent, still down 0.5 percent YOY. [...]
Corn basis: Basis bids around Decatur, IL were considerably higher during the April reconciliation period, compared to March 2023 and April 2022. Corn gluten meal and feed: Corn gluten meal and feed prices continue to decline, both seasonally and year over year. April CG [...]
