October 27, 2021 - Author: Ken Morrison
Only time will tell if it's demand that's driving the rally in corn. For now, mum's the word. Read More...

October 26, 2022 - Author: Ken Morrison
This was not the standard Turnaround Tuesday when prices trend the opposite of the prior day but it was interesting all the same. Read More...

October 25, 2021 - Author: Ken Morrison
Whatever enthusiasm resulting from Friday afternoon's cattle on feed report quickly faded after the opening. Market-ready inventory is much larger than a year ago despite smaller total inventory on feed. Read More...

October 23, 2021 - Author: Ken Morrison
A quick survey of producer expectations for 2022 fertilizer expense yields a wide range of answers but one thing that stands out is the uncertainty about expenses for corn acreage. Read More...

October 21, 2021 - Author: Ken Morrison
Markets failed to sustain Wednesday's broad rally in commodities that had pushed a number of markets into resistance. The key to trends will be whether today's pullback was a one-off or the beginning of a more aggressive correction. Friday's follow up could be instructive. Read More...

October 20, 2021 - Author: Ken Morrison
Agricultural markets, except livestock, apparently could no longer ignore the talk of inflation. A week after a deep pullback, many crop markets have staged impressive recoveries. Read More...

October 19,2021 - Author: Ken Morrison
Surveys and estimates have already begun for 2022 acreage estimates. Interestingly, most expectations for corn and soybean acreages appear to be in deep contrast to the comparative economics. Read More...

October 18, 2021 - Author: Ken Morrison
U.S. grain and soybean shipments for export indicate nearly all the disruption from Hurricane Ida is now behind us. The mix of shipments also reinforces reports China's inventory of soybeans is historically low as soybean shipments to China dominate total shipments. In contrast, China appears in no hurry for U.S. corn. Read More...

October 16, 2021 - Author: Ken Morrison
Last week had something for everybody, weakness in grains and oilseeds mid-week capped off by recovery the past 2 days. But in the end , the trend outlook hardly changed for most markets. Read More...

October 14, 2021 - Author: Ken Morrison
U.S. grain export capacity is returning to near normal as evidenced by the largest weekly shipments since mid-May. Barge unloading is surging after 2-3 weeks of sitting idle while power was restored post-Ida. All this has implications for nearly everybody in the U.S. grain and soybean marketing chain. Read More...

October 13, 2021 - Author: Ken Morrison
Efficient markets require a symbiotic relationship between major market-groups, one group consistently willing to assume the risk of the other group. Such a relationship exists between managed-money funds and hedgers. When the fundamentals change, that relationship can break down resulting in short-term volatility until the void in the relationship is restored. Read More...

October 12, 2021 - Author: Ken Morrison
USDA did not disappoint expectations of numerous revisions, many construed as bearish as corn and soybean supplies rose a bit more than expected. Historically, we should not see many revisions in crop production prior to January if at all. The market can now focus on demand. Read More...

October 11, 2021 - Author: Ken Morrison
Purdue University completed their crop budgets for corn, soybeans, and winter wheat for 2022. No surprise they expect record fertilizer and, as a result, record variable expenses in 2022. However, their conclusions are the same as mine: At current crop prices for harvest 2022, corn has superior net-revenue vs. soybeans despite the record fertilizer costs. Read More...

October 9, 2021 - Author: Ken Morrison
It's not hard to locate my estimate of the ending year 2022 corn supply. Just look for the highest number submitted to the pre-report newswire survey of 40 market analysts. I discuss how I got there. Read More...

October 7, 2021 - Author: Ken Morrison
Mexico is the most dependable customer for U.S. agricultural exports but, recently, they have become the most dominant buyer. More than anything, it says a lot about global competition from other suppliers raising concerns about the outlook for U.S. corn exports. Read More...

October 6, 2021 - Author: Ken Morrison
It's an emotional time in some markets, especially energy-related ones. Emotion tends to add to price volatility. We illustrate how some parabolic markets tend to culminate. Read More...

October 5, 2021 - Author: Ken Morrison
With U.S. export sales lagging forecast, the window of opportunity to catch-up is narrowing with a record crop expected from Brazil in 2022. Read More...

October 4, 2021 - Author: Ken Morrison
USTR Tai laid out the Administration's main goals on trade policy with China emphasizing the goal of growing the U.S. economy and improving U.S. wages. It's clear there are important issues the U.S. believes the current trade pact failed to include. Read More...

October 2, 2021 - Author: Ken Morrison
With USDA's September 30 reports in the rearview mirror it's now possible to consider important implications and revisions likely in USDA's October 12 supply and demand update. Some of Thursday's revisions may be less obvious and underappreciated. Read More...

September 30, 2021 - Author: Ken Morrison
Today's quarterly stocks and small grains production hardly met anybody's estimates in part because of revisions in the 2020 corn and soybean productions and considerably less corn for feed. Read More...

September 29, 2021 - Author: Ken Morrison
Given all the headline news about rising fertilizer prices, I compare current price levels to the all-time high and compute net-revenue returns assuming 2022 costs match the record high. You may be surprised by the conclusion. Read More...

September 28,2021 - Author: Ken Morrison
September 1 stocks, reported annually on the final day of September, has seen some wide variances relative to expectations. Due to the low-level of stocks, even rather small surprises could have out-sized price impact. Read More...

September 27, 2021 - Author: Ken Morrison
Friday's after-the-close quarterly hogs and pigs report had numerous bullish surprises and futures wasted no time reacting to it with 2 lead-month contracts closing their daily limit higher. Read More...

September 23, 2021 - Author: Ken Morrison
I update momentum for a wide range of individual markets ranked from strong to weak. Read More...

September 22, 2021 - Author: Ken Morrison
The sudden appearance of what was presented as EPA's proposed renewable fuels volumes through 2022 from an undetermined source rocked markets only momentarily but triggered a firestorm of opinions. Read More...

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