BLOODBATH: Why Did Corn Prices COLLAPSE Last Week??
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- Опубліковано 5 лип 2024
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0:00 Corn Collapse
2:06 "The Funds"
4:58 US Weather Update
6:10 Export Sales
7:56 Deforestation Nonsense
9:12 OPEC / Crude
🌾📉 Agricultural Market Trends & Global Economic Insights 🌍💹
Welcome back to our channel for an in-depth update on the latest in agricultural markets, including significant movements in corn futures, trading patterns, and global economic implications.
🌽 Corn Futures and Trading Dynamics:
Corn futures experienced a notable decline last week, with the December 2024 contract dropping 22 cents from a weekly high of $4.93 per bushel. The decrease reflects a shift in market sentiment, where concerns about US planting delays have lessened and the current lack of drought is viewed as a bearish factor. Reports indicate that fund traders sold around 35,000 contracts late last week, contributing to a larger trend of increasing net short positions in the corn market.
📊 Commitment of Traders Report:
The latest CFTC data shows that fund traders have expanded their net short positions in corn, selling 16,000 contracts, while taking opposite positions in soybeans by buying 16,000 contracts. Meanwhile, a sell-off occurred in SRW wheat with a reduction of 5,000 contracts. These movements are crucial for understanding the broader commodity trading landscape.
🌧️ Weather Impact on Agriculture:
Current weather patterns show rain across key areas of the Corn Belt, affecting states like Minnesota, Wisconsin, and Iowa. This trend is expected to continue, with a forecast suggesting below-normal precipitation in the coming days for the central and western Corn Belt. May was notably wet for regions like Iowa, affecting planting and crop conditions.
🚢 US Corn and Soybean Export Sales:
Corn export sales have declined, with a drop of 11% from the previous week, reflecting a dip in demand, with Mexico remaining the largest buyer. Soybean sales, however, increased by 18% from the previous week, with the largest purchases by unknown destinations. Wheat sales saw a significant reduction, with Italy emerging as the top buyer.
🇨🇳 China's Imports of Sustainable Agricultural Products:
China's first shipment of deforestation-free soybeans marks a policy shift towards more sustainable agricultural practices. The shipment underscores Beijing's commitment to achieving carbon neutrality by 2060, though the higher costs of sustainably sourced products pose challenges for widespread adoption.
🛢️ OPEC+ Production Strategy:
OPEC+ has decided to extend its current production cuts until October, with plans to gradually phase them out over the following year. This strategy has supported crude prices above $80 per barrel and reflects ongoing adjustments to global supply dynamics in response to economic conditions.
🔔 Stay Updated:
Subscribe to our channel for regular insights into agricultural and economic trends. We provide detailed analyses to help you understand these complex developments. - Розваги
Guess my neighbor who didnt plant any made the right decision.
We had 4.5in in central nebraska over the weekend. Alot not planted probably won't be now or go to feed. Crops planted in shit conditions look it poor stands and uneven. Very few fields look like they should for when they got put in
I remember 2010 the USDA and the trade said the same thing were not worried about to much water and planting delays. Later in the growing season there was a massive correction. It seemed crops didnt like to much water.
Swath across central MN 2"+ of rain overnight
Central Ohio, beans in but not pretty, probably have to replant. Corn hopefully will be done by tomorrow morning. Going all night to get it in. The corn that's up looks awful around here.
Part of ND was a blood bath last night. 3 to 5 inches in a short time on top of saturated ground already. Not looking good. There is so many acres under water there will be no crop there. No bushels there.
Last year all we heard was “plant in dust your bins will bust” but this year nobody screaming “plant in the mud crops a dud”, could it be because farmers don’t have everything priced?
Today's premium video will be a good watch for you!
Cause USDA keeps telling everyone that all the 🌽 is planted, and that's not true, that's why I ever believe the USDA anymore..
grain prices always collapse at the end of the monthly contracts. my weather app is broken or its going to rain for the next 14 days in nw central ohio.
still waiting on my beans to come up and they were planted in perfect weather. at least that is what they call it. its been in the ground for 10 days. the ground went rock hard , then we have rain again. maybe they wont break their little necks trying to emerge. its going to be close.
mowed off a field of srw and made wheat hay for it, its worth more as cow feed. 27ish round bales , probably worth the same amount as hay as grain, without the fert and insurance expenses. started mowing another hay field so the weather prediction is probably correct. my cattle are going to go little red hen and appreciate since the market doesnt want to help me grow it.
It's time that the usda reports only data driven numbers and quit speculating on crop conditions or planting progress.
Joe, In your premium content, do you breakdown the cost advantage (to a third party) buying Brazil crops vs US & what line items cause American crops to be more expensive?
It's not that complicated. Brazil has had huge crops and has a geographical advantage with regard to shipping.
SE ND crops are horribly uneven and drown out
Good morning! What do you make of the moisture situation?
beans went in ok, then we had some heavy rains. then the ground went rock hard , the current rains maybe to little to late for soybean emergence. nw central ohio. enough might emerge that replant isnt worth it, but yields probably going to hurt.
Who made it go down? For the month of May wheat was up 70+ cents while corn did nothing just like so far in the overnight trade. All you analysts out there including you joe said corn couldn't rally unless wheat did. It's like a "wet blanket" over the corn. I can't wait to hear what excuses you guys come up with. The spread between July corn and July wheat went from 93 cents to $2.40 ish now. The only time corn follows wheat is if wheat goes down, if wheat goes up it's been going up 4-7 times as much just like it is so far this morning. 😂
Never said that, never would. I don't deal in certainties.
that was fantastic
I predict 88 million acres planted and 177 avg , be below 2 billion bushels when all is said and done
If cjina was worried about trump, wouldn't they load up before the election?
No they'll just "help" the dems fix the vote again. They don't need to worry about anything that won't happen
My theory, they want to be able to negotiate with him for the sales and make a big deal of it...if he loses they just quietly buy what they need.
Hey Joe, how do we get access to the premium content?
Just wanted to point something out. I farm here in Brazil, about 1500 acres. My entire farm was a cattle ranch 6 years ago. This shift happened all over the region I’m from. So trust me, Brazil is almost the size of the US, and a lot of cattle ranch are becoming farms. I can’t even sell my grain if satellites notice I cut down trees. I could be planting 3000 acres on my farm, but by law I’m not allowed to touch the rest of my area. I wonder how US farmers would react if they were forced to stop planting in 50% of their farm.
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And how much did other countries deforest? Brazil is a model for the world, as it is the only one that still has forests, including indigenous people who have not had contact with civilization