Todd Hultman

DTN Lead Analyst

Todd Hultman is a DTN grain market analyst, and has worked in the commodity futures industry since 1985.

 

Todd began his career as a broker with Delta Futures Group in Omaha, where he relied on DTN's news and market quotes. In 1997, he left the brokerage business with a desire to spend more time researching the futures markets and educating others. The move led to the creation of an online educational resource for futures traders. That same strong interest to research and teach brought a Todd to DTN where he enjoys commenting on the grain markets. Todd is a 1981 graduate of the University of Nebraska at Omaha and has lived in the Omaha area for most of his life.

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More From This Author

  • After a sharp drop early in 2020, December soybean oil found support and is one of a handful of ag commodities currently outperforming the S&P 500. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    Soybean crop ratings are high and November prices are struggling to get above $9.00. Amid several bearish concerns for soybeans in 2020, one bright spot is soybean oil.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    Contracts of cattle, feeders and lean hogs were all a little lower early Friday after cattle and feeders neared their highs for July. Hog futures continue to struggle at depressed levels, finding little help in a tough market...

  • This chart of September Chicago wheat shows prices chopping sideways for roughly five years, staying below $6.00 a bushel. USDA's low ending stocks estimate of 103 million bushels gives Chicago wheat a chance to challenge the high end of the range in 2020-21. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    With the coronavirus, 2020 has already been unusually bearish for corn prices and funds have been net short all year. A year like this could bring an earlier-than-usual harvest low.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    August contracts of live cattle and lean hogs were starting lower, taking a break after Thursday's higher closes with plenty of bearish concerns still looming over markets. Outside markets are offering some early support. Dow...

  • This chart of September Chicago wheat shows prices chopping sideways for roughly five years, staying below $6.00 a bushel. USDA's low ending stocks estimate of 103 million bushels gives Chicago wheat a chance to challenge the high end of the range in 2020-21. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    There aren't many crops that can boast a bullish supply situation in 2020, but soft red winter wheat will for a second consecutive year.

  • (Illustration by Nick Scalise)

    DTN's Quick Takes

    OMAHA (DTN) -- On Sunday evening, December corn is down 7 1/4 cents, November soybeans are down 7 1/2 cents and September KC wheat is down 4 3/4 cents. Parts of Illinois and Indiana received beneficial rain amounts over the...

  • According to USDA estimates, gross revenue for producing corn in 2000-01 was 33% below the cost of production and stands as the least profitable year in recent history. The outlook for 2020-21 is bearish for corn, but probably not that bearish. (Chart by Todd Hultman, based on USDA estimates)

    Todd's Take

    Because of how ag prices were depressed and financial prices were elevated in 2019, I found last year's economic mood highly similar to the year 2000. Unfortunately, the comparison continues into 2020.

  • USDA will release its Acreage and June 1 Grain Stocks reports at 11 a.m. CDT Tuesday, June 30. (Logo courtesy of USDA)

    USDA Reports Preview

    On June 30, 2020, USDA will release Acreage and June 1 Grain Stocks reports at 11 a.m. CDT. Given this year's excellent planting conditions and coronavirus-related shutdown in the second quarter, the estimates are likely to add to...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    August contracts of live cattle and lean hogs were starting slightly higher, finding timely technical support and also getting an early bullish boost from Friday's outside markets. Dow Jones futures are trading up 350 points, the...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    August contracts of live cattle, feeder cattle and lean hogs were all starting lower Thursday, still dealing with sluggish demand and plentiful supplies related to coronavirus. Outside markets are leaning bearish. Dow Jones futures...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    August contracts of live cattle, feeder cattle and lean hogs were all starting lower Wednesday, pressured by the hangover of coronavirus-related problems as meat plants work to restore production lines. Outside markets are...

  • This chart shows roughly consistent 3.8% annual growth of world soybean demand since 2000 as estimated by USDA, but the early estimate for 2020-21 remains below trend. (DTN ProphetX chart)

    Todd's Take

    Both USDA and the International Grains Council are estimating record high world soybean demand in 2020-21. Is it possible the estimates are too low?

  • USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports at 11 a.m. CDT Tuesday, May 12. (Logo courtesy of USDA)

    USDA Reports Preview

    With U.S. crops finding minimal planting problems in 2020 and emerging largely on schedule, USDA is set to release a new round of supply and demand estimates that probably won't look too different from those in May. June's WASDE...

  • From a peak of $4.72 3/4 in July 2019 to a low of $3.09 in April, producers have seen a long, painful tumble in July corn futures that finally shows signs of easing. Futures funds are likely to feel the next pain, holding large short obligations as July contracts traded near their lowest prices in 13 years. (DTN ProphetX chart)

    Todd's Take

    After Thursday's new one-month high in July corn, the pressure is on funds to buy back their large short obligations.

  • USDA estimates U.S. soybean exports will fall short of Brazil's total by roughly 1.0 billion bushels in 2020-21, the third consecutive annual gap of that size. Given Brazil's 4.56 billion bushel soybean crop in early 2020, the gap could even be wider as USDA's U.S. export estimate looks unlikely. (Chart by Todd Hultman, based on USDA's May 2020 WASDE estimates)

    Todd's Take

    Nearly everywhere we turn, U.S. ag markets are suffering from a lack of demand flow. Where coronavirus is to blame, there is not much we can do; but in the case of soybeans, couldn't there be a better way?

  • July KC wheat prices rallied close to one-year highs this winter and made a second attempt, falling short in April. Prices have now turned lower as USDA expects record world wheat production in 2020-21. (DTN ProphetX chart)

    Todd's Take

    A feeble attempt to rally KC wheat prices this spring has turned bearish as the world aims at another record crop in 2020-21.

  • Cash spring wheat prices have been the most bearish performing of the three U.S. wheats in early 2020, but that may not hold true all year. Managed futures funds have placed large bearish bets on spring wheat even though prices are facing the uncertainty of a new season ahead -- a recipe for a significant rally, should a bullish surprise emerge. (DTN ProphetX chart).

    Todd's Take

    Is spring wheat really as bearish as futures funds seem to think it is or have they fallen into a bearish trap?

  • USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports at 11 a.m. CDT Tuesday, May 12. (Logo courtesy of USDA)

    USDA Reports Preview

    As the country slowly begins to venture out after several weeks of stay-at-home restrictions, USDA is about to unleash a heavily bearish corn estimate for 2020. The May WASDE and Crop Production reports are set for release at...