Todd Hultman

DTN Grains 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

  • DTN Early Word Grains

    December corn was up 1 1/4 cents, November soybeans were up 3/4 cent, and September Kansas City (HRW) wheat was up 3 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September Minneapolis wheat jumped up 17 cents Friday, boosted by increased drought in the Pacific Northwest and talk of wildfires burning wheat fields in Oregon. U.S. winter wheat prices also traded higher with ongoing dry weather...

  • This chart shows USDA's estimated ending wheat stocks for the world's top seven exporters in 2018-19. DTN Contributing Analyst Joel Karlin showed this group's ending stocks to be the lowest relative to annual use since 2012-13, a season when wheat prices traded much higher. (Chart based on USDA's July WASDE report)

    Todd's Take

    The 2018-19 ending stocks-to-use ratio for world wheat at 35% is among the highest on record. DTN Contributing Analyst Joel Karlin reminded us this week that for wheat, it's not the best way to keep score.

  • DTN Early Word Grains

    December corn was up 1 1/4 cents, November soybeans were down 1 1/2 cents, and September Kansas City (HRW) wheat was up 5 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    New-crop corn, soybeans and all three wheats finished higher Thursday, given a boost by hot and dry conditions in the southern Plains and expectations for increased drought in the southern Plains and Pacific Northwest. Outside...

  • (DTN file photo)

    DTN Early Word Opening Livestock

    Expect lean hog contracts to begin in a mixed basis thanks to a residual of selling on one hand and short covering on the other. The cattle complex is likely to stay firm after the August futures broke to a new three-month high...

  • DTN Early Word Grains

    December corn was down 1/4 cent, November soybeans were down 4 1/4 cents, and September Kansas City (HRW) wheat was unchanged.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After two days of active trading, the grain sector took a break Wednesday and settled near Tuesday's closes on light volume. Corn and soybeans were a little higher while all three wheats ended lower.

  • DTN Early Word Grains

    December corn was up 2 cents, November soybeans were up 4 1/4 cents, and September Kansas City (HRW) wheat was up 4 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    With the flick of a switch, USDA reduced crop ratings for corn and soybeans late Monday and traders responded with eagerness to buy corn, soybeans, and all three wheats Tuesday. Commercial buying in most grains also had help...

  • DTN Early Word Grains

    December corn was up 3 1/4 cents, November soybeans were up 4 cents, and September Kansas City (HRW) wheat was up 6 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans gained 11 1/2 cents Monday while September K.C. wheat was down 8 1/2 cents in a quiet day of trading that also saw December corn inch up a half-cent. NOPA's soybean crush estimate of 159.2 million bushels for...

  • DTN Early Word Grains

    December corn was down 1 1/4 cents, November soybeans were down 4 1/4 cents, and September Kansas City (HRW) wheat was down 4 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn was down 4 1/2 cents and November soybeans dropped another 15 cents to their lowest November close in nine years as both continue to find buyers scarce, while crops are in good shape and the forecast looks...

  • USDA's estimate of world ending corn stocks is currently at 14% of annual use for 2018-19, the lowest since 1995-96. With anticipated supplies relatively tighter in the new-crop season, it is fair to ask why prices aren't higher. (DTN ProphetX chart)

    Todd's Take

    USDA is predicting the lowest ending corn stocks relative to use in over 20 years, but corn prices are in the dumps. What gives?

  • DTN Early Word Grains

    December corn was down 2 3/4 cents, November soybeans were down 7 1/2 cents, and September Kansas City (HRW) wheat was up 5 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn was up 6 cents and September Chicago wheat was up 12 3/4 cents after USDA helped with lower-than-expected world ending stocks estimates of corn and wheat. Soybeans held on to a 1-cent gain, even though their...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    On a day when most commodities were trading lower after the U.S. proposed another round of new tariffs, December corn, November soybeans and September Chicago wheat all fell to new lows, one day before USDA's next WASDE report.

  • DTN Early Word Grains

    December corn was down 4 1/4 cents, November soybeans were down 15 3/4 cents, and September Kansas City (HRW) wheat was down 7 3/4 cents.

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

    USDA Reports Preview

    What to expect from the latest USDA Crop Production and World Agricultural Supply and Demand Estimates reports, which will be released at 11 a.m. CDT on Thursday, July 12.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn fell lower, but stopped short of a new closing low after USDA showed another high crop rating late Monday. All three wheats fell back toward recent lows while November soybeans ended slightly lower with current...

  • DTN Early Word Grains

    December corn was down 2 1/2 cents, November soybeans were down 1 3/4 cents, and September Kansas City (HRW) wheat was down 6 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans posted the largest percentage loss Monday, taking back most of Friday's unexplainable gains, while also leading corn and wheat prices lower. This week's USDA reports are likely to show higher crop estimates for...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    The old expression, "buy the rumor and sell the fact" was turned upside down Friday when November soybeans climbed 38 3/4 cents higher after the U.S. and China unleashed $34 billion of new tariffs each, including a 25% penalty on...

  • This chart shows the U.S. trade balance of goods and services from 1992 to April 2018. The biggest reduction in the trade deficit happened during the financial panic of 2008-09. Should we have another meltdown to reduce the deficit? (Chart by Fred.StLouisFed.org)

    Todd's Take

    The trade dispute with China is heating up, but it needs to be said that part of the U.S. argument is based on a poor understanding of trade deficits.

  • DTN Early Word Grains

    December corn was down 1/2 cent, November soybeans were up 3/4 cent, and September Kansas City (HRW) wheat was down 1 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    K.C. wheat turned in the highest percentage gain in the grain sector with the September contract posting a 19 1/4 cent gain Thursday. November soybeans were down 8 1/2 cents with traders waiting for Friday's tariff increases...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    Tuesday's closes: December corn was up 5 1/4 cents, November soybeans were down 5 1/4 cents, and September Kansas City (HRW) wheat was up 13 1/4 cents.

  • DTN Early Word Grains

    December corn was up 5 1/4 cents, November soybeans were down 5 1/4 cents, and September Kansas City (HRW) wheat was up 13 1/4 cents. (Tuesday's close)

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn and September contracts of all three wheats took back part of Monday's losses in a holiday-shortened session, marked by light volume. November soybeans ended down 5 1/4 cents with concerns about China's new...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After a higher start to the day, corn, soybeans and winter wheat all fell back near their recent lows with the largest percentage losses in winter wheat. So far, investors continue to ignore flooding problems and are keeping a...

  • DTN Early Word Grains

    December corn was unchanged, November soybeans were up 2 cents, and September Kansas City (HRW) wheat was up 11 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of Chicago and K.C. wheat traded higher Friday -- even before USDA's reports were released -- and finished with double-digit gains on the final day of the calendar's second quarter. December corn gained 5 1/4...

  • DTN's national average of cash soybean prices closed at $8.02 Thursday, its lowest close in over nine years. There are no signs of bottoming yet, but it is fair to wonder how low prices might go in 2018. (DTN ProphetX chart)

    Todd's Take

    There are no signs of soybean prices bottoming yet, but that doesn't stop us from wondering how low prices might go.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    A half hour before the close, December corn and November soybeans appeared on their way to a quiet close when suddenly, plans changed and prices dropped in the final minutes, accompanied by heavy selling volume as some seemed...

  • DTN Early Word Grains

    December corn was down 1 cent, November soybeans were down 3 1/2 cents, and September Kansas City (HRW) wheat was down 1/4 cent.

  • USDA will release its Acreage and quarterly Grain Stocks reports at 11 a.m. CDT Friday. (Logo courtesy of USDA)

    USDA Reports Preview

    What to expect from the latest USDA Acreage and Grains Stocks report, which will be released at 11 a.m. CDT on Friday, June 29.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn was unchanged and November soybeans were up 1 1/2 cents Wednesday, not straying far from Tuesday's closes with trading quiet ahead of Friday's Acreage and Grain Stocks reports. Winter wheat ended modestly higher...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Soybeans and all three wheats followed Monday's losses with more losses on Tuesday as neither crop is offering buyers much attraction these days. December corn was a little higher while outside commodities were mixed.

  • DTN Early Word Grains

    December corn was up 1/4 cent, November soybeans were up 2 cents, and September Kansas City (HRW) wheat was down 3 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Nearly all commodities and major stock markets were lower Monday as investors showed disapproval again over rising trade tensions. Grains in particular were sharply lower with added pressure from more rain in this week's forecast...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After a week that saw trade concerns increase and too much rain in some areas, July soybeans jumped up 14 cents Friday, trimming back their losses for the week while July soybean meal closed up $7.30 with help from commercial...

  • Noncommercial traders usually exhibit trend-following behavior, but this summer is different. Noncommercial longs are holding their largest position on record and don't seem to care that prices have dropped nearly 47 cents in a month. (DTN ProphetX chart)

    Todd's Take

    Unusual noncommercial behavior in corn raises new questions in 2018-19.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Grains welcomed the summer solstice with higher prices of corn and wheat while July soybeans fell 9 cents to another new two-year low among spot prices. August crude oil is trading up 25 cents ahead of Friday's much-anticipated...

  • DTN Early Word Grains

    July corn was down 1 cent, July soybeans were down 7 1/2 cents, and September Kansas City (HRW) wheat was down 4 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Trading in grains was quieter with no significant news on the trade front, but September Chicago wheat became Wednesday's exception, climbing 9 3/4 cents with unexpected support from commercial buying. Corn and soybeans finished...

  • DTN Early Word Grains

    July corn was up 1 3/4 cents, July soybeans were up 3 3/4 cents, and July Kansas City (HRW) wheat was up 6 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July corn escaped relatively unscathed, but July soybeans fell 19 1/2 cents on a day that started with news of more U.S. tariffs against China, while commercials and noncommercials pressured wheat prices lower with a lack of news...

  • Friday's closes show an emerging picture that is bearish for grain and oilseed prices. A growing U.S. economy, fueling higher interest rates and a rising U.S. dollar is starting to have a bearish impact on gold and crude oil prices -- two commodities that have a high correlation to corn, soybean and wheat prices. (DTN ProphetX chart)

    Todd's Take

    I get no pleasure bringing more bearish news to grain and oilseed markets, but major changes are taking place that should not be ignored.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans ended up 3 cents Monday, in spite of Saturday's news that China retaliated to U.S. tariffs with $34 billion of their own, including a 25% tariff on U.S. soybeans. Corn ended lower and July K.C. wheat dropped 20 1/4...

  • DTN Early Word Grains

    July corn was down 2 3/4 cents, July soybeans were unchanged, and July Kansas City (HRW) wheat was down 7 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans fell another 21 3/4 cents Friday after President Trump approved roughly $50 billion of new tariffs against Chinese goods -- a move that may lead to retaliatory tariffs on U.S. soybeans as well as other goods. Corn...

  • DTN Early Word Grains

    July corn was down 2 3/4 cents, July soybeans were down 15 1/2 cents, and July Kansas City (HRW) wheat was down 6 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans and all three wheats were lower Thursday with ongoing pressure from mostly favorable weather in 2018 and a lack of obvious growing problems. Adding to bearish pressures, the June U.S. dollar index...

  • DTN Early Word Grains

    July corn was down 3 cents, July soybeans were down 2 cents, and July Kansas City (HRW) wheat was down 7 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans fell 18 cents Wednesday to their lowest close in nearly a year, overwhelmed by bearish concerns, which start with good U.S. crop conditions. Winter wheat prices gave back nearly all of Tuesday's USDA report-related...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    USDA's new supply and demand estimates were mostly small adjustments to May's numbers, but July Chicago wheat jumped up 20 cents Tuesday, partly encouraged by a 3.5 mmt reduction in Russia's wheat crop estimate. July corn ended...

  • The weekly chart of DTN's National Soybean Index cash prices fell 52 cents last week to a new four-month low of $9.04. The bearish break, plus a contingent of bullish traders that need to get out of the market, is leaving soybeans without a bullish argument (DTN ProphetX chart).

    Todd's Take

    Last Thursday's new lows in soybeans followed corn's bearish break, putting more stress on speculators who stayed too bullish in row crops.

  • DTN Early Word Grains

    July corn was up 3 1/4 cents, July soybeans were up 7 1/2 cents, and July Kansas City (HRW) wheat was up 1/4 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Good growing weather pressured row crop prices lower once again and magnified stress on noncommercial accounts caught heavily long, resulting in another day of sizable losses for corn and soybean futures. July K.C. wheat ended...

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

    USDA Reports Preview

    USDA's June WASDE report will have an update of U.S. wheat production and perhaps some adjustments to U.S. demand tables, but domestic changes are typically small in this monthly report.

  • DTN Early Word Grains

    July corn was down 1 3/4 cents, July soybeans were down 1 3/4 cents, and July Kansas City (HRW) wheat was up 1/4 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July row crops put an end to two weeks of sharp losses with a mixed close on Friday that saw corn gain a cent and a half, and soybeans fall a nickel to its lowest close in nine months. All three wheats ended lower Friday and for...

  • DTN Early Word Grains

    July corn was down 1 3/4 cents, July soybeans were down 7 1/2 cents, and July Kansas City (HRW) wheat was down 5 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans and corn both fell to their lowest closes in four months Thursday, still pressured by a favorable start for row crops at the beginning of the 2018 season. Winter wheat prices finished modestly higher, continuing to...

  • DTN Early Word Grains

    July corn was up 1 1/2 cents, July soybeans were up 1/4 cent, and July Kansas City (HRW) wheat was up 10 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn and soybeans slid lower Wednesday, still pressured by favorable crop conditions and rain in this week's forecast. Winter wheat prices closed higher, supported by newer concerns of increasing dryness in the...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was up 1/4 cent, July soybeans were up 1/4 cent, and July K.C. wheat was up 7 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After experiencing significant losses over the past five sessions, most grain contracts composed themselves enough to finish with modest gains on Tuesday. Row crops and spring wheat are expected to benefit from light to...

  • July corn fell to its lowest close in three months on Monday, turning corn's price trend down and catching speculators with their largest holding of net longs since 2011. This is a bearish combination that is likely to prompt further selling. (DTN ProphetX chart)

    Todd's Take

    Monday's new three-month low turned corn's trend bearish and put stress on speculators holding their largest net long positions since 2011.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July corn fell 10 3/4 cents to its lowest close in three months, pressured by this week's favorable weather outlook for crops. Soybeans and winter wheat posted declines of nearly 20 cents after weekend trade talks with China...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn and all three wheats dropped further Friday while soybeans managed a modest gain. At the end of the four-day week, all were cheaper than they started, pressured by mostly favorable weather and ongoing...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn and all three wheats ended a little higher on a quiet day of trading in grains while soybeans, soybean meal and bean oil were all modestly lower. Early crop conditions remain favorable in the central U.S...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was up 2 3/4 cents, July soybeans were up 3 cents, and July K.C. wheat was up 2 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans and all three wheats sold lower a second day, pressured by rain in this week's forecast and a generally favorable start for row crops and spring wheat in the new U.S. growing season.

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was down 2 3/4 cents, July soybeans were down 5 3/4 cents, and July K.C. wheat was down 8 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans and all three wheats sold lower by Tuesday's close, pressured by rain in this week's forecast and a higher U.S. dollar index that is getting fresh support from political problems in Italy. Dec cotton...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was unchanged, July soybeans were down 3 1/4 cents, and July K.C. wheat was up 6 1/4 cents.

  • It was just one year ago that DTN's national index of cash spring wheat prices broke a new three-month high, providing a bullish clue ahead of the drought that was about to hit the northwestern U.S. Plains. Strangely enough, last week's prices just broke a new nine-month high and sparked another bullish case for prices once again. (DTN ProphetX chart)

    Todd's Take

    Much like a year ago before drought sent spring wheat prices higher, bullish signs are starting to re-emerge in 2018.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July K.C. wheat closed up 15 cents, nearly reaching it highest prices in 10 months with hot temperatures in store for the southwestern Plains through Memorial Day weekend. Friday's trading was light, but also saw modest gains...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was up 1 cent, July soybeans were up 4 1/4 cents, and July K.C. wheat was up 7 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans and all three wheats started the day higher, but finished lower as traders pulled back from new highs in front of a three-day weekend. The June U.S. dollar index was down 0.20 and June gold was...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was up 2 1/2 cents, July soybeans were up 9 1/4 cents, and July K.C. wheat was up 6 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans and all three wheats finished higher Wednesday, helped by dry weather in Brazil, an easing of trade tensions and a forecast for hotter temperatures in the Southern Plains this weekend. Outside...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Not only did winter wheat contracts lead grains higher, helped by a forecast for hot temperatures this weekend, they led gains for all commodities on Tuesday, except natural gas. Corn and soybeans posted modest gains on a day...

  • USDA expects U.S. wheat supplies to stay plentiful in 2018-19, and international competition has been rough on U.S. exports. Nevertheless, this year's rally in Chicago wheat persists. (DTN ProphetX Chart)

    Todd's Take

    There are numerous reasons why the rally in Chicago wheat should be ending, but prices aren't breaking lower just yet.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans finished up 26 3/4 cents Monday after U.S. Treasury Secretary Mnuchin said both China and the U.S. agreed to suspend tariff proposals while trade negotiations continue. Winter wheat gave back over half of Friday's...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was up 3 1/2 cents, July soybeans were up 18 1/2 cents, and July K.C. wheat was up 2 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    One day after USDA released bullish-looking new-crop estimates for corn and soybeans, support for grains gave way as the July contracts of corn, soybeans and all three wheats closed lower. July soybeans fell to its lowest close...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was down 3 1/4 cents, July soybeans were down 8 1/2 cents, and July K.C. wheat was down 4 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans closed up 5 1/2 cents Thursday after USDA released lower-than-expected U.S. ending stocks estimates for both, old-crop and new-crop seasons. July corn ended down 3/4 cents and winter wheat contracts were lower...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was down 1/4 cent, July soybeans were up 3 1/2 cents, and July K.C. wheat was down 1/4 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans, and all three wheats ended lower on light volume Wednesday as traders held back in front of Thursday's WASDE report from USDA. Beneficial rains in Ukraine and southern Russia helped keep wheat...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was down 1/2 cent, July soybeans were down 2 cents, and July K.C. wheat was down 5 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans responded to Monday's 25 1/4-cent loss with an 8 3/4-cent gain on Tuesday, helped by commercial buying in both soybeans and soybean meal. Dec corn ended up 3 cents after rumors swirled that a White House decision...

  • Two weeks ago, DTN's national index of cash corn prices was staying close to its 10-year seasonal path and even showing signs of losing upward momentum. Prices have since jumped higher after Brazil's weather turned dry, a second possible bullish surprise in 2018. (DTN ProphetX Chart)

    Todd's Take

    Roughly two weeks ago, corn prices were sticking close to script, even showing signs of losing upward momentum. Then Brazil turned dry.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans fell 25 1/4 cents to $10.11 1/4 Monday, its lowest close in over two months with ongoing concerns about U.S. soybean demand after Friday's talks with China failed to reach any meaningful agreement. Corn and wheat...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans fell 16 1/2 cents Friday after the two-day meeting of trade talks with China ended without significant agreement. Winter wheat prices fell back from new nine-month highs Friday but still posted decent gains for the...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans traded lower most of the day but finished up 10 1/4 cents with reporting still not clear how the first of a two-day trade meeting went with China. July corn was a few cents higher and July winter wheat contracts...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans closed down 10 1/4 cents on the eve of a new round of trade talks between the U.S. and China. Winter wheat prices were mixed and corn slightly lower on a quiet day of trading.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July Chicago wheat jumped 18 3/4 cents higher Tuesday, boosted by this week's unexpected popularity among commercial buyers. Row crops were also higher and July soybean meal surged $10.60 to a new contract high as Argentina's...

  • Illustration by Nick Scalise

    DTN's Quick Takes

    OMAHA (DTN) -- July corn is up 4 cents, July soybeans are up 3 1/4 cents and July K.C. wheat is up 12 3/4 cents. Commercial buyers disappeared from the soybean meal market on Monday, but returned Tuesday and are staying active...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was up 1 1/2 cents, July soybeans were down 3 cents, and July K.C. wheat was down 3 1/2 cents.

  • U.S. soybean prices have a lot riding on this week's meeting between U.S. and Chinese officials as they prepare to talk trade. So far, new-crop spreads in soybeans and soybean meal remain bullish as inverses continue to expand, a sign of aggressive commercial interest in new-crop contracts. (DTN ProphetX Chart)

    Todd's Take

    While this week's meeting between U.S. and Chinese officials is likely to get plenty of attention, new-crop prices of soybeans and meal are showing little concern.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    May Chicago wheat jumped 17 cents higher Monday, boosted by commercial buying and a noticeable lack of delivery intentions on the May contract's first notice day. July corn was up 2 1/4 cents, nudged higher by another dry...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was up 3 cents, July soybeans were up 5 1/4 cents, and July K.C. wheat was up 5 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    In a year when lack of buying from China has been a bearish concern for soybean prices, commercial buying in soybean meal continues to push prices higher with Friday's Dec meal contract closing up $9.30, near its April high. July...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July K.C. wheat fell 5 1/2 cents Thursday, taking back part of Wednesday's 14 1/2 cent gain while demand remains a problem for the winter wheat market. Row crops ended mixed, near Wednesday's closes after a session of light...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was down 1/2 cent, July soybeans were up 4 cents, and July K.C. wheat was up 3 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Winter wheat prices gave rain the raspberry, closing up 14 1/2 cents in the July K.C. contract and facing a forecast that still remains mostly dry after Wednesday. July corn closed up 5 3/4 cents with growing concerns of dry...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    July corn was up 1 3/4 cents, July soybeans were up 3 1/4 cents, and July K.C. wheat was up 3 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July Chicago wheat closed up 9 3/4 cents and July K.C. wheat was up 9 1/4 cents Tuesday, bolstered by USDA crop ratings, which pointed to the worst U.S. winter wheat conditions since 2011. July corn ended up 2 1/2 cents, influenced...

  • The chart above shows significant difference in the behavior of Dec corn prices in the first four months of the year versus the following five. Events of the May to September growing season have taken prices a different direction in 13 of the past 18 years. (DTN Chart)

    Todd's Take

    Corn and soybean prices have traded higher in 2018 but are approaching an important change of season.