Fundamentally Speaking

New crop wheat sales as of the first week of May as a percent of USDA's initial new crop wheat export projection

Largest amount of corn planted on one week for each calendar year over the past 30 years based on the end of March prospective plantings report.

Soybean export sales and shipments in million bushels as of the second week in April, percent of the April WASDE figure and shipped to sales ratio going back to the 1989-90 season.

Seasonality of November soybean futures from March 1st, June 1st and September 1st through November 1st for all three from 1991 to 2016.

Prospective 2017/18 U.S. soybean ending stocks in million bushels per various combinations of prospective acreage and yields.

Prospective 2017/18 U.S. corn ending stocks matrix in million bushels per various combinations of acreage and yields.

Last fall and first spring USDA crop ratings for the U.S. winter wheat crop compared to the % that the USDA's May winter wheat yield estimate deviates from the long-term trend.

Acreage trend and CAGR for eight key crops in ND accounts for a much larger percent of U.S. corn and bean acreage than used to be the case.

Change in U.S. soybean seedings from the end of March intentions report to the final planted area figures vs. the percent of U.S. corn planted as of May 15th and the percent of U.S. soybean seeded as of June 1st.

Change in corn plantings from end of March intentions to June acreage report vs. % of corn crop planted by May 5th.

Corn feed use in the December-February quarter as a percent of the September-November usage, and also the December-February use as a percent of the March USDA WASDE report total year feed/residual projection

India is lagging in wheat yields and will soon be overtaken by Russia

Actual U.S. soybean yields in bushels per acre (bpa) from 1950-2016 and the rolling three year and five year average of the percent that these actual soybean yields deviated from the 1950-2016 trend.

Actual U.S. corn yields in bushels per acre (bpa) from 1950-2016 and the rolling three year and five year average of the percent that these actual corn yields deviated from the 1950-2016 trend.

Acreage mix of the top 8 planted crops in the U.S, and the trends for each.

Change in planted area projections from the USDA's February Agricultural Outlook and the end of March prospective plantings report for corn, soybeans and wheat in 1000 acres.

100 day moving average of the standard deviation of corn, soybeans and wheat

Change in combined Brazilian and Argentine soybean production from the January to WASDE reports along with the change in the U.S. carryout also from Jan to Sep.

U.S. soybean meal export and shipments as of last week in January in thousand short tons and as percent of January WASDE export projection.

We opined that going long crude oil and short corn on a ratio basis seems like a favorable trade and fast-forwarding a year, with crude oil trading at $53.52 per barrel and corn at $3.60 the ratio is now closer to the long-term average at 14.84.