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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  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December soybean meal closed up $5.50 Friday, boosted by a healthy start of export sales commitments in early 2018-19. Soybeans and winter wheat ended modestly higher while corn and spring wheat were a little lower.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Soybeans traded much higher earlier in the day, but settled with a gain of 5 1/4 cents as traders continue to read news reports of U.S. officials talking trade with Chinese officials. Corn and wheat were quieter with December K.C...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    There was not a lot of trade volume to be found among grains Wednesday, but soybeans did push roughly a nickel higher while winter wheat lost roughly a nickel. Corn kept a low profile while outside commodities showed a little...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Other than livestock and a few exceptions, most commodities -- including grains -- traded lower Tuesday, influenced by another big drop in crude oil prices. Even Chicago wheat gave back all but 5 3/4 cents of Monday's big gain.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December Chicago wheat closed up 17 3/4 cents at $5.19 3/4 Monday, the highest close in three weeks, even as the U.S. dollar jumped up to its highest prices in over a year. Trading in corn and soybeans was quieter by comparison...

  • (DTN file photo)

    DTN Early Word Opening Livestock

    Cattle and feeder prices will do well to find some semblance of support this week after breaking fresh lows on the futures board last week. Hogs on the other hand, continue to experience high slaughter levels, but are holding...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Hope for a trade agreement with China, still circulating after last week's tweet from President Trump, helped January soybeans close up 7 3/4 cents Friday. Corn and wheat meanwhile, closed lower Friday with December K.C. wheat...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After being told by USDA that world ending corn stocks were 5.8 billion bushels more than previously reported, December corn prices kept their composure fairly well and closed up 1 1/4 cents on the day. Soybeans finished slightly...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    In the aftermath of Tuesday's election, the stock market is trading higher, but grains are showing no such enthusiasm, still focused on problems of over-supply ahead of Thursday's WASDE report. January soybeans fell 4 3/4 cents...

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

    USDA Reports Preview

    Typically known for its more accurate harvest estimates, this year's November World Agricultural Supply and Demand Estimates report may lack its usual reliability after this fall's wet harvest...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    All three wheat prices closed modestly higher with December Minneapolis wheat up 7 cents on what was otherwise a quiet day of trading. Winter wheat prices found support from this year's slower planting pace and row crops ended...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Grains did not stray far from Friday's closes, but December corn did manage a 2 3/4 cent gain with help from bullish export activity. Most commodities were lower Monday, but December natural gas was up 8% with colder temperatures...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans and all three wheats not only closed higher Friday, but also posted higher closes for the week. Thursday's tweet from President Trump remained a topic of discussion Friday while corn and soybean harvest made...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    December cattle are modestly higher early Friday, but still keeping a sideways tone for the week while the cash market gets ready to do business under favorable circumstances for higher prices. Hogs are roughly even on Friday...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans finished up 30 1/4 cents after President Trump tweeted that trade discussions with China were moving along nicely with meetings being scheduled at the end of this month. Corn and wheat also closed higher...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    December cattle are steady and hogs are lower early Thursday with traders waiting for cash cattle sales to develop. December hog prices are falling back from well-known resistance, but both beef and pork showed active export...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans saw their first gain this week, ending up 4 3/4 cents Wednesday, the final day of October. Wheat prices threatened lower closes all day but finished with just small losses, similar to corn.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    December cattle and hogs are off to higher starts early Wednesday with help from Tuesday's higher boxed beef prices and pork carcass prices that appear to be holding their own.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    With the U.S. economy doing well, the U.S. dollar index is trading at its highest price in over a year and most commodities are lower, including grain prices. Corn, soybeans and all three wheats fell to lower closes Monday, struggling...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    December hogs are pushing higher again early Tuesday, challenging resistance at $60.00 while cattle and feeders are starting lower. Grains are a little lower and outside commodities are mixed.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Monday proved to be a quiet day of trading for grains with December corn down a penny and December K.C. wheat up 1 1/4 cents. January soybeans fell a little lower early in the session and didn't move much until the close while...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    December hogs and cattle are starting a little higher Monday with help from Friday's higher cash cattle prices and a higher start in the Dow Jones. December hog traders will be watching for a possible test of resistance at $60...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December contracts of Kansas City and Chicago wheat both posted double-digit gains Friday, reducing their losses for the week with help from excessively wet conditions in the U.S. and another reduction in Australia's wheat crop...

  • The monthly chart of DTN's national index of cash soybean prices shows current prices trading near their lowest level in 11 years. From a contrarian's perspective, there are several reasons to believe prices may be near a long-term low. (DTN ProphetX chart)

    Todd's Take

    We mortals aren't very good at predicting the future, but we can notice the signs of an oversold market.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans and all three wheats closed lower again Thursday, finding another week of bearish disappointment in USDA's bearish report of export sales. December K.C. wheat fell to its lowest close in 2018.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans and all three wheats ended lower Wednesday, finding little encouragement for buyers while the U.S. dollar traded closer to its 2018 high. December K.C. wheat fell to a new three-month low and December soybean meal...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans and all three wheats were mixed Tuesday, all finishing within one cent of Monday's closes on generally light volume. That was a distinct contrast to the broad selling among the world's equity markets and among most...

  • DTN Early Word Grains

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn and November soybeans held small gains at the close, even though harvest weather still looks beneficial this week. All three wheats finished lower, pressured by more bearish export news and a rising U.S. dollar.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Row-crop prices were lower most of Friday after USDA reported a cancelled soybean sale to China and stretched a little lower at the finish with November soybeans showing a final loss of 6 3/4 cents. All three wheats held small...

  • Wheat prices showed some excitement in late July and early August, but the rally spurred by news of dry weather in Europe did not last long. More recently, prices have congested in a wedge formation as prices slowly head toward a less volatile time of year (DTN ProphetX chart).

    Todd's Take

    USDA estimated a 3.7% drop in world wheat production in October. That may be the most bullish news wheat hears the rest of the year.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Nearly all commodities, plus the U.S. stock market, traded lower Thursday, related to concerns about the risks of a slowing world economy. November soybeans fell 22 1/4 cents, also pressured by a disappointing report of last week's...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December K.C. wheat closed down 7 cents, showing a lack of buyers interested in taking prices to a new one-month high when little is happening at this late stage of the wheat season. December corn and November soybeans did not...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn pulled back 3 cents and November soybeans were down 6 3/4 cents Tuesday, reining back some of the Monday's bullish enthusiasm as drier weather around the Midwest helped make harvest look more promising. All three...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans jumped up 24 cents and December soybean meal finished up $10.10, getting boosts from crop concerns in the field and commercial buying. Corn and wheat posted more modest gains but did end higher as did most...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After sagging lower earlier in the week, corn, soybeans and all three wheats finished higher Friday with concerns about row crops stranded in soggy fields and more rain on the way to interrupt winter wheat planting. In outside...

  • While December corn posted at 6 1/2 cent gain after Thursday's WASDE report, investors were selling stocks for a second day, showing increased concerns about rising interest rates. (DTN ProphetX chart)

    Todd's Take

    As WASDE reports go, this one did little to harm grain prices, but there is plenty of other turmoil swirling in this week's markets.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn and November soybeans finished the day higher after USDA's WASDE report put some fears to rest that higher estimates did not prevail. All three wheats were a little lower after seeing only minimal changes in...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    If Wednesday's trading had a theme, it was that investors are showing more concern about rising interest rates, sending nearly every commodity lower on the day and taking nearly 2% off the Dow Jones Industrials. Among crop...

  • USDA will release its next WASDE report at 11 a.m. CDT Thursday, Oct. 11. (Logo courtesy of USDA)

    USDA Reports Preview

    What to expect from the USDA's next WASDE report, which will be released on Thursday, Oct. 11 at 11 a.m. CDT.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Facing the possibility of a higher crop estimate and lower export estimate from USDA on Thursday, November soybeans ended down 6 3/4 cents on Tuesday. All three wheats were a little higher with heavy rain and severe weather...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After a rainy Sunday over the much of the Corn Belt, Monday's rains held to the western side of the region while the eastern half got a one-day break. Row crop prices refused to panic, ending down 1 3/4 cents in December corn...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December soybean meal closed up $7.40, ending near its September high with help from commercial buying after USDA reported an export sale to Philippines early Friday. The increase also helped November soybeans end the week with a...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December contracts of corn and winter wheat ended a little higher Thursday in spite of not much trading. November soybeans were a little lower and spring wheat was steady on a day when most other commodities were lower and...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn, November soybeans, and all three wheats sagged lower in light volume Wednesday, standing aside while interest rates jumped higher and the December U.S. dollar index was up 0.28.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    Strong initial buying has quickly developed early Monday morning. This confirms the end-of-month support in cattle and hog futures, and is helping to spark some additional buyer activity through the entire complex.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans fell 8 1/4 cents Friday after larger-than-expected U.S. soybean stocks on September 1 resulted in a larger U.S. crop estimate of 4.411 billion bushels for 2017. December corn also closed lower after USDA found...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    December hogs are trading modestly higher early Friday, helped by a lack of any bearish surprises in Thursday's hogs and pigs report. December cattle are starting a little lower with light bearish influence from a higher U.S. dollar...

  • (DTN file photo)

    DTN Early Word Opening Livestock

    December hogs will soon tell us what traders thought of Thursday's inventory numbers, but the general sense is that USDA's numbers were close to expectations and prices may even take back part of Thursday's losses. December...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans gained 5 cents Thursday on light volume and possible possible short-covering ahead of USDA's Grain Stocks report, set for Friday at 11 a.m. CDT. Corn posted a small gain in spite of another bullish report of...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    A higher U.S. dollar index, new trade talks with Japan, and Thursday afternoon's report of hog inventories from USDA are all giving traders plenty to be cautious about early Thursday. Hogs especially, are showing weakness early in...

  • (DTN file photo)

    DTN Early Word Opening Livestock

    It is difficult to say how cattle and hog traders will react to Wednesday's news that the U.S. and Japan are entering bilateral trade talks, but cautiously concerned would be the first guess as Japan is one of the top buyers of...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans ended up 4 1/4 cents Wednesday, helped by a large export sale to Mexico, while traders await Friday's USDA reports. December corn and all three wheats were a little lower on light volume, unfazed by the Fed's...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn was up 3 1/4 cents and November soybeans were up 4 3/4 cents, possibly related to concerns of unwelcome rains at harvest time. All three wheat prices, however, fell lower Tuesday after USDA reminded markets a new...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Monday's trade logged light volume, yet saw corn and all three wheats finish modestly higher while November soybeans posted a 6 1/4 cent loss. This week's forecast for the central U.S. looks more favorable for row-crop harvest...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn closed up 4 3/4 cents Friday, turning a bearish start to the week into a bullish finish with help from flooding concerns in the north-central Midwest. Soybeans and wheat were lower in quiet trading, but also held on...

  • This chart of spot corn prices shows several examples where big harvests and low prices were followed by significant and unexpected price rallies -- a good reminder to keep our eyes on the road and not to fixate on the size of the harvest (DTN's ProphetX chart).

    Todd's Take

    If corn prices seem especially bearish lately, they are. However, slumps like these have been seen before and sometimes, they're hiding the next surprise.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    Early Friday, December cattle and hogs were both modestly lower, falling back from early attempts to trade higher on the open.

  • (DTN file photo)

    DTN Early Word Opening Livestock

    After holding steady all week, cattle traders may be a little more anxious Friday, awaiting the next round of cash sales and USDA's Cattle on Feed report.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn was up 6 3/4 cents Thursday, boosted by concerns of heavy rains around northern Iowa and bullish export news from USDA. November soybeans were up 20 1/4 cents, likely supported by short-covering related to the...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    Early Thursday, December cattle and hogs are both trading higher, helped by a higher stock market and another week of decent export sales. Cash cattle trade is still on hold and may be waiting for Friday's Cattle on Feed report...

  • (DTN file photo)

    DTN Early Word Opening Livestock

    Mixed trade is expected to develop again Thursday morning as cattle prices remain steady this week, awaiting the next round of cash sales.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Wednesday's trade was marked by commercial buying throughout the soy complex and in two of the three U.S. wheats -- bullish votes of confidence for those crops. December corn ended up 2 1/2 cents, a polite participant in the...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn fell 4 3/4 cents and November soybeans were down 9 1/2 cents, both finishing at new contract lows for a second day. December contracts of winter wheat were 3 to 4 cents higher, finding support at the lower end...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn fell 3 3/4 cents and November soybeans were down 7 cents, both finishing the day at new contract lows with the anticipation of big harvests weighing on prices. Winter wheat prices also ended lower in spite of...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December contracts of all three U.S. wheat contracts closed higher Friday and were slightly higher on the week, possibly finding support near this year's previous lows. December corn ended a little higher while November soybeans...

  • After USDA posted a new record-high corn yield of 181.3 bushels an acre on Wednesday, DTN's national index of cash corn prices fell to $3.13, close to the same price as a year ago, even though the outlook for corn demand is much better this year than it was a year ago. (DTN ProphetX chart)

    Todd's Take

    Much like Charlie Brown trying to kick the football, we continue to rediscover that we're not very accurate at making early corn yield estimates.

  • USDA will release its WASDE report at 11 a.m. CDT Wednesday. (Logo courtesy of USDA)

    USDA Reports Preview

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Trading volume was relatively light Monday, but all three wheat contracts posted double-digit gains, bouncing back from last week's four-day losing streak. Corn and soybeans were slightly higher with traders behaving cautiously...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn was up 3/4 cent and November soybeans were up 4 3/4 cents, both showing light volume and finishing the week close to where they left off last Friday. Wheat prices, on the other hand, ended their bearish week with...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December contracts of all three wheats slid lower for a third consecutive day this week, pressured by a mix of improved soil moisture in the Southern Plains and noncommercial liquidation. Corn and soybeans held small gains, ahead of...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    The old adage "rain makes grain" probably wasn't created with the month of September in mind, but we have to wonder if traders are aware of the limitation. New-crop contracts of corn and soybeans, along with all three wheats...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn ended up 3 1/4 cents Tuesday with help from flooding concerns after a wet weekend across the central Midwest. Soybeans were slightly higher, but all three wheats posted double-digit losses after Russia's Ag Ministry...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After a month of trading lower, commercial buyers emerged Friday, lifting prices of corn, soybeans, and all three wheats in front of the Labor Day weekend. Outside commodities were mixed, but the September U.S. dollar index traded...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Even though the U.S. and Mexico announced a new trade agreement Monday, grain prices had no time to celebrate, staying under bearish pressure while big fall row crops are expected. New-crop contracts of corn, soybeans, and all...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December contracts for all three wheats finished lower for a fifth consecutive day as the bullishness of this month's earlier dry weather concerns continue to come apart. Corn and soybeans showed slight gains on light volume...

  • Thursday's close in December soybean meal saw prices fall to a new low for 2018, a bearish technical break for noncommercials, last seen holding over 100,000 contracts net long (DTN ProphetX chart).

    Todd's Take

    Friday is not over yet, but for grain producers, the previous four days have been bearish enough.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    New-crop corn, soybeans, and all three wheats closed lower again Thursday, as crops struggle to entice buyers ahead of the fall's row-crop harvest. Traders are still waiting to hear any word from this week's trade meeting...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn fell lower for a fourth consecutive day while November soybeans posted a second lower close, both influenced by favorable August weather and a lack of motivation for potential buyers of row crops. December Chicago...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Moderate summer temperatures and a decent coverage of rain the past few days kept bearish pressure on prices of row crops and wheat Tuesday. Most other commodities were higher after President Trump let it be known again...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Rain over the weekend in the western Plains and in the central Midwest on Monday brought lower prices of corn and wheat on Monday, while soybeans were able to hold a slight gain. All three wheats had double-digit losses, nearly...

  • DTN Early Word Grains

    December corn was up 1/4 cent, November soybeans were up 10 1/4 cents, and December K.C. wheat was down 2 1/4 cents.