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

  • USDA Reports Preview

    Friday's July 12 USDA reports will update balance sheets with new estimates from the June 28 Acreage and Grain Stocks reports, including estimates of ground that was not planted at the time of the June survey.

  • One of the technical clues of long-term price support takes place when prices trade at a new low temporarily, but don't get very far and then reverse higher. That happened to September palm oil in early 2023 and appears to have just happened in August soybean oil (DTN ProphetX chart).

    Technically Speaking Blog

    More than just salad dressing, the world's plant oils are increasingly being sought out as low-carbon substitutes for fuel as prices show signs of increased demand.

  • After six months of trading in 2024, the high for DTN's National Corn Index has been $4.49, 57 cents below USDA's $5.06 cost of production estimate for the prior year. Since ethanol began in 2007, 2017 has been the only calendar year in which the index did not closely reach USDA's cost of production estimate at least once, an unusually bearish situation that funds have big bets on. (DTN ProphetX chart)

    Todd's Take

    Since the ethanol industry was authorized in 2007, 2017 stands alone as the only year in which DTN's national index of cash corn hasn't reached USDA's cost of production estimate at least once during the calendar year. 2024 may...

  • USDA will issue its Acreage report and quarterly Grain Stocks report for June 1 on Friday, June 28. (USDA logo)

    USDA Reports Preview

    USDA will release its Acreage and quarterly Grain Stocks reports at 11 a.m. CDT on Friday. However, because USDA's planting estimates are based on its survey in the first two weeks of June, Friday's acreage estimates won't reflect...

  • As of June 22, 2024, the value of crushed soybeans, based on July futures prices, exceeded the cost of soybeans by $1.99 a bushel, the most profitable margin for processors since last fall. (DTN ProphetX chart)

    Todd's Take

    AAA retail diesel prices that peaked at $5.82 a gallon two years ago this month were down to $3.81 Friday. Soybean oil has formidable competition in the renewable diesel market, but the incentive to crush soybeans remains enticing.

  • Managed futures funds are heavily net short corn and took the December contract to a new three-month low Friday, June 21. DTN's national index of cash corn prices, however, has not broken below support yet, a more sober reflection of this year's production hurdles and active demand (DTN ProphetX chart).

    Technically Speaking

    Managed futures funds are heavily net short in corn futures, but cash prices reflect uncertain prospects for 2024 production and strong demand at these lower prices.

  • USDA will issue its monthly Crop Production report and World Agricultural Supply and Demand Estimates (WASDE) for June on Wednesday, June 12. (USDA logo)

    USDA Reports Preview

    USDA on Wednesday will update new-crop wheat production estimates in the U.S. and around the world and will also take another look at South American crop estimates after last month's flooding in southern Brazil.

  • The first of two main differences in corn and Chicago wheat in early 2024 is that Chicago wheat traded at new 2024 highs in May and corn did not. The second is that July corn has pulled back closer to its April low in early June than Chicago wheat has, a sign of stronger potential support for wheat. (DTN ProphetX chart)

    Technically Speaking

    After trading higher in late April and May, July contracts of both corn and wheat have fallen back the past two weeks, but it is Chicago wheat that may have stronger potential for technical support.

  • Corn exports are up 34% from a year ago, helping to provide a more optimistic outlook for corn prices. (Joel Reichenberger)

    Inside the Market

    No longer depressed by the dark days of winter, corn prices are showing cautious optimism in spring.

  • July Chicago wheat surged higher for a third time in the past five weeks, closing near $7 for the first time since August 2023. Specs have covered most of their net short positions and wheat crops around the Black Sea are being stressed by dry weather. (DTN ProphetX chart)

    Technically Speaking

    On May 24, July Chicago wheat closed near $7 for the first time since August 2023, helped by a number of weather surprises in early 2024.

  • Falling crop prices, like in the late 2023s and early 2024s for corn and soybeans, can take a financial and mental health toll on growers. (DTN ProphetX chart)

    Mental Health Hope & Help - 9

    Spend time thinking ahead about worst-case scenarios and how to protect yourself from market fluctuations, not just financially, but also emotionally.

  • July soybeans were down a nickel on May 14, the day the U.S. announced a new set of tariffs on Chinese goods. By the end of the week, prices had gained 9 cents and were holding above support, showing no sign yet of reprisal from China . (DTN ProphetX chart)

    Technically Speaking

    On May 14, 2024, the U.S. initiated a new round of tariffs on Chinese goods, always a touchy subject for the soybean market. Traders might be wondering about retaliation from China; but so far, soybean prices are showing no...

  • USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports Friday, May 10. (USDA logo)

    USDA Reports Preview

    In its May 10 World Agricultural Supply and Demand Estimates (WASDE) report, USDA will update old-crop estimates as well as establish new estimates for the 2024-25 season. Also, the monthly Crop Production report will give the first...

  • This chart first appeared on the Technically Speaking blog on March 18, 2024, with a possible double-bottom forming at that time. Friday's close at $4.82 3/4 was a new three-month high and added weight to the bullish argument for corn prices (DTN ProphetX chart).

    Technically Speaking

    The corn planting season is here and challenges are already emerging as the rains keep coming. December corn prices turned higher and we have to wonder how much potential there may be for more gains ahead.

  • As of May 2, spot soybean oil was so "excited" about the new opportunities for sustainable aviation fuel that it closed at 42.57 cents, near its lowest price in three years (DTN ProphetX chart).

    Todd's Take

    For suppliers of used cooking oil and tallow and producers of Brazilian sugarcane ethanol, Tuesday's SAF announcement was good news. For U.S. producers of corn and soybeans, the pathway to this new market is not so clear.

  • Falling crop prices, like late 2023 and early 2024's corn and soybeans, can take a financial and mental health toll on growers. (DTN)

    Inside the Market

    Spend time thinking ahead about worst-case scenarios and how to protect yourself from market fluctuations, not just financially, but also emotionally.