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.

Recent Blogs by Author

More From This Author

  • USDA is estimating U.S. ending SRW wheat stocks at 39% of use in 2019-20, but does it matter? (DTN ProphetX chart).

    Todd's Take

    What are we supposed to think when SRW wheat prices flunk their economics exam?

  • DTN Early Word Grains

    December corn is down 2 1/4 cents per bushel, November soybeans are up 1 1/2 cents, and December K.C. wheat is up 1/4 cents.

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

    USDA Reports Preview

    What to expect from the World Agricultural Supply and Demand Estimates, which will be released on Monday, Aug. 12, at 11 a.m. CDT.

  • This weekly chart of December corn shows prices have dropped over 20 cents as of Thursday and have returned to just below the old breakout level of $4.06. The odd thing is that traders don't know anything more about the size of the 2019 crop than they did a week ago when prices were still chopping in a sideways range. (DTN ProphetX chart)

    Todd's Take

    This week's selling in soybeans and wheat is understandable, but the jury is still out on corn.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September Chicago wheat closed up 10 1/2 cents Wednesday, finding some support from a second heat wave in western Europe after prices tested their 100-day average on Tuesday. November soybeans were up 4 1/2 cents and...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn gained back 4 3/4 cents Tuesday, staying within the same sideways trading range for well over a month as traders continue to guess the size of this year's new crop. November soybeans were down 2 cents and...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn dropped 9 cents Monday, barely avoiding the double-digit losses seen in soybeans and winter wheat as the latest seven-day forecast expects mild summer temperatures across much of the Midwest. The September U.S...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans closed up 20 1/4 cents as hot temperatures covered the Midwest and northeastern U.S. on Friday. December corn was up 6 cents and all three wheats finished higher, generating some short-covering after a...

  • With a record corn crop of 101.0 million metric tons in 2018-19, Brazil is looking forward to higher prices and a boost in corn exports, which typically start in July. (DTN ProphetX chart)

    Best Blog of the Week

    Brazil Set to Benefit From US Corn Woes

  • This chart shows recent prices for the December 2019 $5.00 call option have been volatile and choppy since early May, currently back down near 11 cents a bushel. (DTN ProphetX chart)

    Todd's Take

    Normally considered a speculative bet, buying a corn call can also be used to manage risk. Here are the pros and cons in this year's unique corn market.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September Chicago wheat dropped 12 cents and September KC wheat was down 9 cents, both pressured by the progress of the winter wheat harvest and by corn's third lower performance this week. November soybeans were quieter...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans closed down 5 1/2 cents Wednesday in spite of row crops in the central Midwest facing four days of extremely high temperatures before more moderate summer weather returns early next week. September KC...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    August hogs are trading up $1.30 early Wednesday as prices continue to show support after setting lows in June. Cattle and feeder prices are lower, not showing any concern about four days of extreme heat in the central and...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn closed down 5 3/4 cents and November soybeans were down 14 cents, pressured by lower temperatures in the forecast after this weekend. All three U.S. wheats posted minor losses on light volume.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    August feeder cattle are starting modestly higher with help from a second day of lower corn prices. Live cattle and slightly lower and hogs are modestly higher. Outside markets lean are mostly quiet and mixed early Friday. Dow...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Active futures contracts of corn, soybeans and the three U.S. wheats all posted double-digit losses, pressured by more rain in Monday's seven-day forecast. It isn't so much that the expected rains will be so helpful to crops as it...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Skepticism over Thursday's higher corn ending stocks estimate from USDA grew bolder Friday with a hot and dry forecast for the central U.S. added to the mix. December corn closed up 11 1/4 cents, November soybeans were up 14 1/4...

  • Thursday's WASDE report saw wheat crop estimates reduced for Australia, Canada, Europe, Russia and Ukraine. U.S. wheat exports are expected to come in third in 2019-20, 318 million bushels below the top exporter, Russia. (DTN chart by Todd Hultman; based on Thursday's WASDE report)

    Todd's Take

    Thursday's WASDE report saw USDA's estimate of world wheat production trimmed by 344 million bushels. Don't be alarmed -- there is still plenty to eat.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn closed up 8 1/2 cents Thursday as the market ignored USDA's higher ending stocks estimate based on a suspicious estimate of 91.7 million acres of corn plantings. All three U.S. wheats posted double-digit gains after...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans closed up 8 1/2 cents, its third consecutive gain ahead of Thursday's WASDE report. December corn was up 2 1/4 cents and all three U.S. wheats posted small gains after a quiet day of trading.

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

    USDA Reports Preview

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans closed up 6 1/2 cents and December corn was down 6 1/2 cents Tuesday, in line with how Thursday's WASDE estimates will look if USDA's June 28 planting estimates are used. All three U.S. wheats were also lower...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Back into a full workweek Monday, row-crop prices were a little higher with December corn up 1 1/2 cents and November soybeans up 3 1/4 cents. All three U.S. wheats ended lower, similar to a drop of nearly 1% for French wheat.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn closed up 15 1/4 cents Wednesday, even though trading volume was lighter ahead of the Fourth of July holiday, as Friday's planting estimates from USDA continue to be debated. November soybeans were up a dime and...

  • May US Ethanol Exports Up From '18

    U.S. exports of ethanol totaled 99.6 million gallons in May, down from 150.2 million in April, but up 9% from a year ago, USDA reported on Wednesday. U.S. exports of distillers grains totaled 1,002,031 mt in May, up from 917,836 mt in...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans were down 9 3/4 cents and September KC wheat was down 11 1/2 cents Tuesday as the early theme remains bearish for this week's trade in grains and oilseeds. December corn ended up 3 1/2 cents after losing 28...

  • Move along, nothing to see here in this map of surplus topsoil moisture. USDA says all is fine and 91.7 million acres of corn were planted in 2019. (DTN ProphetX chart)

    Todd's Take

    Friday's corn planting estimate from USDA showed poor method and was a disservice to the U.S. ag community.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    One trading day after USDA increased its corn planting estimate to 91.7 million acres, corn, soybeans and all three wheats closed lower, also pressured by better crop weather in the forecast. The September U.S. dollar traded higher...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn fell 19 1/2 cents Friday after USDA estimated corn plantings at a much-larger-than-expected 91.7 million acres. November soybeans ended up over a dime after USDA handed soybeans their lowest planting estimate since...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December corn closed down 3 1/2 cents and November soybeans were down 6 cents, both trading lower volume Thursday ahead of Friday morning's Acreage and June 1 Grain Stocks reports from USDA. European wheat ended slightly...

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

    USDA Reports Preview

    After experiencing a planting season unlike any other, the world waits as USDA is set to release its best-effort estimates of corn and soybean acres in 2019. At the same time, June 1 U.S. stocks of corn, soybeans and wheat will...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September Chicago wheat closed up 6 1/2 cents at $5.46 1/2 Wednesday, another reminder of how poorly the SRW wheat crop fared through this year's wet weather. Meanwhile, December corn and November soybeans both closed lower...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans dropped 6 1/4 cents Tuesday, in spite of low crop ratings from USDA as traders look ahead to what else USDA might say in Friday's reports. December corn edged higher and September contracts of wheat were mixed.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of winter wheat finished with double-digit gains Monday, helped by the anticipation of hot temperatures in Europe this week. July contracts of corn and soybeans were also higher Monday with rain falling in the...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July corn dropped 7 3/4 cents, July soybeans were down 12 3/4 cents and all three wheats were lower with drier weather and higher temperatures expected to help row-crop conditions, starting next week. The September U.S. dollar...

  • These weekly charts show the U.S. dollar index losing upward momentum as the U.S. economy slows and an expected rate cut in July. Spot gold prices are trading at their highest prices in five years and the yield on 10-year Treasury notes has fallen to its lowest level in over two years -- all helpful changes for supporting U.S. grain prices. (DTN ProphetX chart)

    Todd's Take

    The U.S. dollar index has been rising for over a year, but that may be about to change as outside markets are starting to look more supportive for grain prices.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans and U.S. winter wheat posted higher closes Thursday after the National Oceanic and Atmospheric Administration (NOAA) issued a cool, wet forecast for July. August gold is up $45.20 and August...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans and all three U.S. wheats traded lower Wednesday, falling back from recent highs after generous rallies. The September U.S. dollar index is trading lower, but was no help to Wednesday's grain prices...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans closed up 16 cents Monday, coming off a wet weekend in the eastern Midwest and facing another wet seven-day forecast in June. After a higher start Sunday, corn finished modestly higher; U.S. wheat prices were mixed.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July corn closed up 11 cents Friday as the market bid front-month corn prices higher a second day. July contracts of soybeans and winter wheat were also higher on the day, facing adverse weather ahead, while spring wheat ended...

  • As 2019 corn prices go higher -- fueled by unusually harsh planting conditions -- the outlook for 2020 corn prices is becoming more bearish. (DTN ProphetX chart)

    Todd's Take

    Shrinking corn supplies and expanding soybean supplies in 2019 are setting up a bearish scenario for corn in 2020.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    With perpetual rain in the seven-day forecast, July contracts of corn, soybeans and all three wheats closed higher Thursday, expressing ongoing concerns about row-crop planting, crop conditions and the impending wheat harvest.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July soybeans closed up 18 3/4 cents and led most grains to a higher close with help from talk that USDA's crop estimate may be due for a haircut in July. July Chicago wheat was up 8 1/4 cents with ongoing concerns about too...

  • This chart shows price estimates from two possible scenarios discussed in the May 31 Todd's Take. This week considers some important influences that are not shown on the chart above. (DTN chart by Todd Hultman)

    Todd's Take

    There is no good way to estimate U.S. corn production just yet, but this is a good time to consider other important events happening around grain markets.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July corn overcame a lower start Thursday to finish up 5 3/4 cents, even though the forecast is allowing for some improved planting opportunities. The largest percentage gains were in all three U.S. wheats after central Oklahoma...

  • DTN Early Word Grains

    July corn is down 1 1/4 cents, July soybeans are down 5 1/2 cents and July KC wheat is up 3 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July corn and soybeans ended with double-digit losses amid ongoing talk of a new tariff on Mexico and while some planting activity is getting a chance in the Western Corn Belt. July KC wheat was Wednesday's largest percentage...

  • DTN Early Word Grains

    July corn is down 9 1/2 cents, July soybeans are down 6 1/4 cents and July KC wheat is down 16 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    One day after Monday's surprising rally in wheat, July contracts of all three wheat prices closed lower, completely erasing Monday's gain in the case of KC wheat. Corn and soybeans held on to small gains after USDA reported...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of all three wheats closed higher Monday, motivated by heavy unwelcome rain amounts in this week's forecast for HRW and SRW wheat areas. Row crops were lightly mixed with USDA's next planting progress estimates...

  • Image by Getty Images

    Inside The Market

    Generally, when I speak to audiences about markets, there is seldom a time that goes by when I don't mention the importance of paying attention to seasonal influence, especially for corn and soybeans. Not only has the seasonal...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    July contracts of corn, soybeans and all three wheats closed lower Friday, the opposite direction of how they ended for the week. Bullish concerns about planting conditions eased Friday and took a backseat to news that President...

  • This chart shows two possible scenarios for new-crop corn prices in 2019, the red arrow is a little bullish and the green arrow is extremely bullish. At this point, it is difficult to tell which one 2019-20 will finish closer to. (DTN chart by Todd Hultman)

    Todd's Take

    In an extremely difficult planting environment, I take a look at two possibilities of what this could mean for corn prices in 2019-20.

  • DTN Early Word Grains

    July corn is down 4 1/4 cents, July soybeans are down 2 3/4 cents and July KC wheat is down 4 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Thursday's trade saw a resumption of higher prices throughout the grain sector, this time led by winter wheat as rain continues to be an unwelcome threat to crops in 2019. The persistent rally in corn took a toll on Thursday's...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Slow planting progress from Tuesday's Crop Progress report sent grain prices sharply higher early Wednesday, but by the end of the session corn and wheat finished lower, while the soy complex held positive gains.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    One day back from a three-day weekend and traders found no more reason to be optimistic about row-crop planting than they did Friday. July contracts of corn, soybeans and all three wheats finished sharply higher, led by a 4.2...