Todd Hultman

DTN Grains Analyst
Todd Hultman

Todd Hultman is a DTN grains 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 Dailyfutures.com, an online educational resource for futures traders. That same strong interest to research and teach brought a Todd to DTN where he looks forward to 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

    Grains were active for a while on Friday, but by the end of the session, corn, soybeans, and two of the three wheats were lower on light volume, avoiding any big moves ahead of Presidents Day weekend. The March U.S. dollar index...

  • DTN Early Word Grains

    March corn was 1/4 cent lower, March soybeans were 1/4 cent lower, and July Kansas City (HRW) wheat was 1 1/4 cents lower.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans closed up 7 cents Thursday and March K.C. wheat was up 8 1/4 cents, taking advantage of long stretches of dry weather that are not over yet. U.S. grain prices are also...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybean meal closed up $4.70 Wednesday, its seventh consecutive higher close while Argentina remains dry. Nearly all commodities, except wheat were higher, benefiting from a falling U.S. dollar that is near its lowest prices in...

  • DTN Early Word Grains

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans finished up a dime and March meal was up $7.40, another day of higher trading while the near-term forecast remains dry for Argentina. Corn and winter wheat settled lower in quiet trading.

  • : Monday's new one-year high in spot soybean meal confirmed a bullish technical breakout on the weekly chart, related to crop concerns in Argentina (Source: DTN ProphetX).

    Todd's Take

    While Brazil harvests another big soybean crop, soybean meal prices are climbing to new highs.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybean meal closed up $14.00 Monday to its highest spot close in over a year, pulling March soybeans up 18 3/4 cents, to $10.01 3/4. Winter wheat prices also posted double-digit gains as conditions remain dry in the western...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans, and all three wheats closed lower Friday, but finished the week close to where they started in spite of bearish influence from this week's lower stock market. March soybeans managed to finish the week with a 4 1/4...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is down 1 1/4 cents, March soybeans are down 4 1/4 cents, and March Chicago wheat is down 4 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans closed just shy of a nickel higher in spite of a higher-than-expected estimate of U.S. soybean ending stocks from USDA in Thursday's WASDE report. Corn ended slightly higher, showing no bullish reaction to USDA's...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Even in the face of Wednesday's higher U.S. dollar and red-tinted commodity board, winter wheat prices posted double-digit gains as dry weather concerns continue to increase. Corn was a little higher and soybeans a little lower...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 1 cent, March soybeans are up 1/4 cent, and March Chicago wheat is up 5 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    One day after grains and other commodities were pushed lower by panic selling in the stock market, corn, soybeans and all three wheats rebounded higher Tuesday, with most contracts erasing Monday's losses. The Dow Jones...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 1/2 cent, March soybeans are up 5 1/2 cents, and March Chicago wheat is up 1 1/4 cents.

  • Since the fall of 2014, spot soybean futures prices have been chopping broadly sideways, and except for a temporary lapse in late 2015, $9.00 has provided firm support, even in the face of record crops from Brazil and the U.S. Source: DTN ProphetX. (DTN chart)

    Todd's Take

    In spite of the anticipation of another big soybean crop from Brazil, soybean prices are holding broadly sideways.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Concerns about rising interest rates and falling stock prices sent investors scrambling for cash Monday, leaving most commodity prices lower. As one example, March soybeans closed down 9 cents, even though Argentina's crops...

  • DTN Early Word Grains

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans, and all three wheats closed lower Friday, but only March soybeans and Minneapolis wheat ended down on the week, with soybeans pressured by the approach of Brazil's large harvest. Except for livestock, most other...

  • Illustration by Nick Scalise

    DTN's Quick Takes

    OMAHA (DTN) -- As we near the close, March corn is unchanged, March soybeans are down 5 cents and March K.C. wheat is down 1 1/2 cents. Corn and wheat are on track for positive gains on the week, while March soybeans are down...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is unchanged, March soybeans are down 5 1/2 cents, and March Chicago wheat is down 3 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans dropped 10 3/4 cents Thursday after USDA reported just 13.2 million bushels of soybean export sales last week, a new marketing year low. Corn was slightly higher and winter wheat slightly lower with grain prices...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans, and all three wheats ended lower Wednesday, easing back from Tuesday's higher closes with some talk of rain in Argentina. The March U.S. dollar index remained roughly steady after the Federal Reserve kept its...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is down 3/4 cent, March soybeans are down 5 1/4 cents, and March Chicago wheat is down 4 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March K.C. wheat finished up 16 3/4 cents Tuesday with red flag warnings and poor crop ratings putting more pressure on the short side of the market. Corn and soybeans closed moderately higher with March soybeans stopping at...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 1 1/4 cents, March soybeans are up 1 cent, and March Chicago wheat is up 4 cents.

  • This valuation model of December corn prices, based on USDA's production costs minus land expenses, has been a helpful early guide of what to expect for prices in the year ahead. Source: DTN Analyst Todd Hultman; USDA's Commodity Costs and Returns data. (DTN chart)

    Todd's Take

    A simple valuation model gives us an early idea of what prices to expect in 2018.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March Kansas City wheat finished up 10 cents Monday with a continuation of dry weather expected across the southwestern U.S. Plains. March corn was up 2 1/4 cents and March soybeans were up 6 cents, both aided by this week's...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 2 1/2 cents, March soybeans are up 11 1/2 cents, and March Chicago wheat is up 5 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March corn ended down 3/4 cent and winter wheat contracts were down more Tuesday after a quiet day of trading that saw the U.S. government up and running again. March soybeans were 2 cents higher with lingering crop concerns...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is down 1/2 cent, March soybeans are up 3 1/2 cents, and March Chicago wheat is down 3/4 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybean meal closed up $7.00 Monday, its sixth consecutive session higher after Argentina's crops experienced another weekend of mostly dry weather. Corn ended the day down a half cent, and Chicago wheat was up 3 cents...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybean meal closed up $3.20 Friday, its fifth consecutive gain in the aftermath of last week's USDA report and helped by ongoing concerns of dry weather in Argentina. Row crops ended with small gains while all three wheats...

  • DTN Early Word Grains

    March corn was up 1 1/2 cents, March soybeans were up 3 1/2 cents, and March Chicago (SRW) wheat was up 1 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March oats were up 5 1/2 cents and March K.C. wheat was up 2 1/2 cents Thursday after the U.S. Drought Monitor showed another week of dry conditions in the western and Southern Plains. March soybeans were up 4 1/4 cents with...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After several weeks of trading steady to lower, March corn posted its largest gain since mid-November, ending up 4 3/4 cents with help from commercial buying that found little opposition. Winter wheat and March oats were also...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 3/4 cent, March soybeans are unchanged, and March Chicago wheat is up 1/2 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Row crops closed higher Tuesday in spite of beneficial rains reported in Argentina over the weekend and winter wheat prices finished lower in spite of bitter cold temperatures reaching the U.S. Southern Plains. Tuesday's largest...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 2 cents, March soybeans are up 7 1/4 cents, and March Chicago wheat is down 3 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans took back 10 1/2 cents of this week's losses on Friday, helped by a slightly smaller crop estimate from USDA. Friday's reports weren't as kind to corn and wheat prices with March Chicago wheat dropping 12 3/4 cents...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 1/2 cent, March soybeans are down 3/4 cent, and March Chicago wheat is up 1/2 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans fell another nickel while March soybean meal dropped to its lowest close in over three months, pressured by favorable forecasts in South America and a lack of export business here in the U.S. March Minneapolis...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is down 1/4 cent, March soybeans are up 3/4 cent, and March Chicago wheat is down 2 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans fell 8 3/4 cents Wednesday to its lowest close since August, weighed down by favorable crop conditions in Brazil, a slow pace of U.S. soybean exports, and a bearish rumor concerning China. Corn and winter wheat...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 3/4 cent, March soybeans are down 2 1/4 cents, and March Chicago wheat is up 1 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Tuesday turned out to be a quiet day of low-volume trading for grains with mixed results. March soybeans were down a few cents with rain headed to Argentina later this week while grains' biggest gain went to March K.C. wheat, up...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 1 1/4 cents, March soybeans are down 3 3/4 cents, and March Chicago wheat is down 1 3/4 cents.

  • For December corn futures, 2017 was a year of choppy prices that ended with a bearish slide lower. The last few months of the year benefited bearish noncommercial traders (shown in red), but the best tips in the first nine months came from commercial positions (shown in blue), the companies that know the grain business best. (Source: DTN ProphetX).

    Todd's Take

    The 2017 Crystal Ball Award for the most helpful futures positions in corn, soybeans and wheat once again goes to the market's commercial firms.

  • DTN Early Word Grains

    March corn was up 3/4 cent, March soybeans were down 3 1/4 cents, and March Chicago (SRW) wheat was down 1 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March corn and March soybeans were both down 4 cents Monday, pressured by another bearish report of weekly export activity and trader caution ahead of Friday's USDA reports. Winter wheat contracts also closed lower as warmer...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is unchanged, March soybeans are down 3 cents, and March Chicago wheat is down 3 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn and soybeans ended a little higher Friday, while all three wheats were lower after a quiet day of trading. All the above, however, started 2018 with an initial week of higher prices, in spite of hearing from USDA that last...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is down 1/4 cent, March soybeans are up 2 3/4 cents, and March Chicago wheat is down 3 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    On a day when most grains and other commodities traded lower, March Minneapolis wheat jumped up 8 cents to its highest close in four weeks, helped by commercial buying and ongoing concerns of drought in the northwestern U.S...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is down 1/2 cent, March soybeans are down 3 1/4 cents, and March Chicago wheat is down 2 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March K.C. wheat closed up 6 1/4 cents Wednesday, reaching its highest close in five weeks with ongoing concerns about cold and dry conditions in winter wheat country. Other grains were quiet, but mostly higher with March soybeans...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn is up 1/2 cent, March soybeans are up 4 3/4 cents, and March Chicago wheat is up 2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    On the first day of 2018, winter wheat prices led grains higher with help from commercial buying after an exceptionally cold weekend extended into the Southern Plains. Corn and soybeans also finished higher with persistent concerns...

  • Investors tend to bet on a hot hand, but the past 21 years of data shows that the top performing commodity of each year lost an average of 8.1% the following year while the worst-performing commodity gained an average of 13.8% (Source: DTN's ProphetX).

    Todd's Take

    Regression to the mean offers powerful influence on market behavior and it runs opposite to what we normally expect.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Should old price acquaintances be forgot in 2017? U.S. corn and winter wheat growers will shout "yes" as those prices offered slim opportunities for producers in 2017 and ended near their lowest spot levels in 11 years. March...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was down 1 cent, March soybeans were up 1 3/4 cents, and March Chicago wheat was down 3/4 cent.

  • (DTN photo illustration by Nick Scalise)

    Top 10 Ag News Stories of 2017: No. 1

    For a while, it looked like U.S. corn production might take a hit in 2017, but a record high corn yield defied expectations and sent prices back to multi-year lows. That led it to become the No. 1 story in DTN's yearly countdown of...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans fell 10 3/4 cents to a new three-month low Thursday, pressured by favorable wheat in South America and a new six-month low in March soybean oil. Other grains were quiet with March corn down 1 3/4 cents and...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was down 3/4 cent, March soybeans were down 2 1/2 cents, and March Chicago wheat was down 1 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Wednesday was wheats turn to trade higher as Chicago and K.C. contracts benefited from commercial buying and noncommercial nervousness about this week's exposure to cold temperatures. Corn managed a slight increase for the...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was down 3/4 cent, March soybeans were up 3 1/2 cents, and March Chicago wheat was down 1 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn and wheat ended mixed with low trading volume Tuesday while concerns about hot temperatures and a drier forecast for Argentina kept traders interested in owning soybeans. Most other commodities traded higher Tuesday with...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    Back from Christmas, U.S. grain futures will begin trading at 8:30 a.m. CST.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    If you guessed that not much would happen in grain markets on Friday before Christmas, you were right, as corn and soybeans gained roughly a cent and Chicago wheat was down a couple -- all on extremely light volume. USDA...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans closed lower for the eleventh time in the past 12 trading sessions, pressured by more rain in South America and news that China is enforcing tighter restrictions on U.S. soybean shipments. Corn and wheat ended...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 1/2 cent, March soybeans were down 1 3/4 cents, and March Chicago wheat is up 1 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Chicago and K.C. wheat contracts both closed modestly higher with help from commercial buying and concerns about colder temperatures coming to the southwestern U.S. Plains the next several days. March corn was up 1 3/4 cents...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 1/4 cent, January soybeans were up 3 1/2 cents, and March Chicago wheat is down 1 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans fell 5 1/2 cents to another new three-month low Tuesday, pressured by a favorable forecast for South America. Corn and winter wheat were quiet, not finding much attention this time of year.

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 1/2 cent, January soybeans were up 1 cent, and March Chicago wheat is up 3/4 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans fell 5 3/4 cents to their lowest close in three months after central Argentina received rain over the weekend. Corn was quiet once again while winter wheat was helped to a small gain by lower trading in Monday's...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 3/4 cent, January soybeans were up 2 1/2 cents, and March Chicago wheat is up 3 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    It is difficult to say what grain traders were doing Friday, but buying and selling grains was not at the top of their lists as corn, soybeans, and winter wheat all posted tiny changes for the day with not much volume. Talk of an...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans fell 11 1/2 cents to within a cent of their November low as bullish traders may be losing patience with the latest forecasts of rain for Argentina. Corn ended slightly lower and all three wheats were a little higher...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After making new contract lows earlier this week, March Chicago and K.C. wheat contracts got a lift of light commercial buying Wednesday, ending up 6 cents and 5 cents respectively. March corn managed a slight gain and January...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 1 1/4 cents, January soybeans were up 4 cents, and March Chicago wheat is up 2 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans closed down 6 3/4 cents Tuesday after USDA reduced its soybean export estimate by 25 million bushels for 2017-18. Corn and winter wheat tried to trade higher but ended at new contract lows as USDA's estimates...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 3/4 cent, January soybeans were down 1 3/4 cents, and March Chicago wheat is up 3/4 cent.

  • In a year that was mostly bearish for grain prices, spot Minneapolis wheat prices are on track for a 12% gain after drought hit the northwestern U.S. Plains. The big winners of 2017 were the S and P 500 Index, up 18%, and bitcoin, up over 21 times last year's price and not shown on the chart above. Source: DTN ProphetX. (DTN chart by Todd Hultman)

    Todd's Take

    2017 will be remembered as the year of bitcoin's meteoric rise. Among more traditional assets, the stock market soared to new heights while grains were largely ignored.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Monday turned out to be another winner for bearish bets on grains as March corn closed within a tick of its contract low and winter wheat fell to new lows. January soybeans ended down 7 1/4 cents with light to moderate rain...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was down 1 3/4 cents, January soybeans were down 5 cents, and March Chicago wheat is down 3 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    The March contracts of both, Chicago and K.C. wheat fell to new contract lows Friday as buyers remain difficult to locate. Otherwise, Friday's trading was quiet with January soybeans down 2 1/4 cents after rain fell in western...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 2 cents, January soybeans were up 2 cents, and March Chicago wheat is up 2 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Grain prices put in a bearish performance Thursday with January soybeans down 10 3/4 cents and all three wheats falling to new contract lows. March corn dropped to within a few cents of this year's low as noncommercial traders...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was down 1/2 cent, January soybeans were down 8 cents, and March Chicago wheat is down 1 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March Minneapolis wheat dropped 12 1/2 cents to a new five-month low after Statistics Canada raised its all wheat estimate from 27.1 million metric tons to nearly 30.0 mmt for 2017. Corn stayed mostly quiet, but January soybeans...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 1 1/2 cents, January soybeans were up 3 1/2 cents, and March Chicago wheat is down 1 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November 2018 soybeans closed up 7 cents at its highest close in over four months Tuesday, boosted by concerns of dry weather in Argentina. The January contract was up a dime, just short of its October high while corn was...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 1 cent, January soybeans were up 6 1/4 cents, and March Chicago wheat is down 1/4 cent.

  • The long-term chart of K.C. wheat shows that no matter how crazy prices get in the short run, they typically return to the 10-year average (green line) within a few years -- a good reminder of the market's powerful balancing effect. (DTN chart by Todd Hultman)

    Todd's Take

    Among U.S. grains, K.C. wheat may be the least of these, but it also plays an important part in grains' bearish spiral.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybean meal closed up $7.30 Monday at a new four-month high while corn, wheat and most other commodities traded lower. Investors were busy bidding up prices of the U.S. dollar index and stock market after the U.S...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 1 1/4 cents, January soybeans were up 10 1/2 cents, and March Chicago wheat is up 4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans and all three wheats closed higher Friday with traders possibly responding to this season's La Nina conditions. Outside markets were active on a busy news day with most commodities other than cattle trading higher.

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was up 1/2 cent, January soybeans were up 3 cents, and March Chicago wheat is down 1/4 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March corn ended up 2 1/4 cents Thursday, the final day of November, but was down nearly 4 cents on the month as March contracts of corn and wheat are still not far from their lows for 2017. January soybeans fell 6 3/4 cents...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was down 1 1/4 cents, January soybeans were down 5 1/4 cents, and March Chicago wheat is down 3 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March corn ended lower Tuesday, plagued by the same bearish themes we've heard all fall while a late buying spree gave winter wheat slight gains for the day. January soybeans and meal erased Monday's gains with rain reported in...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was down 1 cent, January soybeans were down 4 3/4 cents, and March Chicago wheat is up 1/2 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March Chicago and K.C. wheat prices fell to new contract lows Monday, also taking corn and spring wheat lower in the process. January soybeans, on the other hand, held firm with help from noncommercial buying in soybean meal.

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    March corn was down 1 1/4 cents, January soybeans were up 1/4 cent, and March Chicago wheat is down 3 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Corn, soybeans, and all three wheats closed lower Friday on light volume with new contract lows posted in Chicago and K.C. wheat. Outside commodities were mixed while the December U.S. dollar index fell to a new one-month low.

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    8:15 a.m. CST CME Globex: U.S. grain futures will resume trading at 8:30 a.m. CST for a short Friday session that ends with most grains closing at 12:05 p.m. CST.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December soybean meal upset Wednesday's expectations for quiet, pre-holiday trading and posted a new one-month high, likely related to the current stretch of dry weather in Argentina. January soybeans followed with an 8 1/4 cent...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Winter wheat led Tuesday's grains with modest gains in a quiet, pre-holiday session. December K.C. wheat was up 4 1/4 cents, helped by commercial buying, while corn and soybeans napped their way to slightly lower closes.

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grain Comments

    December corn was down 1 1/2 cents, January soybeans were down 2 cents, and December Chicago wheat was down 3/4 cent.

  • This chart shows percentage gains in DTN's national index of cash corn prices from Nov. 30 to May 31 in years when U.S. ending corn stocks represented 15% of annual use or more. The red dashed line represents an average gain of 7% for all nine years. (Source: DTN ProphetX)

    Todd's Take

    Storing corn in a year of heavy supplies has a mediocre record, but is not completely unreasonable.