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

    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...

  • (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...

  • (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...

  • (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...

  • (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...

  • (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...

  • (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...

  • (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...

  • 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.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December contracts of all three wheats closed higher Friday, spurred by an early morning rally in Europe, which appears related to an unconfirmed rumor that Russia may be considering curbing its grain exports. Row crops were...

  • This chart shows how December 2018 corn prices were trading below their year-ago levels from mid-June to late-July. Thursday's higher close put December 2018 corn back above its 2017 price, and that should continue into the new season. (DTN ProphetX chart)

    Todd's Take

    In August 2017, USDA estimated a higher-than-expected corn yield and prices collapsed at the end of the year. USDA did the same thing last Friday, but so far, corn prices aren't collapsing.

  • DTN Early Word Grains

    December corn was up 2 1/4 cents, November soybeans were down 3/4 cent, and December K.C. wheat was up 16 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans jumped 28 cents higher Thursday with shorts on the run after news broke that China is sending a delegation of officials to Washington later this month to talk trade. Corn and wheat prices also joined...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of corn, soybeans and all three wheats finished lower Wednesday, along with nearly all commodities, except for livestock. Along with general commodity price concerns, grains and soybeans were also pressured by...

  • DTN Early Word Grains

    December corn was down 2 cents, November soybeans were down 6 1/2 cents, and September Chicago wheat was down 5 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    December soybean meal closed up $9.00 Tuesday, becoming the first grain-related contract to erase Friday's big loss, thanks to resilient commercial demand for meal. November soybeans were up 11 cents and December corn was up 6...

  • DTN Early Word Grains

    December corn was up 1 1/4 cents, November soybeans were down 2 1/4 cents, and September Chicago wheat was up 3 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of all three wheat posted double-digit losses Monday, pressured by lower prices in Europe and rain in the forecast ahead of the next winter wheat planting. Soybeans were able to post a modest gain with help...

  • DTN Early Word Grains

    December corn was down 3 3/4 cents, November soybeans were down 8 1/2 cents, and September Chicago wheat was down 7 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of corn, soybeans, and all three wheats tumbled lower Friday after USDA estimated a new record U.S. corn yield and a new record U.S. soybean crop. Wheat prices also fell lower in sympathy, even though USDA's...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of corn, soybeans and all three wheats were lower Thursday, a victim of pre-report jitters even while the northwestern U.S. is dealing with a stretch of hot and dry weather. The September U.S. dollar index...

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

    USDA Reports Preview

    With U.S. corn in dough stage and soybeans setting pods, USDA will reveal the findings of its first farm surveys of 2018 and post new yield estimates for row crops when it releases its latest Crop Production and World Agricultural...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Wednesday's trade was marked by low volume in the more popular grain contracts, but larger gains were seen in spring wheat, oats, and canola as concerns of hot and dry weather in the northwestern Plains received attention.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans closed up 12 1/4 cents Tuesday, helped by a lower good-to-excellent crop rating from USDA and concerns about a lack of rain at pod-setting time. Winter wheat prices fell back from Monday's highs in an...

  • DTN Early Word Grains

    December corn was up 2 cents, November soybeans were up 9 1/4 cents, and September Chicago wheat was up 10 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of all three wheats closed with double-digit gains Monday, continuing to find support from dry weather concerns in several of the world's wheat regions. Soybeans ended lower on light volume with potential...

  • DTN Early Word Grains

    December corn was up 1/2 cent, November soybeans were down 5 1/4 cents, and September Chicago wheat was up 2 1/2 cents.

  • Thursday looked like another bullish day for Chicago wheat, especially after new 2018 highs triggered heavy buying volume. The sudden rally did not last long however, related to comments from Ukraine, which were apparently misunderstood (DTN ProphetX chart).

    Todd's Take

    Dry weather concerns, misreported news and tariff announcements are keeping traders on edge.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of winter wheat were trading up over 30 cents at one brief point Thursday morning, but quickly fell back, ending with modest gains for the day. Mimicking wheat in a smaller way, December corn ended up 1 3/4...

  • DTN Early Word Grains

    December corn was up 2 1/2 cents, November soybeans were down 8 cents, and September Kansas City (HRW) wheat was up 9 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Reports that the White House is preparing to increase tariffs on Chinese goods even further, plus a more moderate shift in the six-to-10 day forecasts, sent corn and soybean prices lower Wednesday. Winter wheat managed modest...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    The final day of July saw higher closes again throughout the grain sector, this time led by a 28-cent gain in November soybeans after Bloomberg news reported officials from the U.S. and China were having private talks in hopes of...

  • DTN Early Word Grains

    December corn was up 2 1/4 cents, November soybeans were up 6 cents, and September Kansas City (HRW) wheat was up 1 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    After a summer of mostly favorable growing weather across the Midwest, conditions are turning drier as we come to the end of July and that is raising some concern about how crops will fare in 2018. September contracts of corn...

  • DTN Early Word Grains

    December corn was up 3 cents, November soybeans were up 6 1/2 cents, and September Kansas City (HRW) wheat was up 10 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Soybeans didn't trade much volume Friday, but they did finish 9 1/4 cents higher on the day as prices continue to claw back from their lowest levels in over nine years. Corn was slightly higher and wheat contracts were mixed with...

  • The chart of September Chicago wheat shows how prices chopped in a narrow range from late June to early July while dry weather concerns were gradually increasing. The new five-week high on July 25, confirmed a bullish change in trend, which now coincides with USDA's outlook for lower ending world stocks in 2018-19. (DTN ProphetX chart)

    Todd's Take

    As mentioned last week, wheat fundamentals have been changing gradually, but not until Wednesday did wheat's price charts confirm a bullish change.

  • DTN Early Word Grains

    December corn was down 1 cent, November soybeans were up 3 3/4 cents, and September Kansas City (HRW) wheat was down 5 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of winter wheat gave back part of Wednesday's big, 30-cent plus gains as bullish enthusiasm cooled on Thursday. November soybeans were up 20 cents at one point early, but finished up just a quarter-cent...

  • DTN Early Word Grains

    December corn was up 4 3/4 cents, November soybeans were up 16 3/4 cents, and September Kansas City (HRW) wheat was up 7 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    September contracts of all three wheats jumped over 30 cents higher Wednesday, prompted by dry weather concerns in Europe and Europe's highest prices for milling wheat in three years. December corn also benefited from...

  • DTN Early Word Grains

    December corn was up 2 3/4 cents, November soybeans were down 4 1/2 cents, and September Kansas City (HRW) wheat was up 9 3/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    November soybeans closed up 10 1/2 cents Tuesday for no obvious reason and in spite of a favorable 70% good-to-excellent crop rating from USDA Monday afternoon. Corn and wheat prices were not as puzzling, ending lower after...

  • DTN Early Word Grains

    December corn was down 4 1/2 cents, November soybeans were down 5 cents, and September Kansas City (HRW) wheat was down 5 1/4 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Light trading volume marked the entire grain sector, but September Minneapolis wheat finished with a 7-cent gain while other contracts were mixed. December corn was up 2 1/4 cents, earning a sixth consecutive gain while November...

  • DTN Early Word Grains

    December corn was up 1 1/4 cents, November soybeans were up 3/4 cent, and September Kansas City (HRW) wheat was up 3 1/4 cents.