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

  • (Matthew Putney)

    Inside the Market

    Todd Hultman realizes some may not appreciate the corn and soybean markets they depend on for a living being compared to a poker game, but the similarities are striking.

  • DTN's National Corn Index peaked at $7.48 on May 7 and has been chopping sideways to lower since. Drought is a serious threat in 2021 and there is plenty of uncertainty about how much corn China will buy in 2021-22 (DTN ProphetX chart).

    Todd's Take

    There is plenty of uncertainty about how corn and soybean yields will turn out in 2021 and where prices might go from here. This may be a good time to let the market show the way.

  • One way of looking at Minneapolis wheat prices is to compare them with KC wheat prices. Minneapolis wheat is currently 1.38 times the price of KC wheat, a much higher than normal ratio, but not nearly as high as the 1.54 ratio reached in the lesser drought of 2017. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    Spot Minneapolis wheat prices have climbed nearly $3 per bushel in 2021. Past comparisons are not easy, but there appears to be room for more upside.

  • The Chinese government has been encouraging measures to limit the country's reliance on corn as a feed grain source. So far, corn prices within China remain expensive with September corn at the equivalent of $10.29 per bushel. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    After last year's surprisingly large volume of corn imports by China, many are wondering how much China will buy in 2021-22. As far as I can tell, the answer remains a lot.

  • (Illustration by Nick Scalise)

    DTN's Quick Takes

    OMAHA (DTN) -- December corn is up 12 cents per bushel, November soybeans are up 18 cents, September KC wheat is up 18 cents, September Chicago wheat is up 23 1/2 cents and September Minneapolis wheat is up 34 1/2 cents.

  • USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Monday, July 12. (USDA logo)

    USDA Reports Preview

    On Monday, July 12, USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports.

  • USDA data shows planted acreage of principal field crops has dropped 9.22 million acres since 2014. A closer look shows states where the largest changes have occurred (Map based on USDA data; DTN graphic by DTN Data Analyst Kathy Myers)

    Todd's Take

    Wednesday's lower-than-expected planting estimates from USDA, at a time when crop prices are trading at multi-year highs, makes the mystery of disappearing acres difficult to explain.

  • USDA will release its Acreage and June 1 Grain Stocks reports at 11 a.m. CDT Wednesday, June 30. (USDA logo)

    USDA Reports Preview

    It is difficult to say which direction USDA's cannon of influence will send grain prices Wednesday, but important Acreage and Grain Stocks reports are loaded and ready to fire at 11 a.m. CDT.

  • Thursday's (June 17, 2021) 5.50-cent limit down close in July soybean oil, related to concerns about a possible change in biofuels policy has prices challenging the 100-day average at 55.68 cents, a level that has not been broken since June 2020. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    For almost a year, soybean oil prices had been trading relentlessly higher. That all changed this past week when oil refiners got on the phone.

  • USDA will release its latest supply and demand estimates at 11 a.m. CDT Thursday, June 10. (USDA logo)

    USDA Report Preview

    What to expect from the World Agricultural Supply and Demand Estimates (WASDE) report to be released on Thursday, June 10.

  • This comparison of topsoil moisture deficits shows a drier situation for the top six spring wheat states in 2021 versus 2017. In 2017, September Minneapolis wheat hit a high of $8.68 1/2 on July 5. (USDA graphics)

    Todd's Take

    Cursed with the lowest good-to-excellent crop rating since 1988, spring wheat prices have the potential to go even higher.

  • (Getty Images, Photo Illustration by Barry Falkner)

    Inside the Market

    Early indications are that China's demand for corn and soybeans will remain strong in 2021-22. DTN Lead Analyst Todd Hultman explains why.

  • This picture, taken May 7, outside an elevator in Madison, South Dakota, stands as a reminder of how widespread the cash corn rally became, reaching well into the Western Corn Belt. (DTN photo by Todd Hultman)

    Todd's Take

    The month of May began with commercials bidding cash corn up to astonishing levels. Rain then showed up in the forecasts and took prices more than $1 per bushel lower before Thursday's trade turned limit up.

  • This chart shows DTN's National Soybean Index falling back from its May 12 high of $16.47 and losing a quick 17 cents in basis since the end of April. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    For a crop estimated to have the tightest ending supplies in seven years, there is something odd about recent weakness in cash soybean prices.

  • This chart shows DTN's National Corn Index near-vertical climb since August 2020. Is the end of this bull market near, or are we protecting ourselves from past disappointments? (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    Earlier this week, corn prices traded above $7 and soybeans were above $16. Why are so many expecting the bottom to fall out?

  • USDA will release its latest supply and demand estimates at 11 a.m. CDT Wednesday, May 12. (USDA logo)

    USDA Reports Preview

    What to expect from the World Agricultural Supply and Demand Estimates (WASDE) report, to be released on Wednesday, May 12.

  • This chart shows price ranges of DTN's National Corn Index since 1993, divided by USDA's estimated cost of production, excluding land expenses. Prices typically trade between 90% and 150% of cost and have some notable past peaks. (Chart by DTN Lead Analyst Todd Hultman)

    Todd's Take

    Making historical comparisons is difficult as circumstances are never the same. We look at one fundamental metric for comparing today's corn price to previous highs.