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Todd Hultman

DTN Lead Analyst
Todd Hultman
@ToddHultman1

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

  • 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

    A Sense of Grains' Impending Doom

    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

    The Demand Bull Moves Forward

    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

    Comparing Current Corn Prices to Previous Rallies

    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.

  • (Photo Illustration by Nick Scalise)

    Inside the Market

    Are Seasonal Influences Still Important?

    For corn and soybeans, understanding the seasonal patterns of each has been a helpful tool guiding risk-management decisions for decades. Is that still the case after 2020?

  • December corn closed at $5.46 1/4 on Thursday, April 29, 2021. Given all the uncertainties ahead, does it make sense to buy a December $5.00 corn put and limit downside risk to roughly $4.68? (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    Do Corn Puts Have a Place in 2021?

    New-crop corn prices are trading near their highest level in over seven years, supported by many bullish factors. Does it make sense to buy a put option in 2021?

  • The last time national cash corn prices were as strong versus the futures board as they are now was in 2013. After a sharp drop related to USDA's Prospective Plantings report in 2013, DTN's National Corn Index rallied to a peak of $7.17 per bushel on June 19, 2013. According to USDA, the 2012-13 season ended with a corn surplus of 821 million bushels. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    How Tight Are US Corn Supplies?

    According to USDA, the U.S. will have 1.35 billion bushels of corn at the start of the new 2021-22 season. That is not what corn prices at $6.00 and higher are saying in April.

  • USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Friday, April 9. (USDA logo)

    USDA Reports Preview

    Low Bar Set for April WASDE Report

    On Friday, April 9, USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports.

  • Before Wednesday, March 31, December corn was falling back from its recent high of $4.85 3/4 and even closed below its 50-day average on Tuesday in anticipation of a bearish USDA report. By Wednesday's close, it was apparent the uptrend for December corn was not yet over. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    New-Crop Corn Not Done Yet

    Before Wednesday, March 31, December corn was looking toppy for a lot of reasons. USDA's reports changed that on Wednesday.

  • (Progressive Farmer image by Jim Patrico)

    Inside the Market

    Corn Demand Firm Early in 2021

    There's a lot of head shaking about how quickly U.S. grain markets have gone from surplus to tight supply conditions.

  • On March 18, July KC wheat fell to a new two-month low and closed below the 100-day average for the first time since late-August; the first bearish change in trend among major U.S. crops. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    A Bearish Break in KC Wheat

    Out of the big three U.S. crops, KC wheat becomes the first to break out of its uptrend in 2021. What more can we expect?

  • Thursday's close of $5.35 per bushel for DTN's National Corn Index suggests roughly 1.10 billion bushels of ending corn stocks for 2020-21, 400 million bushels less than USDA is currently estimating. (DTN ProphetX chart)

    Todd's Take

    Corn Supplies Get Fresh Attention

    USDA's latest announcements add to the pile of corn China has been buying from the U.S. and raise difficult questions about just how tight supplies actually are.

  • Spot soybean meal prices broke to a new low in China Wednesday and fell further Thursday, likely pressured by concerns about a resurgence of African swine fever. So far, U.S. soybean prices are not fazed. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    Soybeans Encounter First Bearish Threat

    Soybean meal prices in China have fallen 16% from their January high, and the return of African swine fever seems to be reason. Will this threat to China's feed demand put an end to the soybean rally?

  • USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Tuesday, March 9. (Logo courtesy of USDA)

    USDA Reports Preview

    Markets Await USDA's Latest WASDE

    What to expect on Tuesday, March. 9, when USDA releases its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports.

  • For the week ending Jan. 28, USDA reported 231 million bushels of corn sold to China. Given the rules of reporting, it is possible the sales were made much earlier, when U.S. corn prices were much cheaper. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    The Grain Trade Conversation Begins

    Last week's trade recommendations were met with a chorus of boos on Twitter. This week, I share constructive comments from market veterans.

  • (Progressive Farmer image by Pamela Smith)

    Inside the Market

    Planted Acres May Increase, But Not Surpluses

    Unfortunately, coronavirus is still with us, but its bearish influence on crop prices has been replaced by bullish pressure thanks to remarkably large and unexpected purchases of corn and soybeans by China.

  • In 30 short years, China has emerged as the most powerful influence in U.S. ag markets. Here in 2021, U.S. trade policies have yet to adapt to the new challenges China presents. (Photo by DTN Lead Analyst Todd Hultman)

    Todd's Take

    New Trade Challenges for US Agriculture

    The U.S. trade dispute with China has largely been focused on U.S. technology companies and intellectual property concerns. It's time U.S. agriculture addressed its own issues with China.