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.

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More From This Author

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grains

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Most of Monday's commodity board showed losses, while the March U.S. dollar index traded at its highest prices in over a month. Chicago and Minneapolis wheat were among the exceptions, but March soybeans fell 9 1/2 cents as...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    USDA threw a lot of new estimates at traders on Friday and when the final bell rang March soybeans, Chicago and Minneapolis wheat ended with small gains, while March corn and K.C. wheat posted small losses. We can't say the market...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Nearly all commodities traded lower Thursday after CNBC.com reported that the top leaders of the U.S. and China will likely meet at some point, but probably not before the March 2 trade deadline. U.S. stocks are also trading lower...

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

    USDA Reports Preview

    After five weeks of dark offices, USDA's lights are back on and the department is ready to issue final corn and soybean crop estimates for 2018, new crop estimates for South America, Dec. 1...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Grain traders stayed quiet again Wednesday, presumably holding back until they see what USDA has to say on Friday. Non-ag commodities were trading mostly higher, but the March U.S. dollar index was also higher for a third...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Tuesday saw another quiet day of trading in grains end with prices showing mostly small gains at the finish. Outside commodities were mixed with U.S. stocks and the March U.S. dollar index both trading higher.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of corn, soybeans and the two winter wheats finished slightly higher Monday on light volume, starting the week quiet with USDA's WASDE report due Friday. Energy and metal futures are mostly lower while the March...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans traded up 16 cents early Friday after positive comments came out of Thursday's trade talks with China, but by the close, prices were up just 2 1/2 cents on the day. March K.C. wheat was Friday's percentage leader...

  • This chart shows average one-year returns of the highest and lowest performers among 17 commodities in the past 22 years. Individual results vary, but over time, the best performing commodity loses an average of 8.2% the following year, while the worst performer increases 12.3%. (DTN chart using ProphetX data)

    Todd's Take

    Regression to the mean was not flawless in 2018, but the long-term evidence is still persuasive.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of corn, soybeans and all three wheats finished lower Thursday as trade talks with China continued without official announcement. Adding pressure to grain prices, the March U.S. dollar index is trading higher just...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Grains traded mixed most of the session, but by the close March contracts of corn, soybeans and all three wheats were a little higher. April cattle pushed to a new contract high as livestock are encountering obvious stress.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Except for softs and grains, most commodities rallied higher Tuesday with help from a modest gain in the stock market. March contracts of corn, soybeans and all three wheats finished lower however, with most contracts stuck in...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Wheat prices tried to trade higher early Monday, but by the end of the session, March contracts of corn, soybeans and all three wheats were lower on light volume as traders await the release of pent-up export sales data...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Back from a three-day weekend, U.S. stocks and most commodities were lower, facing the same concerns of slower world growth and lack of trade talk progress with China. March corn and soybeans were lower while the three wheats...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans finished 9 cents higher Friday, helped by an unconfirmed rumor that China offered to commit to large U.S. ag purchases earlier this month, and by a return of investor buying interest to the stock market and...

  • DTN Early Word Grains

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of corn and two of the three wheats finished a little higher Wednesday, finding only light trade volume after Tuesday's losses. March soybeans traded lower much of the day, but ended up 1 1/4 cents, still...

  • DTN Early Word Grains

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Friday was a quiet day of trading in the grain sector that saw prices start higher early, but gradually fade to smaller gains throughout the day. Grain news remains restrained by the government shutdown and the forecast in...

  • In July 1972, the Soviet Union quietly bought large amounts of U.S. grain, leaving U.S. reserves lower than expected. Having no export sales reports at the time, U.S. agriculture unknowingly sold the grain cheap and the U.S. economy later suffered high domestic prices -- a situation that USDA's export sales reports were specifically intended to prevent. (DTN ProphetX chart)

    Todd's Take

    The U.S. government shutdown is likely to be harmless, provided it doesn't last too long. For agriculture, the biggest risk could come from USDA's lack of export sales reporting.

  • DTN Early Word Grains

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

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of corn, soybeans, and all three wheats finished lower Thursday, pressured by a mix of disappointment from this week's trade meeting with China, a higher-than-expected soybean...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Most commodities on the futures board finished higher Tuesday with help from the March U.S. dollar index trading at its lowest price in over two months. Corn and soybean prices were modestly higher with help from hot and dry...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Grain and oilseed prices were mixed on mostly light trade as negotiations resumed between U.S. and Chinese trade officials Monday. March soybeans were up 2 3/4 cents and March soybean meal was up $3.20 at $322.20, helped by more...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of corn, soybeans and all three wheats finished higher Friday after USDA announced it was postponing its January 11 reports. Hot temperatures remain in the forecast for southern Brazil and export sales remain...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March Kansas City Wheat closed up 11 cents, leading percentage gains among grain-related contracts on Thursday, while the March U.S. dollar index is trading down 0.58. March corn broke out of its stubborn pattern and finished 4...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans finished up 12 cents, helped by a forecast for more hot and dry conditions in south-central Brazil and by more unconfirmed talk of soybean purchases from China, while the U.S. government is not publishing export...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March corn and soybeans both slipped a half-cent each on light volume for the final day of 2018, while export sales remain a mystery and after President Trump said trade progress is being made. March contracts of winter wheat...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans closed up 13 cents and March soybean meal was up $4.70 Friday, the only crop-related contracts showing decent volume at the end of Christmas week. Corn and wheat prices were quiet and finished mixed as the...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March soybeans fell 14 cents Wednesday, still troubled by ongoing concerns about U.S. soybean demand while the U.S. and China keep negotiating trade terms ahead of the March 1 deadline. Corn and wheat also finished lower in spite...

  • (DTN photo by Greg Horstmeier)

    DTN Before The Bell Grains

    Monday's closes at CME Globex: March corn was down 3/4 cent, March soybeans were down 3/4 cent, and March Kansas City (HRW) wheat was down 1/4 cent.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March corn and soybeans were slightly lower on Christmas Eve, only showing tiny fractions of their normal volume. Wheat, the three wise men, brought mixed messages from afar and a 2 1/2-cent gain to the Chicago contract.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Except for corn and cattle, most commodity prices finished lower again Friday as outside investor worries led to more selling of U.S. stocks and a risk-off response around the country. A looming government shutdown, the...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    Increased pork sales from Mexico last week and slightly lower than expected on-feed and hog inventory numbers from USDA are giving livestock prices a chance to finish 2018 on a high note.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March corn dropped 6 1/2 cents and March soybeans were down 6 3/4 cents, both likely influenced by noncommercial selling related to new lows in the stock market and crude oil. Winter wheat prices were one of the few commodities...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell-Livestock

    February cattle and hogs are modestly lower early Thursday, getting no help from outside markets as Dow Jones Industrials challenge their lows for the year. USDA's weekly report of export sales was bullish for pork, thanks to...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of corn, soybeans and all three wheats finished lower Wednesday, showing no bullish impact from USDA's announcement of a 44.1 million bushel soybean sale to China. Outside commodities traded mostly higher, even after...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of all three wheats finished lower Tuesday with March Minneapolis showing the largest loss of 8 1/2 cents. March corn and soybeans were a little higher with traders still hoping for some purchases from China.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    While the Dow Jones Industrials fell to their lowest levels in seven months and outside commodities followed mostly lower, soybeans and wheat prices held firm and March corn ended slightly lower.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans fell 6 1/2 cents Friday, still not impressed by a second day of export sales to China and also influenced by a commodity board that was nearly all red. March corn was one of the few commodities that survived with...

  • In October 2014, DTN Livestock Analyst John Harrington warned that the bull market party in cattle was running out of time -- a call that not only proved remarkably timely, but also reminded us about the dangers of getting carried away by the lure of good times and high prices. (DTN ProphetX chart)

    Todd's Take

    What helps one survive bearish times in grain markets? A healthy dose of old-fashioned values.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    USDA announced its first significant soybean purchase from China for 2018-19, but January soybeans dropped 13 cents on disappointment that the first sale was only 41.5 million bushels. Wheat prices closed higher with help from...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Most commodities and the Dow Jones Industrials were trading higher Wednesday, a sign investors' cautious moods are lightening, less than two weeks before Christmas and even grains found some benefit. Wheat led percentage gains...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    USDA's WASDE report for December has come and gone, leaving January soybeans a little higher, March winter wheat contracts a little lower and March corn up less than a cent. Outside markets were mixed, but copper and crude oil...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of corn, soybeans and all three wheats finished lower Monday, one day ahead of USDA's next WASDE report set for 11 a.m. CST Tuesday. Commodities in general are also lower Monday as is the stock market, while the...

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

    USDA Reports Preview

    USDA's December Crop Production and World Agricultural Supply and Demand Estimates reports probably won't shed any light on this year's harvest difficulties in the U.S., but could increase South America's crop estimates.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March Kansas City wheat closed up 16 1/2 cents Friday, reversing the bearish mood and taking prices to their highest close in three weeks after USDA released encouraging export news. Corn and soybeans were also higher...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Following former President George H.W. Bush's memorial service Wednesday, grain markets got a rude awakening early Thursday with news of the arrest of a Chinese executive, possibly becoming an unexpected threat to trade talks...

  • DTN Early Word Grains

    December corn was down 1 3/4 cents, January soybeans were down 3/4 cent, and March K.C. wheat was down 5 1/2 cents.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    March contracts of corn, soybeans and all three wheats finished higher Friday, showing positive expectations for this weekend's trade meeting between the leaders of the U.S. and China. December contracts of the three wheats...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    Trading in grains was quieter overall Thursday with lower volumes posted one day ahead of this week's much-anticipated G-20 meeting in Buenos Aires. January soybeans were down 3 1/4 cents, while corn was steady and wheats were...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    We still don't know how things will go in Buenos Aires later this week, but January soybeans jumped 15 cents higher after traders heard hopeful comments from China's President Xi Jinping to Spain's Parliament on Wednesday. Grains...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans recovered 13 1/4 cents of Monday's 18 3/4 cent loss as traders continue to show nerves ahead of Friday's G-20 meeting. Winter wheat prices erased Monday's modest gains and finished lower, likely pressured by...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    January soybeans fell 18 3/4 cents Monday to their lowest close in November as traders showed concern about Friday's trade meeting between the U.S. and China in Buenos Aires. All three wheats on the other hand, got a modest lift...

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    A short, post-Thanksgiving trading session brought small losses to row crops amid light trading following another disappointing week of U.S. export sales. March K.C. wheat fell 7 cents, but Chicago wheat was up a 1/2 cent with help...

  • The World Bank chart above shows declining numbers of extreme poverty in the world, largely due to increased prosperity in China (East Asia) and India (South Asia). It's an important trend, which suggests increased grain demand for several years ahead. (Graphic by World Bank)

    Todd's Take

    For a short week of pre-Thanksgiving trading, there were plenty of bearish concerns in the world, yet one big bullish trend continues.

  • (DTN illustration by Nick Scalise)

    DTN Closing Grain Comments

    In a quiet pre-holiday session in the grain sector, most contracts finished mixed with a couple of exceptions. The largest percentage gain was in January soybean oil, closing up 0.47, while the largest percentage loss belonged to a...