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

  • Wednesday's 20 1/4 cent drop in March KC wheat was set up by a 10 1/4 cent gain on Tuesday and caught noncommercials off-guard in light pre-holiday trading. No significant change in fundamentals was noted. (DTN ProphetX chart)

    Todd's Take

    If it looks like a duck and quacks like a duck, it's probably market manipulation.

  • Every bull market in soybeans is different. This chart shows January soybean prices gained over $5 a bushel from June 1 to Sept. 4, 2012. The 30-day average described the move well, and the rally was over when prices closed below the average at $16.70 on Sept. 17. (DTN ProphetX chart)

    Todd's Take

    Supply and demand theory only explains part of what happens when supplies get as tight as soybeans are expected to get. Human emotions often add more fuel to the mix.

  • The first May WASDE report of the new-crop season is the poster child of low-confidence estimates. The point of this chart is that USDA's ending corn stocks-to-use ratios in the May report of the new-crop season are not helpful in trying to estimate what the average farm price of corn will be. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    Like most WASDE reports, USDA's latest one gave us a lot of new numbers to consider -- some are reliable and some are not. It's important to know which are which.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    Livestock futures have quickly broken away from the aggressive early week gains with prices mixed in a very narrow range. The lack of activity may keep prices in the current trading range with a combination of follow-through...

  • USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports at 11 a.m. CST Tuesday, Nov. 10. (Logo courtesy of USDA)

    USDA Reports Preview

    A look at what to expect when USDA releases its next round of supply and demand estimates, due out Tuesday, Nov. 10.

  • USDA's estimate of 290 million bushels of U.S. ending soybean stocks represents 6.4% of annual use, the tightest surplus in five years. Strong export demand and the possibility of adverse weather in South America are raising concerns the U.S. could run out of soybeans. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    USDA estimates 290 million bushels of U.S. ending soybean stocks for 2020-21, the lowest in five years. Estimate aside, there is a risk that the U.S. could run out of soybeans.

  • (Progressive Farmer image by Joel Reichenberger)

    Inside the Market

    Higher winter wheat prices look likely for early 2021.

  • (Illustration by Nick Scalise)

    DTN's Quick Takes

    OMAHA (DTN) --After the Sunday evening open, December corn is down 3 cents, January soybeans are down 5 cents and December KC wheat is down 3 cents. The weekend saw more favorable harvest weather across the central U.S.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    December cattle were steady to lower early and December hogs higher early Friday, waiting for more cash cattle trade to develop. Outside markets are leaning bearish for commodity prices early Friday, influenced by a new high in...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    December hogs were starting lower Thursday after USDA reported 29,000 mt of export sales for last week, only 2,500 mt of which was for China. Cattle and feeders are cautiously steady after a favorable GDP report and also...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    Active contracts of cattle, feeders and lean hogs all traded higher Tuesday from the start, finding support after last week's selling and, in the case of cattle, getting some help from colder conditions in the western U.S. Plains...

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    Active contracts of cattle and feeders are steady to lower and hogs are trading lower to start the week. Friday's on-feed report was bearish for cattle prices, but the early arrival of winter weather may offer some support...

  • November soybeans closed at $10.62 1/4 Thursday, near its highest price for the November contract in over four years. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    As U.S. soybean prices trade near their highest level in four years, the choice as to when to sell becomes more complicated.

  • USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports at 11 a.m. CDT Friday, Oct. 9. (Logo courtesy of USDA)

    USDA Reports Preview

    After finding less corn and soybean stocks on Sept. 1 than expected, USDA will present new balance sheets for 2020-21 on Friday.

  • USDA will release its Sept. 1 Grain Stocks and Small Grains Summary reports at 11 a.m. CDT on Wednesday, Sept. 30. (Logo courtesy of USDA)

    USDA Reports Preview

    At 11 a.m. CDT on Wednesday, Sept. 30, USDA will release its reports of Sept. 1 Grain Stocks and Small Grains Summary. The reports will provide a check on old-crop ending corn and soybean stocks and give an update of wheat...

  • DTN's National HRW Wheat Index closed at $4.57 Thursday, Sept. 24, down from a recent challenge of its one-year high at $4.79. Despite expectations for an eighth year of higher world ending wheat stocks in 2020-21, there are bullish hopes for U.S. HRW wheat prices in 2021. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    USDA is estimating record high world ending wheat stocks in 2020-21. So why are cash HRW wheat prices challenging one-year highs?

  • November soybeans have been on a tear for six weeks, boosted by a rash of export sales, mostly to China. Predicting the high in an emotional market is not realistic, but the 2018 high of $10.60 1/2 offers an interesting reference point to consider. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    I can't predict where soybean prices will peak, but the 2018 high of $10.60 1/2 offers an interesting comparison.

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

    USDA Reports Preview

    What to expect from the USDA's latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports, which will be released at 11 a.m. CDT on Friday, Sept. 11.

  • (DTN photo by Nick Scalise)

    DTN Before The Bell Livestock

    Active contracts of cattle, feeders and hogs are all starting modestly higher early Friday, finding possible support in cattle prices and benefiting from increased pork exports in the cash of hog prices. Outside markets are...

  • The low of $7.12 in DTN's National Soybean Index occurred on Sept. 18, 2018, less than three months after China slapped a tariff on U.S. soybeans. Since then, prices gradually cycled higher and are now near their highest prices in two years -- a bullish surprise in the year of coronavirus. (DTN ProphetX chart by Todd Hultman)

    Todd's Take

    In spite of numerous bearish hurdles, the path of least resistance for cash soybean prices has been gradually higher for nearly two years.