March 2020 WASDE Report Reaction

The March WASDE is a report published because it is required to be published by law. In the current macro environment, it is unlikely that any revision offered today will have any dramatic significance for the wheat, corn or soybean markets. We offer some very basic notes in this short pre report note. […]

McDonald Pelz Derivatives Global Market Report for 03/10/2020

The USDA flashed another sale to unknown destinations of 123,000 MT for the old crop marketing year. We have seen no evidence that the flashes from the last 2 days have been sales to China. CBOT futures spent the day higher but struggled at technical resistance from Sunday night’s gap lower. […]

February 2020 WASDE Report Reaction

February WASDE Report Reaction
Last year, the Feb WASDE was a Pretty Big Deal; the closure of the US government resulted in no
January (2019) WASDE, so the February 2019 report was basically a ‘two-fer’ – two months of revisions
at one time. With the timely release of the January 2020 WASDE, this year’s Feb report will not likely
have as large of an impact, […]

McDonald Pelz Derivatives Global Market Report for 12/27/19

Soybean export markets did not show basis deviation to end the week as CBOT futures
moved lower. SF0 failed at 941 technical resistance and options expiration likely caused long
call positions to sell futures and lock in levels. The F0/H spread sold off as well with F0 First
Notice Day on Tuesday. The Commitment of Traders report was delayed until Monday and
the market will be watching to see how much of the speculative short has been covered
while it waits for further details of the US-China Phase 1 trade deal.

Black Sea Wire 12/23/19

Black Sea Wheat futures were little changed on minimal volume asmost market participants were enjoying the holiday season.There was little cash market activity reported and the Ruble remained near the strongest level since the summer of 2018.US wheat export inspections were at the high end of expectations while US futures remained in the recentrange

Black Sea Wire 12/24/19

Black Sea Wheat futures were higher on no tradewith most market participants celebrating the holiday season.Interest was seen in the January andFebruary expiries. The Ruble extended itsrecent move, trading at the strongest level since 7/11/18.US futures were higher with the 538.5 level in WH0 providing a recent price floor.

December WASDE Preview – Wheat, 2019

The December WASDE report seldom offers significantly new inputs for the US balance sheets; occasionally, we see some compelling revisions, […]