People don’t buy shares; they buy news and expectations. Yesterday, Nutrien Ltd. ($NTR) reported that "agriculture markets in the U.S., Brazil, and Australia have been supportive for fertiliser." (Read the full article at https://www.marketwatch.com/story/nutrien-sees-good-fertilizer-application-rates-in-u-s-brazil-australia-commodity-comment-165f651d?mod=markets).
Later that day, $NTR traded at $58.24, almost 5% above its closing price of $55.43 on 08/05/2024, and the highest value since November 2023.
We all love good news and find it easier to believe in it.
#fertilisers #fertilizers #shares #cbot #brazil #usa #imstory
Later that day, $NTR traded at $58.24, almost 5% above its closing price of $55.43 on 08/05/2024, and the highest value since November 2023.
We all love good news and find it easier to believe in it.
#fertilisers #fertilizers #shares #cbot #brazil #usa #imstory
Friday afternoon was marked by another long-awaited USDA report. Before that, participants had rumoured it would be rather bullish and weren’t mistaken.
The 2024-2025 crop had been predicted as follows (in million tonnes):
- Corn: 312.27 (down from the expected 317.84)
- Wheat: 253.61 (down from the expected 257.37)
- Soybeans: 128.65 (up from the expected 120.87)
It immediately triggered substantial hedge fund buying across the agricultural commodities, the largest in the last 3.5 years and, for soybeans, in 12 years (sic!).
Corn's negative net position dropped by 53% [+115,527] - the largest weekly increase since 21 May 2019.
Soybeans' negative net position decreased by 72% [+107,783] - the largest weekly increase since at least 2012 (thanks to Konstantin Gritsko for the numbers and charts).
Consequently, on the CBOT, corn futures reached their highest settlement of 2024 at $4.69-3/4 per bushel. The most active corn had set a yearly high of $4.72 on Tuesday, though December corn has yet to return to its 2024 high of $5.02-1/4 set on 2 January.
It’s going to be an interesting week across the fertilisers. Some reaction in forward months was already seen at FIS on Friday, but let’s follow the trend. What makes me happy is that it’s all happening before the massive industry gathering at the IFA in Singapore. Let’s hope for some fun while jumping from meeting to meeting, dining and wining.
P.S. I have some free slots in my agenda, so please feel free to contact me for a quick chat in Singapore.
#corn #wheat #soybeans #usda #cbot #fertilizers #fertilisers #urea #ifa #singapore #imstory
The 2024-2025 crop had been predicted as follows (in million tonnes):
- Corn: 312.27 (down from the expected 317.84)
- Wheat: 253.61 (down from the expected 257.37)
- Soybeans: 128.65 (up from the expected 120.87)
It immediately triggered substantial hedge fund buying across the agricultural commodities, the largest in the last 3.5 years and, for soybeans, in 12 years (sic!).
Corn's negative net position dropped by 53% [+115,527] - the largest weekly increase since 21 May 2019.
Soybeans' negative net position decreased by 72% [+107,783] - the largest weekly increase since at least 2012 (thanks to Konstantin Gritsko for the numbers and charts).
Consequently, on the CBOT, corn futures reached their highest settlement of 2024 at $4.69-3/4 per bushel. The most active corn had set a yearly high of $4.72 on Tuesday, though December corn has yet to return to its 2024 high of $5.02-1/4 set on 2 January.
It’s going to be an interesting week across the fertilisers. Some reaction in forward months was already seen at FIS on Friday, but let’s follow the trend. What makes me happy is that it’s all happening before the massive industry gathering at the IFA in Singapore. Let’s hope for some fun while jumping from meeting to meeting, dining and wining.
P.S. I have some free slots in my agenda, so please feel free to contact me for a quick chat in Singapore.
#corn #wheat #soybeans #usda #cbot #fertilizers #fertilisers #urea #ifa #singapore #imstory
Corn futures are $4.57 per bushel down from $4.90 per bushel just two days ago.
Well, the only thing I have in mind is a picture…..
#farming #farm #fertilizers #fertilisers #crop #yeild #corn #cbot #imstory
Well, the only thing I have in mind is a picture…..
#farming #farm #fertilizers #fertilisers #crop #yeild #corn #cbot #imstory