Welcome to the new The D&D AG MarketMIX newsletter! This newsletter is exclusively for you - our D&D customers and associates. Our goal is to provide you with a monthly summary of the Ag market reports to keep you updated on relevant, vital news that may impact your business.

Grain & Feed Markets Still High

Grain and feed markets remain elevated despite some bearish sentiment generated by the USDA’s latest monthly WASDE report published last week.

USDA reduced crush demand for US soybeans, while ethanol demand declined for US corn. The surprise: USDA didn’t alter export demand for corn or soybeans.  Markets were anticipating a reduction in exports, especially as commitments for US corn purchases remain well below USDA’s current projections. China remains on the sidelines for US corn, and Mexico continues to hint at lighter US new crop purchases to pivot toward non-GMO imports.

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More Competition for the U.S. on the Export Market

Argentina continues to grip the daily grain headlines, and lower production numbers in the WASDE report are supporting the market.

Local production estimates remain lower than the USDA’s, indicating additional cuts in the March or April reports. Brazil’s above-average yields reported thus far have been encouraging, however, and the ability to offset Argentina’s woes may limit rallies in futures.

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Protein Values Holding Strong in U.S.

While corn basis and forage-based feed product prices are starting to slide on slow exports and drought relief in the Western US, protein values are holding firm. AminoPlus, DDG, Gluten, and other protein alternatives reflect the strength of soybean meal and ongoing concerns of dryness in Argentina. Expect more of the same until a crop is proven out in Brazil and we’re assured that exports out of US ports won’t experience an out of season spike.  

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Corn Crop Prices Remain Firm

Crop input prices have established a softer tone in recent weeks. While still well above the five-year average, DAP, UAN, and Potash are all trending lower ahead of the US planting window. Geo-political and logistical concerns will underpin fertilizer costs to a degree and could spark a run higher, but for now opportunities are making their way to the market at a time when new crop corn prices remain as firm as they’ve been this early in the marketing year.

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Bird Flu Still Causing Egg Prices to Soar

The poultry industry and consumers continue to reel from the fallout of avian influenza (bird flu) wreaking havoc in flocks across the nation. Egg prices are making headlines today, and the issue is likely to drag on for several months longer. The entire pipeline from mature layers down to hatchlings has been causing significant disruptions and an uncertain timeline for recovery. With the virus still spreading and new flocks lost each week, one could expect the issue to carry well into the summer months.  

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Protect Your Downside

Given current market conditions, the Ever.Ag Feed Foundations Team recommends putting strategies in place to protect your downside. If you’re locking in high prices, consider buying inexpensive puts underneath. Please contact Jordan Miller or Pat Kahle who can direct your questions to the appropriate advisor to discuss specific strategies.

Jordan Miller: 419-692-3206 ext. 1043

Pat Kahle: 517-260-8295 or P[email protected]

This monthly report is brought to you by Ever.Ag’s Feed Foundations Team. The risk of loss trading commodity futures and options can be substantial. Investors should carefully consider the inherent risks in light of their financial condition. The information contained herein has been obtained from sources to be reliable, however, no independent verification has been made. By law we must state the information contained herein is strictly the opinion of its author and not necessarily of Ever.Ag and is intended to be a solicitation. Past performance is not indicative of future results.

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