ELEMENTS MLCX Grains Index Total Return ETN(GRU)- NYSEARCA
  • Thu, Jun. 30, 12:45 PM
    • Planted acreage of 94.148M acres is higher than trade estimates for 92.9M. Stocks of 4.722B bushels is also higher than 4.528B consensus.
    • For Soybeans, the data is mixed, with acres of 83.688M vs. expectations of 83.834M, and stocks of 870M bushels vs. consensus 829M.
    • Wheat acres of 50.816M vs. estimates of 49.869M, and stocks of 981M bushels were inline with expectations.
    • CORN -1.7%, SOYB +3%, WEAT -0.25%
    • ETFs: JJG, GRU
    | Thu, Jun. 30, 12:45 PM | 1 Comment
  • Thu, Jun. 23, 8:48 AM
    • The $891M PowerShares DB Agriculture Fund (NYSEARCA:DBA) has received $162M of net inflows this year in what could end up being the fund's first full year of net inflows since 2009, according to Invesco.
    • Helping to spark the interest are tentative rallies in grain prices (though these have stumbled badly in the past few days). Among the investors this year is the Harvard endowment.
    • "One thing that we’ve done correctly over the past five years or so is to be absent from the commodities market," says one wealth manager whose firm has now built a sizable position in DBA to protect against what it thinks might be a rise in inflation.
    • Related ETFs: JJG, GRU
    | Thu, Jun. 23, 8:48 AM
  • Tue, May 24, 5:04 AM
    | Tue, May 24, 5:04 AM | 11 Comments
  • Thu, Mar. 31, 12:48 PM
    • U.S. farmers plan to sow 93.6M acres of corn this year, up 6.4% from a year ago, the most since 2013, and against expectations for just 89.97M acres. Corn stocks are at 7.808B bushes vs. the trade estimate of 7.801B.
    • Soybean plantings are expected to total 82.2M acres vs. 82.65M a year ago. Wheat planting are pegged at 49.559M acres vs. 54.644M acres a year ago.
    • USDA reports
    • Corn is down 3.7%, while beans and wheat are marginally higher.
    • CORN -4.15%
    • ETFs: CORN, JJG, WEAT, SOYB, GRU, WEET
    • Now read: CORN: An Attractive ETF Alternative To Cash
    | Thu, Mar. 31, 12:48 PM | 6 Comments
  • Nov. 10, 2015, 12:53 PM
    • The corn production forecast from the USDA is lifted 99M bushels, with the average yield up 1.3 bushels per acre to 169.3 bushels. Projected use is cut 50M bushels. It adds up to stocks of 1.76B bushels vs. trade forecasts for 1.597B.
    • Soybean stocks rise to 465M bushels vs. 436M expected.
    • Wheat stocks rise to 911M bushels vs. 877M expected.
    • Corn, beans, and wheat are all lower by 1.5-2% following the report.
    • ETFs: CORN, JJG, WEAT, SOYB, GRU, WEET
    • Also dinged by lower prices on the farm is Deere (DE -0.9%).
    | Nov. 10, 2015, 12:53 PM | 2 Comments
  • Oct. 16, 2015, 11:51 AM
    • El Nino is arriving ahead of schedule, writes Kevin Ferry, noting the heavy rain and mudslides north of Los Angeles - reports most had not expected to see until early next year.
    • Scientists believe this will be the largest El Nino since 1997/98, with the difference now being there's been no run-up in corn and bean prices ahead of the event.
    • This also has implications for fixed-income, as there's nothing like a series of lock limit-up days in the grains to get the masses chattering about inflation.
    • Out-of-the-money lotto tickets on the grains may be worth a look, concludes Ferry.
    • ETFs: DBA, CORN, JJG, RJA, WEAT, SOYB, DAG, JJA, GRU, AGA, AGF, USAG, WEET, FUD, UAG, TAGS, DIRT, ADZ
    | Oct. 16, 2015, 11:51 AM | 14 Comments
  • Sep. 11, 2015, 12:27 PM
    • The numbers are bearish on their face, with corn ending stocks of 1.592B bushels vs. 1.713B last month and estimates for 1.487B. Crop yield of 167.5 bushels per acres vs. estimates of 165.
    • Soybean stocks of 450M bushels vs. 470M last month and estimates for just 372M. Crop yield of 47.1 bushels per acre vs. estimates of 45.7.
    • Wheat stocks of 875M bushels up from 850M last month and inline with forecasts.
    • Full report
    • Beans and corn initially tumbled on the numbers, but have recovered, with beans off 1% and corn higher by 1%. Wheat is little-changed.
    • ETFs: CORN, JJG, WEAT, SOYB, GRU, WEET
    | Sep. 11, 2015, 12:27 PM | 1 Comment
  • Aug. 12, 2015, 3:14 PM
    • U.S. corn production is estimated at 13.7B bushels on yields of 168.8 bushels per acre, says the USDA. Trade forecasts were for 13.3M bushels and 164.4 bushels/acre as analysts had priced in a wet early growing season. The USDA last month forecast 13.5B bushels and 166.8 bushels/acre.
    • Soybean production is forecast to be 3.9B bushels on yields of 46.9 bushels per acre versus trade estimates of 3.7B bushels on yields of 44.6 bushels/acre.
    • Stockpile estimates were also above forecast - 1.7B bushels at August's end for corn versus consensus of 1.4B, and 470M bushels for beans versus consensus of 305M.
    • Wheat is also lower after the USDA estimated world inventories at the end of the 2015-16 season at 221.5M metric tons vs. trade at 218.6M.
    • Near-month corn is lower by 4.7%, beans by 6%, and wheat by 2.6%.
    • ETFs: CORN, JJG, WEAT, SOYB, GRU, WEET
    | Aug. 12, 2015, 3:14 PM | 3 Comments
  • Jun. 30, 2015, 12:16 PM
    • Corn acreage of 88.897M acres, according to the USDA, is lower than trade forecasts for 89.3M acres. June 1 stocks of 4.447M bushels vs. 4.555M forecast.
    • Soybean stocks of 625M bushels vs. 670M expected. Acres of 85.139M vs. 85.171 expected.
    • Wheat stocks of 753M bushels vs. 718M expected. Acres of 56.079M vs. 55.867M expected.
    • Corn and beans are each up about 2% from flat before the report posted. Wheat is up marginally.
    • ETFs: CORN, JJG, WEAT, SOYB, GRU, WEET
    | Jun. 30, 2015, 12:16 PM | 1 Comment
  • Mar. 31, 2015, 1:08 PM
    • Corn (CORN -4%) inventories of 7.745B bushels as of March 1 are up 10.5% from a year ago and stand against trade estimates for 7.609B. Acres planted drop 1.398M from a year ago.
    • Wheat (WEAT -3.5%) stocks of 1.124B bushels are up from 1.057B a year ago and stand against estimates for 1.141B. Acres planted drop 1.648M from a year ago.
    • Soybean (SOYB +0.4%) inventories of 1.334B bushels are up from 994M a year ago and stand against estimates for 1.348B. Acres planted gain 934K from a year ago.
    • Sources: USDA, Arlan Suderman, Bloomberg
    • ETFs: JJG, GRU
    | Mar. 31, 2015, 1:08 PM | 2 Comments
  • Mar. 30, 2015, 10:33 AM
    • A report on Tuesday from the USDA is expected to show a 3% Y/Y rise in planted soybean acreage this spring vs. a 2% decrease for corn - the move coming as farmers deal with a 50% decline in corn prices since 2012.
    • "Economics rule," says one farmer, noting he can break even or make a small profit on beans, but would likely lose money on corn.
    • Not exactly in a bull market itself, but still at relatively lofty levels, soybeans could face some price pressure from the switch, and big speculators of late have boosted bets on a slide in bean prices. “We’ve got record large soybean stockpiles and the crops in both hemispheres this year were just enormous,” says an analyst. “It’s a perfect storm that’s starting to brew in the beans.”
    • Source: WSJ
    • ETFs: CORN, JJG, SOYB, GRU
    | Mar. 30, 2015, 10:33 AM | 11 Comments
  • Nov. 10, 2014, 12:14 PM
    • It's lower yields at work, with the USDA now expecting 173.4 bushels per acre vs. 174.2 last month and the trade guess of 175.2.
    • The bean crop is now estimated at 3.958B bushels vs. 3.927B last month and trade's expectation of 3.967B.
    • Wheat ending stocks of 644M bushels compares to last month's 654M.
    • Corn fired, but has quickly fallen back - now up marginally on the session after initially jumping around 2%. In the green earlier, beans are now lower by 1%, and wheat also erases early gains, now flat on the session.
    • ETFs: CORN, JJG, WEAT, SOYB, GRU, WEET
    | Nov. 10, 2014, 12:14 PM
  • Oct. 10, 2014, 12:20 PM
    • The USDA estimate for this season's corn yield of 174.2 bushels per acre is up from 171.7 bushels one month ago, and compares to trade estimates of 174.7. Production of 14.475B bushels compares to trade estimates of 14.506B bushels. Ending stocks of 2.081B bushels vs. estimate of 2.13B.
    • Soybean yields of 47.1 bushels is up from 46.6 last month, and vs. estimates of 47.6. The crop size of 3.927B bushels stands against estimates of 3.976B, and last month's estimate of 3.913B. Ending stocks of 450M bushels vs. estimate of 472M.
    • Wheat ending stocks of 654M bushels drops from 698M last month and compares to estimates of 704M.
    • Bottom line: Already big corn and bean crops got bigger.
    • Corn and beans are off a few cents, while the price of wheat jumps nearly a dime per bushel on the low stocks estimate.
    • ETFs: CORN, JJG, WEAT, SOYB, GRU, WEET
    | Oct. 10, 2014, 12:20 PM | 2 Comments
  • Oct. 1, 2014, 11:20 AM
    • Contrarian antennae may be perking up as Goldman - following brutal multi-month runs lower in all of the grains - cuts its price forecast for soybeans, corn, and wheat.
    • First up is beans (SOYB -0.2%), which Goldman says are overpriced relative to corn. Given the forecast for ending stocks, a 2.6:1 ratio for beans to corn, or $8 per bushel, is appropriate. Goldman's previous forecast called for beans at $10.50.
    • Corn (CORN -0.1%) is cut to $3 per bushel from $4 amid strong U.S. crop yields and a lower export forecast. Wheat (WEAT -0.9%), says Goldman, deserves a 50% premium to corn given the current inventory situation, and this works out to $4.50 per bushel (from $5.60 previous).
    • ETFs: JJG, GRU
    | Oct. 1, 2014, 11:20 AM
  • Sep. 22, 2014, 2:58 PM
    | Sep. 22, 2014, 2:58 PM
  • Aug. 18, 2014, 4:30 PM
    • Contrarians looking for a bottom in the long slide in corn could do worse than hearing a bell ringing in the WSJ headline from this weekend: "U.S. Farmers are up to their ears in corn."
    • "We're going to drown in corn this year," leads the article, quoting Decatur's Jeff Brown, a 5th-generation farmer.
    • More? "We're going to see corn in piles all over the Midwest, and it's going to take forever to eat through it all," says commodity broker Jamey Kohake, who is advising clients to sell rallies and not hold any corn through the winter.
    • September corn fell 1.7% today to $3.60 per bushel. Two years ago, corn was selling for more than $8.
    • CORN -1.6%
    • ETFs: JJG, GRU
    | Aug. 18, 2014, 4:30 PM | 1 Comment
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