Author: Chad Burlet

Chad Burlet is Third Street Ag's Chief Trading Officer. He began his career with Cargill (1980-89) ultimately rising to head the firm's Commodity Marketing Division Oilseeds Trading Department. From 1989 to 1996 he was with Goldman Sachs/J. Aron where he traded US and world soybean futures, options and cash for the firm. Since 1996 he has been an independent trader, and since 2008 has also traded on behalf of other investors. Burlet’s experience, knowledge of worldwide soy/grain economics, and extensive network of contacts all contribute to his analysis of the markets, and ultimately, to the program’s trading decisions.
  • August 2021 Market Letter

    | | Markets

    Commentary provided by Chad Burlet of Third Street AG Investments Released: August 31st, 2021 In comparison to the three highly volatile months which preceded it, the price action in August was rather pedestrian. Corn, wheat and soybean futures all had monthly trading ranges below 12% and their net price changes for the month were 0 – 4%. Risks and uncertainties abound, but for the past month they have been offsetting. Hurricane Ida struck the Mississippi River export elevators on Sunday causing damage to some and cutting power to many. There will be short term dislocations and both shippers and receivers will incur … Read more August 2021 Market Letter
  • July 2021 Market Letter

    | | Agriculture

    Commentary provided by Chad Burlet of Third Street AG Investments Released: August 1st, 2021 We came into July on the heels of a huge price rally caused by the USDA’s June 30th acreage report. Their estimates for corn and soybean plantings were both more than a million acres below the average of the analysts’ estimates. Those rallies quickly faded, however, as both December Corn and November Soybeans recorded their monthly highs on July 1st. While corn and soybean futures both closed lower for the month, it would be misleading to say that the weather was good; “mixed” would be a more accurate … Read more July 2021 Market Letter
  • June 2021 Market Letter

    | | Agriculture

    Commentary provided by Chad Burlet of Third Street AG Investments Released: Wednesday, June 30, 2021 In our May Market Letter we wrote about the exceptional volatility in the agricultural futures markets. June showed us that May was just a warmup. In May corn had seen a 3.5% break and a 3.9% rally in a very short time frame, in mid-June it doubled those moves in a day and a half. However, it was soybean oil futures that were the true volatility champions. When the Supreme Court ruled in favor of petroleum refiners, soybean oil lost 6% of its value in five minutes … Read more June 2021 Market Letter
  • April 2021 Market Letter

    | | Agriculture

    Commentary provided by Chad Burlet of Third Street AG Investments April had the largest one month rally of corn futures ever. Considering the 162 year history of corn futures, that is no small milestone. May Corn futures rallied $1.75¾ (31.1%) this month. In the process the front month soybean/corn ratio moved from 2.55 to 2.12 and May Corn futures moved to 42 cents over May Kansas City Wheat futures. Corn was driven by the dual engines of Chinese imports and a Brazilian drought. Despite that record move, and a fifty cent rally in the May-July calendar spread, there was no evidence the … Read more April 2021 Market Letter
  • Incredible Velocity Movement Between KC Wheat and Chicago Corn

    | | Agriculture

    Commentary provided by Chad Burlet of Third Street AG Investments As always, the month of March and the first quarter ended with the USDA’s release of their March 1 stocks report and their spring planting intentions report. These reports often have the potential to dramatically disrupt conventional wisdom and today’s report did not disappoint. For the past several years the stocks numbers have provided the biggest surprise, but today it was the acreage estimates that rocked the market. Both corn and soybeans came in well below the average of the analysts’ estimates. An overwhelming majority expected the two major row crops to … Read more Incredible Velocity Movement Between KC Wheat and Chicago Corn