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.
| |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
| |Commentary provided by Chad Burlet of Third Street AG Investments With only one trading day left in February, it’s clear that the spring acreage fight has captured the market’s attention. While old crop corn and soybeans struggled near highs that were set weeks ago, November soybeans and December corn raced to new contract highs yesterday. Through today’s close December corn has gained 21 cents on March corn and November soybeans have gained 52 cents on March soybeans. On February 18-19 the USDA held its annual Agricultural Outlook Forum. This event always provides the USDA’s first look at the supply and demand … Read more February 2021 Grain Market Commentary
| |This summer’s theme could well have been: How low can they go? The “they” was supply and demand. Unfortunately, the competition looked more like a cage match than a limbo contest. In that analogy the heavyweight match was certainly Prevent Plant (PP) versus African Swine Fever (ASF) … Read more Third Street Ag – How low can they go?
| |U.S. farmers planted the final eight million acres of corn and soybeans in July. While that is a record and clearly the lead story for the agricultural markets, it was also the lead story in May and June. As most of the U.S. experienced better than expected weather in July, the markets appeared to grow weary of the “Record Slow Planting” story as the month went on. The futures markets for corn, wheat and soybeans all followed the same path: putting in their highs mid-month and then closing the month on their lows. All three markets were helped higher by the bullish wheat surprise in the July 11th WASDE report. The USDA cut their production estimate for our five major exporting competitors by a combined 10 million metric tons (MMT). Chicago wheat futures quickly rallied 25 cents and the other markets followed … Read more Third Street AG July Commentary