chad-burlet

Chad Burlet, Author at IASG

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.

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Wheat
Advisor Commentary

Ag Market Update: Wheat Prices Drop, China Becomes Top Wheat Importer, and Soybean Complex Dynamics

Commentary provided by Chad Burlet of Third Street AG Investments For corn and soybeans, it was a quiet harvest month as far as prices were concerned. Futures contracts for both crops had only 5-7% trading ranges and settled within 1% of where they were a month ago. The U.S. harvest is progressing well, with both crops ahead […]

Wheat
Advisor Commentary

USDA’s Grain Reports: Wheat Surprises, Corn Holds Steady, and Ethanol Controversy Emerges

Commentary provided by Chad Burlet of Third Street AG Investments The last business day of September always brings us the USDA’s Grain Stocks and Small Grains reports. Traditionally, in these reports, most of the big surprises have been in the corn or soybean stocks, where an unexpected number can trigger a corresponding change in their estimate of […]

Wheat
Advisor Commentary

Bearish August for Grain Futures: Corn Down, Soybeans Up, and Wheat Takes a Hit

Commentary provided by Chad Burlet of Third Street AG Investments August was a bearish month for grain futures, with corn and wheat making their highs on August 2nd and lows on the 30th or 31st. Nearby corn and wheat futures traded to their lowest level since December 2020. Soybean futures, meanwhile, had almost the opposite experience, making their lows […]

Wheat
Advisor Commentary

Significant Developments in Agricultural Markets Before USDA Reports

Commentary provided by Chad Burlet of Third Street AG Investments The last business day of June always brings the USDA’s release of its June 1 Grain Stocks Report and its Acreage Report. They arguably make it the most important report day of the year. This year’s reports certainly didn’t disappoint, but there were plenty of significant developments […]

Wheat
Advisor Commentary

Weather Dominates Ag Markets: Crop Surges, Price Wars, Soy Challenges

Commentary provided by Chad Burlet of Third Street AG Investments As expected, the weather was the dominant feature this month. In the U.S., corn and soybeans were planted ahead of the average pace, which increases the chance for trendline or better yields. A late-month surge of planting in North Dakota looks to have held prevented planting acres […]

Wheat
Advisor Commentary

Why February Was a Bearish Month for Agricultural Futures: Understanding the Key Inputs

Commentary provided by Chad Burlet of Third Street AG Investments A handful of key inputs combined make February a bearish month for agricultural futures. Corn, wheat, soybeans, soybean meal, and soybean oil all closed lower for the month. After making their highs mid-month, all the nearby contracts made their lows today, the last day of the month. […]

Wheat
Advisor Commentary

Agricultural Futures See Lower Volatility in January

Commentary provided by Chad Burlet of Third Street AG Investments By recent standards, January was a relatively quiet month for agricultural futures. Volatility trended lower for corn, wheat, and soybeans, and their monthly trading ranges were near the lowest of the past year. The top three global issues were the same as last month: 1) dryness in […]

Wheat
Advisor Commentary

November 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments With the arrival of winter in the northern hemisphere, a majority of market observers have turned their attention toward the production prospects in the southern hemisphere, where Brazil, Argentina, and Australia dominate. Australia’s leading crop is wheat, and they are on track to produce their third large […]

grain
Advisor Commentary

October 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments After months of high volatility and wide daily and weekly trading ranges, the agricultural markets settled down considerably in October. Corn and soybean futures were particularly docile, with corn volatility falling to a two-year low and soybean volatility to a one-year low. The monthly trading range in […]

Advisor Commentary

September 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments The last business day of September always brings the USDA’s report of September 1st U.S. grain stocks, the end of the previous crop year. This report has often yielded surprises that force a change in the last fall’s crop size and create significant moves in the futures […]

wheat bombing
Advisor Commentary

August 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments We opened the month of August with all eyes on the M/V Razoni, the first vessel to sail out of Ukraine since the Russian invasion in February. The Razoni and at least 64 other vessels traveled safely through the corridors the UN, Turkey, Russia, and Ukraine agreed […]

Corn field
Advisor Commentary

July 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments The themes of uncertainty and volatility that have been with us for most of 2022 did not leave us during July. Some root causes, like the war in Ukraine, have been with us for many months, but new risks and unexpected developments have impacted the agricultural markets […]

Corn field
Advisor Commentary

June 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments The last business day of June always brings the USDA’s June 1 Stocks Report and updated estimates of Planted Acres. The combination of those two reports, one for old and one for new crop, make it the most important agricultural report day of the year. This year […]

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