AG Overview

John WalshGrains

The USDA report was released. Looking at the numbers I would like to draw some comparisons.  First, the soy carry was reduced 5 million bushels to 550. Two years ago we had a 197 carry. Interesting to note the price with almost 3* less carry than today was in the same range with a brief high of 12.00.  Two years …

Livestock Report

Ben DiCostanzoGeneral Commentary, Livestock

Live Cattle On Monday, April 9, 2018, the June Live Cattle contract tested the 104.20 – 104.85 resistance range, reaching 104.60 for the high of the day. Once again resistance held and Live Cattle plummeted to the low, trading down to 102.10. It settled near the low at 102.50. A breakdown on Tuesday below the Monday low could see price …

Grain Spreads

Sean LuskGeneral Commentary

Soy Complex It’s as if the tariff talk never occurred last week with this push higher in beans and we are back to trading weather events both at home and abroad along with demand. Speaking of demand,net sales for future shipment from last Thursdays export sales report came in at 1,133,000 MT for 2017/2018 and up noticeably from the previous …

The Wild Wild West: June Live Cattle

John LunneyGeneral Commentary

June Live Cattle         Load up the six-shooters for this market which is whipping around like a rattlesnake on peyote. The daily ATR (average true range) as of last Friday reached 2.950, nearly a limit move, surpassing the contracts high established in the late summer of 2017. Following the clobbering they took to 102.050 on Friday the …

Grain Spreads

Sean LuskGeneral Commentary

Soy Complex To say its been one of the more volatile weeks for beans would be an understatement. The weekly range was 76.6 cents basis May futures.  Tariff talk, saber-rattling, weather both in north and South America have funds, specs, and hedgers spinning their wheels as volatility reigns. The backbone to me for the continued rallies from the dips in …

Ag Thoughts

John WalshGrains

I must confess I am a bit tired. I am viewing the market much different at present than the conventional pieces I read. My contention is we have plenty of everything. Beans especially. Most of what I read is laying out a bull stance. Which is fine and perhaps will be correct. The meal market has had a story based …

True Grit : May Feeder Cattle

John LunneyGeneral Commentary

May Feeder Cattle      The May feeders displayed some real grit in the last two sessions. After failing to hold a major technical level in last week’s final session the dogies managed keep it together at the previously  identified second tier save level. This location at roughly 110.500 is a geometric convergence zone with both sloping lines dating back …

Ag review

John WalshGrains

The markets rebound based on the time to mull over the terrif situation. There are many changes on the horizon. The global growth in supply will continue to advance going forward. The Brazilian especially will take this ball and run with it. Look for continued fierce export competition. This will cut into the US ability to move the beans in …

Livestock Report

Ben DiCostanzoGeneral Commentary, Livestock

Live Cattle It was a wild day in the June Live Cattle contract on Wednesday, April 4, 2018. It gap (Tuesday low – 99.55 to Wednesday open – 98.925) opened lower and broke down below support (97.375) making another new low for the move at 97.075. It reversed direction from here and soared. It closed the gap and consolidated and …

Grain Spreads

Sean LuskGeneral Commentary

At 3.00 AM central time Chicago, the Chinese announced retaliatory tariffs against a litany of U.S. products namely Soy and Corn. The announcement immediately sent corn, beans, and wheat spiraling lower amid light overnight volume. Technical damage was done and stop losses initiated. Beans broke 55 cents, Corn 16 and all wheat classes over 10 lower at one point. Early …