Planting progresses as producers race to get corn, beans, and spring wheat in the field expanded last week vs expectations while winter wheat condition slightly improves. Corn came in at 62 percent planted vs a five year average of 63. However some trouble spots remain with a sizable lag in planting remaining in Wisconsin (30% planted vs 5 year average …
Livestock Report
Live Cattle On Monday May 14th, 2018, the June Live Cattle contract continued to consolidate between the April 30th high (107.825) and the May 1st low (103.825). It opened at the session high (106.85) and broke down, trading all the way down limit by the end of the day. It ended the day down limit and sets a bearish tone …
AG TIME – WISHING ON A STAR
The beans reached the $10.00 level and are bouncing because, because, oh yes, yes, the Chinese are speaking with the US! The break this past few weeks has less to do with the news and more to do with the reality of the market. The government has demand overstated. The bean sales are some 200 million less. Not because of …
Livestock Report
Live Cattle On Friday May 11th, 2018, the June Live Cattle contract continued to consolidate between the April 30th high (107.825) and the May 1st low (103.825). The Thursday new high (108.10) did little to help cattle break away from the consolidation band. It opened (107.85) below the Thursday high and up ticked to the session high (108.05), also below …
Golden Shower : June Gold Futures
June Gold Futures When I observe the structural nature of the gold market over the last few months it appears more than a bit messy. I had originally thought that we were in the process of forming some kind of triangle however this all changed to me when we broke the inner low of 1303.3 established in late …
Grain Spreads
Profit taking amid liquidation was the end of the week theme in the grains as corn, wheat, and beans fell in tandem following yesterday’s Supply & Demand report from the USDA. Despite some bullish inputs for corn and beans regarding new crop ending stocks in beans and global ending stocks in corn, funds liquidated ignoring the data in my view, …
AG TIME CONTRARIAN PAYED TODAY
The beans and meal were under pressure today. It is my contention that the USDA report was off in many key areas. Detailed in yesterdays writing. The old crop bean supply. HUGE, both domestic and globally. the new crop in my opinion is understated. This could be a significant amount. The Chinese economy is slowing a bit. The Hog sector …
Livestock Report
Live Cattle On Thursday May 10th, 2018, the June Live Cattle contract continued to consolidate between the April 30th high (107.825) and the May 1st low (103.825). It started the day near the session low and support, opening at 105.475 and trading down to 104.975. The low is just above the 104.85 support level and buyers came in here and …
Wheat Thins: July KC Wheat
July KC Wheat The advance in the July KC Wheat contract stemming from the summer lows of 2016 seems to be unfolding in a complex manner. From an Elliott Wave standpoint I could label the sequence a few different ways. I am current leaning towards the more bearish alternative. Should the market close the week below the critical …
AG TIME – IT MAY PAY TO BE CONTRARIAN
The USDA released their report. The screams of bullishness. It is important to separate the beans from corn here, because I feel much differently about them. The USDA added to the global carry, now 92 mmt. Huge. The new crop is reduced to 87 mmt. I have some issues with this and really am questioning the reasoning behind this. The …