The market was lackluster today. The nearby beans held the 9.97-10.00 level. This may prove important in the near term. The Chinese demand has been satisfied from Brazil recently. The next 2-3 months may see a pick up out of the US. Apparently, I say apparently, the China delegation has offered the US an additional 70 billion worth of new …
Livestock Report
Live Cattle On Monday June 4, 2018 the August Live Cattle contract opened at 103.575 and traded in a range (102.775 low to 104.225 high) for most of the day. A break down at the end of the day saw price take out the 102.775 low and trade to the low of the day at 102.35and then settle nearby at …
AG TIME
The weekend bore no fruit with the US and China. The beat goes on. It has been my belief that beans are overvalued. We now have moved back to $10.00 This has been a key level and may offer support given the early date on the calendar. The planting has been swift. The market will eye the acreage total at …
Grain Spreads: Continuations
Soybeans, Corn, and Wheat continued south on Monday as managed fund unwinding continued from last week in my view. Although both beans and meal firmed to close last week, the absence of any weather premium along with unease regarding trade deals with China kept sellers active amid fund liquidation. I am hearing a lot of noise regarding these tariff deals …
Grain Spreads: Liquidation Continues
Wheat/Corn Corn found no friends this week as overnight rallies throughout this holiday shortened week were quickly sold into. Despite this morning’s export sales of 993,100 MT for 2017/2018 that were up 16 percent from the previous week and 12 percent from the prior 4-week average offered no help. For 2018/2019, net sales of 149,300 MT were reported for Mexico …
Livestock Report
Live Cattle Friday June 1, 2018 saw the August Live Cattle contract consolidate within the Thursday range ((105.20 – 101.90). The Friday range was 104.425 – 103.30. A break down below the 103.30 low on Monday could see price revisit the Thursday low. Support then comes in at 101.625 and then 100.125. Trading above 104.425 will face resistance at 104.85, …
AG TIME – Fear and Reality
The soy traded both sides today. The oil share gained back a modest amount. There is much fear regarding all the trade tensions. It is my belief that ultimately that is noise. The reality of the market is that beans are off to a good start. It is probable that there could be an increase in acres. The Argentinian situation …
Bean Sprouts ? : July Soybean Futures
July Soybean Futures After an early week thrashing that sent the bean futures back 27 cents from last Friday’s close the market chopped around near the lower end of the range in today’s session rising into the close to finish just above 1024. To me there are a few ways to interpret the price structure. I am once …