Awaiting a statement from the USDA after the closed meeting starting at 10:30 Chicago time. The trade could be going into the report resolved to $2 per bushel for beans, 4 cents for corn and 43 cents for wheat. We’ll see! Weather and politics! What a combo but, we’ve been here before and whether we like it, or …
Livestock Report
The July Lean Hogs contract consolidated within the 92.375 resistance and the 90.45 support levels. The high was just below resistance at 92.25 and the low was just below support at 90.30. It settled at 91.05. A rally above the high could see price test resistance at 93.50. A breakdown below the low could see price test support at …
Grain Spreads: Politicians Enter the Supply Side
There is lots of noise, rumor and talk of subsidy and or trade mitigation for US farmers going forward as a financial aid program for farmers hurt by the trade war. The aid is set to be announced at some point Friday and is potentially said to be in excess of $15 billion. Payments of $2.00 to soybean growers, 63 …
Livestock Report
July Lean Hogs is now the lead contract as its volume has overtaken the June volume. The July contract tested resistance at 93.50 on the continuous chart making the high of the day at 93.375. Resistance was firm and price collapsed and trade down to the session low at 91.025. It settled near the low at 91.375. Support is at …
New Crop Opportunities
Looks like new crop corn in 2019, 2020, and 2021 are in their “happy place” from 410 to 420. There are calculating experts out there presenting 460 as a breakeven price for corn this year given the lower yield expectations. But, we’ve seen in analog years that great yields happen in years after problematic years with too much moisture …
Today’s Market Day Report
Every day the Market Day Report delivers “live” coverage of agri-business news, weather, and commodity market information from across the world. Scott contributes information on the complete agriculture spectrum with a focus on the option markets. View today’s video
Seven Days in May
Love the movie and it’s pertinent to the tension we are experiencing with the final 50% of corn planting and the start of wheat harvest. Losing corn acres to Mother Nature and the probability of a later corn harvest might make wheat feeding in the Southeast in July/August/September an attractive proposal at present differences. If quality is …
Livestock Report
In another volatile trading session June Lean Hogs opened lower and rallied to the high of the day at 92.80. It wasn’t able to take out yesterday’s high at 92.825 and sellers took over and drove price down hard past support at 90.45 on its way to the low at 89.65. Bulls came back in the market and price …
Grain Spreads: The Edge of Wetness
Massive rains are forecasted to enter into the Midwest growing areas this weekend and through most of next week. The continued rains have given thoughts to continuing planting delays for corn as the last progress report showed only 30 percent planted vs a five year average of 67. Late planting threats we discussed in Mid-April finally have begun to matter …
Before the Deluge
We might be setting the stage for a weather move to the upside as we’ll be looking at rainfall totals and river levels Sunday night and Monday morning. Corn acreage loss from non planting and potential replanting is probable and we’re getting to the point in wheat areas where too much moisture causes more headaches than help. Funds are …