Prepping for Friday

Steve Bruce General Commentary Leave a Comment

                                It’s getting a little tougher to feed the bull every day with cooler and/or wetter than normal weather in the Heartland.  Wheat quality is slipping quickly given the moisture but, we’re at the point where hot and dry might be what’s needed to hurt the bean and corn crops.  Normal temperatures and slightly wetter than normal conditions might not …

Livestock Report

Ben DiCostanzo General Commentary Leave a Comment

   The August Lean Hogs contract collapsed on Friday, going limit down and settling limit down for the session. Breaking down below the 80.40 – 79.80 support area and the 100 DMA at 80.47 set the market in flames and they couldn’t be put out. The low and settlement price was 77.90 which is right at the 77.80 support level. …

Grain Spreads: Unwind

Sean Lusk General Commentary Leave a Comment

Trend and Index funds have flipped their massive short grain positions in the market since early May. They were record short across seven grain contracts to the tune of approximately 750 K shorts. Last week they were short just 45 K across corn, soy complex, and all wheat classes. There’s a lot of noise about delayed plantings now being priced …

Livestock Report

Ben DiCostanzo General Commentary Leave a Comment

   The August Lean Hogs contract opened lower and found support above the 80.40 – 79.80 support area. It made the low during the first minute of the trading session (80.925) and then exploded higher. It traded to the session high at 83.175 then consolidated its gain for the rest of the session. It settled at 83.00. It couldn’t rally …

Grain Spreads: Breather

Sean Lusk General Commentary Leave a Comment

Nov19/Nov 20 Beans and Dec 19/Dec 20 corn spreads have abruptly made a turn lower as the grain complex as a whole takes a breath with longs being liquidated. Sure there’s long term problems and issues that will most likely keep this market bid in my view, at least until we get factual data on planted acres and then yield. …

USDA Reports and Mother Nature

Steve Bruce General Commentary Leave a Comment

                                There’s a lot of growing season left and given the lesser acreage for corn, problems with wheat and declining yield potential for soybeans we might anticipate cautious end user buying on any significant dips. yet, there’s no reason to chase a rally unless we start part 2 of the weather market of 2019 and that might come from extreme …

Lots to Consider

Steve Bruce General Commentary Leave a Comment

                                The fear and anxiety over the weather is here and it’s not going away for a long time! An accurate planted acreage figure for corn and beans might not happen until the final crop report next January but, we will receive a fresh figure on June 28. We’ll also get stocks as of June 1 and it is first …

Livestock Report

Ben DiCostanzo General Commentary Leave a Comment

The August Lean Hogs contract is the lead contract as its volume has exceeded July’s volume. It tested support at 79 .80 making the low just above it at 79.90. It rebounded sharply off the low and made the high at 82.425. It settled near the high at 82.25. A rally above the high could see price test resistance at …

Approaching First Notice Day

Steve Bruce General Commentary Leave a Comment

                                Corn appears to be underperforming today!  Has planting panic subsided? Expectations are for the USDA to put corn plantings at 90% and beans at 80% in this afternoon’s progress reports. Winter wheat harvest has been slowed by wet weather while spring wheat is starting to get a little thirsty as it’s been a little dry in North Dakota and …

Livestock Report

Ben DiCostanzo General Commentary Leave a Comment

   The July Lean Hogs contract broke down hard below the 83.325 support level nearly going limit down in the process. It made a new low for the down move and approached the 80.45 to 79 .80 support area making the low at 80.60. It settled at 81.35. This is a critical support area with the rising 100 DMA now …