The August Lean Hogs contract made an early attempt at a rally pushing past the 77.80 resistance level and making the session high at 78.325. The market collapsed and traded to the session low at 75.575. It settled at 76.075. It formed a bearish outside candlestick. A failure from settlement could see the 74.25 support level revisited. A failure …
Range Bound Until August?
Too dear to buy and not dear enough to sell. Grains still appear to be hovering as the trade has been stymied by the USDA acreage fiasco and even though the USDA usually does not tweak corn or bean acreage figures until the August reports there is an uneasiness about their past behavior with the Chinese Census Revisions and …
Wheat Harvest and Corn Pollination!
There are some discrepancies and unusual relations in the wheat market as Chicago remains unnaturally firm compared with Kansas City and Minneapolis. Believe it or not, we’ll be wrapping up this year’s harvest in a few weeks and then we’ll be dealing with seeding a few months from now. New crop Chicago is showing a 27 cents premium …
Grain Spreads: Wheat/Corn
Lets put last weeks crop report aside for the moment. Since the USDA offered a mea culpa an hour after last Friday’s release of acreage estimates, saying they were going to resurvey a 14 state area for a more accurate and valid count of corn and bean acres, we should dismiss it as well. In my opinion the focus should …