ag thoughts

John WalshGeneral Commentary

The Soy was under pressure today based on better rains received over the weekend. There is much to consider. The weather will be key. It is premature for frost concerns. The ProFarmer tour is underway. It appears they conclude the USDA is overestimating soy yields 4 bu to the acre. Perhaps. However it is early to conclude that. In addition,remember …

Livestock Report

Ben DiCostanzoGeneral Commentary

   The October Lean Hogs made an early attempt to rally, testing resistance at 66.55 as it made the high just below it at 66.525. The failure at resistance saw price turn around and make a run towards trendline support down at 65.325. The trendline briefly contained the selling (half hour), then blasted through the trendline to a new low …

Grain Spreads: China Buys US Products

Sean LuskGeneral Commentary

Despite all the hot air and trade war rhetoric, guess who was in buying beans this morning? From the USDA:Private exporters reported to the U.S. Department of Agriculture export sales of 296,500 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year. Unknown is spelled C H I N A. This follows yesterdays sale of 10,200 …

AG Time

John WalshGeneral Commentary

SOY- The beans are under pressure. The USDA report gave false hope that 755 million bu is not ample. There is a more than ample amount of beans domestically. Looking at the market from a crush perspective. The July 168 pace is a record. The margins are solid still. The oil stocks at 1.47,friendly. The global demand for oil is …

Livestock Report

Ben DiCostanzoGeneral Commentary

   The October Lean Hogs continued its consolidation within last Monday’s huge trading range. Monday’s range was 69.90 high to 61.50 low. Today’s range was 67.275 to 64.60. Settlement was 66.775. A break down from settlement could see support at 64.80 tested. A rally from settlement could see Tuesday’s high (68.50) tested. The Lean Hog index fell to 80.95 as …

Grain Spreads: No Urgency

Sean LuskGeneral Commentary

A continued slide in corn for the third straight day has given thoughts to funds flipping from a net long to net short position. Recent rains in the Midwest have curtailed any further buying of beans despite a bullish report Wednesday. Rallies for now are selling opportunities as soy lacks a near term bullish driver as weather isn’t threatening for …

Grain Spreads: Surprises and Realities

Sean LuskGeneral Commentary

Another bearish whopper given by the USDA as all the kings horses and all the kings men couldn’t knock down the corn acreage number again. Despite the fact the FSA (farm service agency, division of the USDA) revealed in a separate report today that prevent plant acres of corn totaled a record 11.2 million acres. Corn finished limit down. Click …

Livestock Report

Ben DiCostanzoGeneral Commentary

The October Lean Hogs continued its consolidation within last Monday’s huge trading range. Monday’s range was 69.90 high to 61.50 low. Today’s range was 69.125 to 65.00. Settlement was 67.075. A break down from settlement could see support at 64.80 tested. A rally from settlement could see today’s high tested. The Lean Hog index fell to 82.33 as of 8/8/2019. …

Livestock Report

Ben DiCostanzoGeneral Commentary

The October Lean Hogs continued its consolidation within Monday’s huge trading range. Monday’s range was 69.90 high to 61.50 low. The rest of the week’s range was 68.775 to 64.175. Friday’s range 68.65 to 66.60.  Ho hum…. A break down below Friday’s low could see Monday’s low tested. A rally above the high could see Monday’s high tested. The Lean Hog …

Grain Spreads: Evening Up

Sean LuskGeneral Commentary

The soy complex led the way higher for grains this week. November Beans finished 22 cents higher while Soy Oil gained $1.20 to just shy of the 30.00 threshold and a potential breakout on the charts. December soy meal gained a scant 4 handles to finish at 303.7. Funds have been slowly building a burgeoning short in the soy market, …