The October Lean Hogs consolidated yesterdays decline, eating up most of its losses and settling near the high of the day. Wednesdays high is 66.95 and settlement is at 66.85. Still way below yesterdays high of 68.775. Also, an up-limit move will still be below Mondays 69.90 high. So a limit move is still consolidating the weeks range wow!! Even …
Livestock Report
The October Lean Hogs nearly went down limit on Tuesday. I mean… it just consolidated within Monday’s trading range. Both statements are real… Yesterday’s huge 8-handle plus trading range made today’s move look like nothing major happened. Wow… The conflict between the US and China over trade has the market on a roller coaster ride that feels like it is …
Grain Spreads: In the Red
We started the week with a mass sell-off across the commodity board except for grains as short covering ensued in corn, beans, and wheat on Monday. Today prices traded back in the red, albeit they were small losses led by wheat. The heightened ten percent tariffs announced last week and China’s proportional response of eliminating future ag and livestock buys …
Livestock Report
The October Lean Hogs contract opened with a knockdown blow to the chin gap opening lower on the day. With expanded limits for the session it almost traded down the expanded limit for the October contract. Several months did trade down the expanded limit. The October low was 61.50 which is just below the 61.80 support level. In a …
Livestock Report
The October Lean Hogs contract attempted to consolidate its losses early in the trading session but weakness won out with Hogs trading to a new low for the down move at 65.475. It made the session high at 69.30 and it settled near the low at 65.725. Continued weakness could see price test support at 64.80 and then 63.325. …
Grain Spreads: On the Defensive
Sales for future shipment have been on the decline as a sizable secondary corn crop gets bigger in Brazil amid a sizable corn and bean crop grown in Argentina this past growing season. The market is witnessing increased competition for meaningful corn exports from the Southern Hemisphere which is so similar now to the export competition that has previously happened …