Commentary October Lean Hogs retraced most of Monday’s gains forming an inside candlestick. It settled near the low at 51.825 which is right at support at 51.80. This has to hold as yesterday’s rally took price up to resistance at the downward sloping 100 DMA (53.95), making a new high at 54.15 in an attempt to break free of …
Livestock Report
Commentary October Lean Hogs opened above trendline resistance at 49.575 and kept going higher reaching 51.85 before falling back and settling at 50.975. The breakout is a positive step in trying to get a recovery in Hogs. The pullback at the end of the session kept price below the downward sloping 50 DMA on the continuous chart at 51.10 …
Soy and Corn Market Commentary
Commentary: SOY: The USDA released the WASDE report. The bean yield was raised which puts the carry at 610. My early thoughts were a 650 carry. This may still come to fruition. The global numbers are large at 95.36 mil mt. The futures shrugged this off today as the recent weather gives pause for concern. In addition the Chinese have …
Grain Spreads: Hedge Idea Corn
Commentary: Some of the talking heads in the trade are commenting that it is only a matter of time before new crop corn has a 2 handle in front of it. Are they correct? The bearish news driven by excellent yields and production in South America this past growing season coupled with domestic demand decimated by Covid that increased the …
Grain Spreads: Hedge Idea Beans
Commentary: Soybeans fell over 14 cents today and is heading for a test of key weekly chart support at $877.6. (ZSX20) Prices rose to $8.99 ¾ on Monday and closed near midrange ahead of the Weekly Crop Progress Report. On Monday, USDA again surprised the trade with an unusual increase in soybean ratings, adding another percentage point to the “good” …
Soy Market Commentary
Commentary: The soybeans ended a bit lower, along with the soy meal market. The weakness continues based on the higher ratings and concerns regarding the Chinese US relations. It is possible the beans and meal pause for a minute here before going lower. The beans are made in August as the saying goes and the market may wait to see a …