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Commentary The balance sheet numbers for beans were the second straight surprise by the USDA in the last few weeks in my opinion. For 2023-24, USDA cut ending stocks 50 million bu. to 300 million bushels. The average pre report guesstimate was 199 million bushels. Total supply was lowered 185 million bu. to reflect smaller acreage. USDA cut total use …

August Lean Hogs burst out of the starting gate Monday morning, racing to the high of the day at 96.95 and closing the gap created from the July 7th high at 96.675 to the July 6th low at 96.775. Traders reevaluated the market and Hogs fell apart, trading down the rest of the session to the low at 93.875. It …

Commentary Wednesday at 11am Central will be our next supply demand report from USDA. The WASDE numbers will be the first release and feature their first ending stocks estimates since the June 30th quarterly report. While we have no idea how the USDA will come up with their ending stocks figures and what those might be on Wednesday, weather forecasts …

August Live Cattle bounced back on Friday, approaching the Friday and Monday highs after the mid-week pullback took price down to its 173.425 low. Friday’s rally stalled at 177.20, just below Friday’s 177.25 high with settlement nearby at 177.00. The low was at 174.30. With low expectations for cash this week… traders took futures down after the July Fourth holiday. …

Commentary A nonthreatening forecast precedes the weekend, and the funds were active sellers after last week’s surprise 4 million acre cut in acres. There is a lot of skepticism here. Beans lost 4 million acres; corn gained 2 million according to USDA. There were additions to other crops like sorghum up 830K from the March report, Rice 100K higher, Barley …

Commentary Wheat futures exploded in all classes today with the rally coming on a few fronts. First, crop ratings for Spring wheat declined by 2 points in the good to excellent category as number one producer North Dakota, which represents approximately 51 percent of the Spring wheat crop lost 9 points in the good to excellent category. The weather story …

August Lean Hogs broke out of its trading range, racing to a new high at 95.325. The high was just past resistance at 95.30 and price pulled back to settle at 94.325. The low was at 92.15. The cash market continues to show strength and both cash and cutouts were surprisingly strong on Monday. Prop 12 is now in effect …