Commentary Tit-for-tat Ukrainian and Russian attacks have marked the ongoing War in the Black Sea area lately. But these attacks overall have done little to halt the price slide caused by plentiful global wheat supplies amid weak demand for North American origin the last three weeks. Since the high on July 27th at 929, KC wheat has lost 1.90 in …
Weakening World Economy Keeps Pressure on Livestock
October Lean Hogs traded to a new low for the down move, settled down and settled in the middle of its trading range. The high was at 78.725, the low at 77.75 and settlement at 78.175. It formed a Spinning Top candlestick and was the narrowest range in the past 7 sessions. Cash continues to leak lower and is keeping …
Grain Spreads: Corn Bounces For Now
Commentary Corn futures chose to follow the soybean market in today’s session after decoupling from the wheat market recently. That was largely due in my opinion to the weather outlook into month end. It is forecasted to be hot and dry across much of the Midwest the next two weeks, putting crops under potential stress as the corn crop finishes …
Grain Spreads: Demand Problem
Commentary Both corn and soybean futures faded and drove lower today as crop condition soybean ratings improved 5 points in the good to excellent category while corn rose two points. A cooler and wetter Midwest for the first three weeks of the month of August has given thoughts that the worst is behind us as far as crop conditions are …
Pure Hedge – Grains
The grain markets have moved lower over the past three weeks. December corn is down 85 cents or 15% to 484 and down a dollar and 46 cents, or 23% since the highs in June. November soybeans are down over a dollar or 8% to 1321, and December wheat is down over a dollar and a half, almost 20% to …
Hogs Collapse and Cattle Markets Lower
October Lean Hogs took a turn for the worse on Monday, opening weak and falling down to test support at 78.80, making the low just below it at 78.725. The high was at 81.30 and it settled at 79.15. Bears are keeping the pressure on Hogs as they believe the seasonal supply increase is near and slaughter levels will dramatically …
Grain Spreads: Creamed Wheat
Commentary US all wheat ending stocks came in at 615 million bushels versus 598 million expected (range 560-635 million) and 592 million in July. The report was bearish in my view, and December Chicago Wheat fell to its lowest level since July 13 after the report was released. Yield and production were lowered, but food usage fell by 5 million …
Hogs Weak as Cash Markets Work Lower
October Lean Hogs took one to the chin and was knocked down to the canvas. The cash market has weakened over the past couple of days and traders let the market have it putting Hogs in danger. The market opened lower and made its high at 84.25, falling the rest of the session to the low at 81.475. It settled …
Grain Spreads: Ending Stocks Ample
Commentary The corn market is lower as we head into Friday’s USDA WASDE report. Report is scheduled for release at 11:00am Central Time on Friday. The trade expects the first survey-based estimate of the U.S. corn yield to land at 175.5 bushels per acre. Trade estimates range from 172.4 to 178 bushels per acre. 2023/24 ending stocks are expected to …
Hogs consolidate
October Lean Hogs consolidated within Monday’s trading range, forming an inside candlestick. It opened higher and rallied to the high of the day at 85.825. It failed and traded down to the low at 83.85. It bounced and settled at 84.575. Hogs are struggling after failing at resistance at the 200-DMA on August 1st. Today’s rally took price back above …