Commentary Wheat surged higher to start the week. Attacks over the weekend by Ukrainian forces on a Russian tanker near the strategic Kerch straight brought a round of buying early in the Sunday night session, and then after a give back prompted fresh buying on dips by Monday’s close. In my opinion this escalation has the potential for freight rates …
Livestock Markets Rally into the Weekend
Walsh Trading Daily Insights Commentary October Lean Hogs rebounded after testing support (81.70) in the beginning of the day, making the session low at 81.65. It rallied, drifted, made the high at 83.50 and then dipped to settle at 83.075. The rally took price just past resistance at 83.325 and this proved to be too tough for the market to …
Livestock Pressured Lower
Commentary October Lean Hogs opened on weakness and made an early attempt to rally. It reached its high at 85.875 and then fell hard, trading down to the session low at 83.75. A recovery into the end of the session saw it settle in the middle of the range at 84.875. Selling pressure entered the market as outside weakness due …
Grain Spreads: Bean Balance Sheet
Commentary Today’s forecast models continue the shift toward cooler and wetter for the Midwest corn and soybean crops. In my opinion we may start to see crop ratings stabilize again in USDA’s crop progress report the next few weeks but the rains in my opinion will have to verify. Farmers told USDA they planted 83.505 million acres to soybeans, down 4 million …
Grain Spreads: Rainy Forecast Pressures
Commentary Soybeans saw only a small bump today rallying 9 cents higher to close at 1341 post-Crop Progress. The trend in my view is lower amid a bearish weather forecast for at least the first half of August. Rains are scattered this afternoon and over the next couple days, but action is expected to increase Friday and Saturday with good …