Pure Hedge – Grains

Bill Allen General Commentary

9/29/23 The grain stocks report came out this morning, and the soybean, corn and wheat markets all broke quickly, and never looked back. November’23 soybeans were down 25 1/2 cents and settled at 1275. November’23 soybeans traded down to a new one month low of 1272 1/2 and lost 21 1/4 cents for the week. December’23 corn was down 11 …

Hogs collapse on Bearish Hogs and Pigs Report

Ben DiCostanzo General Commentary

December Lean Hogs collapsed in the aftermath of the surprisingly bearish Quarterly Hogs and Pigs report. Thursday saw a surge in Hog prices as traders cleaned up positions in front of the report. It took price to just under resistance at 76.175 as, in my opinion, traders feared a bullish surprise in the report. That didn’t happen and the Friday …

Grain Spreads: Rally Sold in Corn

Sean Lusk General Commentary

Commentary Despite a friendly report that showed US corn stocks on September 1st coming in at 1.361 billion bushels versus an average trade expectation of 1.439 billion, corn broke 11 cents today.  Last year, September 1st stocks were 1.377 billion. On-farm stocks were 605 million bushels, well above last year’s number of 510 million. Off-farm stocks were 756 million bushels, …

Grain Spreads: More Wheat Not Less

Sean Lusk General Commentary

Commentary Ukraine and Poland announced they are currently in negotiations to lift Poland’s grain import ban of Ukrainian grain. The flood of exports moving west out of Ukraine previously caused an oversupply situation in Poland other EU countries. This was responded to with an import ban on those imports to help stabilize other EU markets. Polish Agriculture Minister Robert Telus …

Cattle Markets Crash

Ben DiCostanzo General Commentary

November Feeder Cattle was pounded on Tuesday, opening lower and making the high at 262.90 and falling apart to the low at 256.25. It settled near the low at 256.875. High Feeder futures finally, in my opinion led to a break down in price as the Feeder Index has stalled and traders wanted out. The breakdown took price below support …

Hogs Rebound

Ben DiCostanzo General Commentary

December Lean Hogs made another new low since taking over as the lead contract. It opened lower and traded down to the low of the day at 71.625. Price rebounded sharply, trading to the session high at 73.10 and then it consolidated in the middle of the range the rest of the session. It settled at 72.525.  It was the …

Grain Spreads: Corn’s Harvest Pressure Wanes

Sean Lusk General Commentary

Commentary Crop conditions have corn improving by two points while bean conditions lost two points. Will the decline in beans lead USDA to drop national yield below 50 bushels per acre? They could but number one producer Illinois gained 6 points in the good to excellent category while number two producer Iowa was unchanged at 47 percent. The USDA will …

Cattle Markets Rally, Hogs Weak

Ben DiCostanzo General Commentary

December Lean Hogs continued lower on Friday, opening lower and falling to the low of the day by 9AM CDT. It consolidated near the low the rest of the session. The high was at 74.875, the low at 72.025 and settlement was near the low at 72.175. The pressure continued after Thursday’s limit down session as worries about expanding supply …

Pure Hedge – Grains

Bill Allen General Commentary

9/22/23 Corn, Soybeans and Wheat all closed a little higher today, but were mostly lower for the week. December’23 Corn closed up 2 cents and settled at 477 1/4, up one cent for the week. Last week on the 19th corn hit it’s one month low and the 52-week low at 467 3/4. November’23 Soybeans were up 2 1/2 cents …

Grain Spreads: Corn Rallies, Brazil Acres, FOMC

Sean Lusk General Commentary

Commentary Corn moved higher on two fronts today in my opinion.  First, national corn ratings now stand one point below last year and 8% behind the five-year average at 51% good to excellent. Top five producers Minnesota and Iowa held up those ratings with a two-point gain each this week, but both are holding safely on the low side of …