December Lean Hogs rallied on Tuesday, making the low early at 74.275 and the high late at 86.80. It dipped at the end of the day and settled at 76.25. The low tested support at 74.25 and the high pushed through resistance at 76.175 and it was able to settle above it. The cash market remains choppy with cutouts ending …
Grain Spreads: Technical Weakness
Commentary Funds came out as strong sellers in soybeans to begin the week as there is a lot of noise regarding following the well published seasonal that lasts for the next two weeks in my opinion. US harvest is just beginning in the Midwest with the NASS showing 5% complete nationally. Export inspections came in below volumes versus a year …
Cattle Markets Pullback After Friday’s All-Time Highs
October Feeder Cattle saw routine profit taking turn into a rout as price broke down over 4 handles from Friday’s high. The breakdown took price from the new contract high made on Friday back into its trading range established from September 11th to September 14th. The Monday high came in at 264.375 and the low at 260.225. It settled at …
Cattle Markets Stampede, Hogs limp into weekend
October Lean Hogs traded in a neutral manner on Friday, consolidating within Thursday’s trading range. It revolved around the 83.325 key level, opening below it, rallying past it and then closing below it. The range was 84.025 high, 82.95 low and 83.125 settlement. The low was also just above support at the 13-DMA now at 82.925. The cash market continues …
Grain Spreads: WASDE Results
Commentary Yesterday’s USDA pegged this year’s corn yieldat 173.8 bushels per acre, down from 175.1 (bpa) in August, but slightly above analyst expectations of 173.5 bushels per acre. (BPA) However, USDA offset that with an increase in area of roughly 800K acres, which resulted in projected 2023/24 ending stocks rising by 19 million to 2.221 billion bushels. The agency made …
Hogs Surge
October Lean Hogs opened higher, dipped to the low at 82.975 and rallied the rest of the session to the high at 85.35. It settled near the high at 85.275. The low was just above support at the rising 8-DMA, now at 82.95. The high was just above resistance at 85.325 and settlement was just below it. Long-term moving average …
Feeder Cattle surges, Cattle higher
October Feeder Cattle was relentless in pursuit of higher prices. It rallied the entire session, making the low early at 258.775 and rallying to a new all-time high at the end of the day. The new high came after settlement at 261.65 with the settlement price at 261.45, also a new all-time high. The cash feeder market is rallying and …
Grain Spreads: WASDE Tomorrow
Commentary The grain trade will have all eyes on tomorrow’s USDA WASDE crop report, that will provide the trade’s best look to date at the size of this year’s summer crops, that have the possibility of significant market implications in my opinion. We’ve gone sideways in the corn for quite a few days. We’ve taken a lot of money off of …
Hogs and Cattle trade lower while Feeders make new all-time High
October Lean Hogs opened lower and ticked to the high at 82.825. Price fell from here, racing to the low at 80.95. Trade was done by 9:15, consolidating the rest of the session and settling at 81.525. Traders continue to worry about the inconsistency in the cash market, in my opinion, as cutouts and cash trading have weakened but are …
Pure Hedge – Grains
9/15/23 The grain markets were mixed again today. December’23 Corn was 4 1/4 cents lower today, and settled at 476 1/4, down 7 1/2 cents for the week. November’23 Soybeans closed down 20 1/4 cents today, and settled at 1340 1/4, down 22 3/4 cents for the week. December’23 Wheat was the only one to close higher today and for …