Commentary Sideways grain markets that were very choppy with small ranges were the story in today’s lackluster session. There is a tremendous amount of debate amid the trade with this year’s unusual weather pattern in the Midwest. The trade is pricing in cuts to production and yield from last month’s WASDE report. But how aggressive will these cuts be and …
Hogs Fall
October Lean Hogs opened higher and made the high just a tick above the open at 84.125. Bearish traders came in and slapped price lower and it continued lower the rest of the session as Tuesday’s bearish Shooting Star candlestick emboldened traders. The selling pressure took price down to support at the 81.70 key level, making the low just below …
Grain Spreads: Ratings Buoy Beans
Commentary November soybeans rallied 11 cents before closing at $13.76. December soybean meal futures closed $1.60 higher at $399.2 but ended nearer the session low. USDA reported that soybean ratings lost 5%, now at 53% good to excellent, behind 57% last year and the 60 percent five-year average; soybean pod-setting and dropping leaves stand at 95 percent and 16% respectively, …
Hogs Can’t Hold Early Gains
October Lean Hogs gap opened higher on Tuesday and rallied to the session high at 84.725. The rally stalled and broke down the rest of the session, closing the opening gap and making the low at the end of the day. The low came in at 83.05 and settlement was at 83.175. The rally stalled below resistance at 85.325 and …