December Lean Hogs opened lower, traded to the low of the day at 69.175 and quickly raced higher, trading to the high at 70.65. All in the first 45-minutes of the session. It spent the rest of the session working its way down towards the low, settling near the low at 69.50. I think the session was set back before …
Cattle Markets Break Out Above Trading Range
November Feeder Cattle broke out above the Rectangle consolidation range on Thursday, trading to 253.80. It made the low at 251.775 and settled near the high at 253.575. The rally took price past resistance at the declining 13-DMA, now at 252.875 but it stalled below resistance at 254.30 and the 50-DMA looms just above at 254.675. The Feeder index has …
Grain Spreads: Bean Counting
Commentary Crop conditions came in as expected this week with corn unchanged on the week at 53 percent good to excellent while beans were down 1 percent to 52 good to excellent. Beans drop was highlighted by number one producer Illinois losing 8 points in the good to excellent category while top 5 producer Nebraska lost 5 points in the …
Grain Spreads: Black Swans Enter In
Commentary The October USDA WASDE report will be released on Thursday, October 12. The trade expects the USDA to cut 0.3 bushels off the corn yield bringing it to 173.5 bushel per acre. For soybeans the USDA is expected to drop 0.2 bushels per acre off the U.S. soybean yield according to the Reuter survey. The grains today particularly wheat …
Livestock Markets Lower to start the Week
December Lean Hogs opened lower, tried to rally and traded to the high of the day at 73.225. It then broke down to the low of the day at 71.70. The range was completed by mid-morning and price consolidated and settled near the middle of the range at 72.475. The price action was within Friday’s trading range forming an inside …
Pure Hedge – Grains
10/6/23 Corn, Soybeans and Wheat were all down today, but were still up for the week. December’23 corn was down 5 1/2 cents today, and closed at 492, still up 15 1/4 cents for the week. Today’s high in corn was also the monthly high at 499. November’23 Soybeans were down 14 3/4 cents today but gained 9 cents for …
Pure Hedge – Livestock
10/6/23 Live cattle, Feeder cattle and Lean hogs were all higher today, but only the hogs were up for the week. December’23 live cattle were up 1.30 today, and settled at 186.675, but were down 1.25 for the week, still below the 1-month, and 52-week high at 192.050. November’23 Feeders were 0.575 higher today, and settled at 250.875, but were …
Livestock Markets End Week on Positive Note
December Lean Hogs opened lower and made the low at 71.15. This tested support at 71.325. Support held and the market was bid up the rest of the session and made the high late at 73.675. Settlement was near the high at 73.575. Traders continued to cut back on the huge discount the December futures have to the cash index. …
Hogs Surge
December Lean Hogs surged on Thursday, coming close to going up limit at the high of the day at 72.50 and settling near the high at 72.275. The low was the opening price at 69.35. I think short covering was the order of the day as futures are trading at a stiff discount to the Lean Hog Index and the …
Grain Spreads: Potential Double Bottom in Beans?
Commentary Soybean ratings rose for the first time since mid-August, back to 52% good/excellent, led by a six-point increase in number one producer Illinois and gains for most of the other main states as well—early harvest results are presumably coming in better than expected (usually the case). It remains the second-worst rated crop (besides the obvious 2012) this late in the …