Commentary Despite eight straight daily soybean export flash sales announcements, buyer interest remained limited this week. With Brazil still actively exporting its record 2022-23 crop and U.S. exports playing catchup, buyer interest remained limited in my view. Forecasts for improved Brazilian rainfall also potentially weighed on prices, but crop stress prodded the USDA to lower its crop estimates to move …
Hogs Surge, Go Limit Up
February Lean Hogs opened higher, made the session low at 67.125 and reversed course, surging to the high at 70.475, going limit up and settling up limit at 70.475. Friday’s session should see the limit expand to 5.5 handles. Strong exports seem to be the driving force for the rally as traders hope strong overseas demand could turn cash prices …
Pure Hedge – Livestock and Grain
12/13/23 The Livestock and Grain Markets were all lower today, as they should be and are not finished yet. After three days of rallying, the Cattle markets ran out of steam, and headed lower today. February’24 Live Cattle slipped back down 1.375 today and settled at 167.225. Today’s settlement was just above today’s low of 176.175, and …
Grain Spreads: Tug of War in Corn
Commentary March corn futures rose 3 3/4 cents at $4.85 1/4 and near mid-range. It was another day or tug of war between wheat going one way, soybeans another, and corn stuck in between. Brazil’s crop weather remains in the forefront of the market in my view with too hot and dry in the Central/North areas and too wet in the …
Cattle markets Start week Strong, Hogs Weaken
February Lean Hogs opened higher and raced higher to the session high at 70.225. The high was in between resistance at the declining 50-DMA (70.125) and 21-DMA (70.275) and just above the 69.90 resistance level. This confluence of resistance was too much for the market to overcome and it proceeded to fall apart, trading lower and breaking to the low …
Grain Spreads: Meal Market
Commentary Soybeans were higher today largely on the disappointing rains in Center-West Brazil in my opinion. January soybeans up 32 cents to $13.36, January meal futures $8.50 higher to $413.20 and January soy oil up 91 points to 51.11 cents. A few crop scouts and forecasters noted in their mid-day forecasts today showed Brazil rains still not enough to avert stress …
Pure Hedge – Livestock and Grain
12/11/23 The Cattle Markets rallied the second half of the trading day and closed higher. February’24 Live Cattle gained 2.175 today and settled at 167.900, just below today’s high of 168.150. March’24 Feeder Cattle were 2.525 higher today and settled at 218.600, just below the sessions high of 219.000. The Hogs headed the other way. Febeuary’24 Lean Hogs fell 1.650 …
Pure Hedge – Grain
12/8/23 The Grain Markets broke after the release of the WASDE Report this morning. January’24 Soybeans were 7 ¾ cents lower today and settled at 1304. The beans broke from their high today of 1330 ¾ after the Report. Since 11/8 Jan’24 Beans are down 61 ¾ cents or 4 ½%. March’24 Corn gave back 2 ½ cents today and …
Pure Hedge – Livestock
12/8/23 The Livestock markets were higher today, and I think that provided another selling opportunity. February’24 Live Cattle were 3.200 higher today and settled at 165.725. The low today in Feb’24 Live Cattle was 162.675 and that’s just above the 1-month and 52-week low of 162.400. Since 11/8 February’24 Live Cattle are 13.750 lower or over 7 ½%. January’24 Feeder …
Livestock Markets Rally to end Week on A Positive Note
February Lean Hogs opened unchanged and then broke down to the session low at 67.25. It reversed course and raced to an early high and then ranged for a couple hours before breaking higher and trading to the session high at 69.30. It settled near the high at 68.975. It formed an outside day candlestick, settling positive on the session …