April Lean Hogs opened at the high of the day at 88.10, a tick above Friday’s settlement. It broke down the rest of the session to the low of the day at 86.15. It settled near the low at 86.275. The open and high was below resistance at 88.325 and the inability to take out resistance pressured price through support …
Grain Spreads: May Corn Idea
Commentary Corn rallied 5 cents today reversing Friday’s losses and giving thoughts to a continuing technical recovery that could be the trend into Friday’s supply demand report from USDA. China has been largely absent from buying US corn the last 18 months or so but demand from other customers especially Mexico remains strong. Marketing year to date corn export inspections to …
Hogs end Week Strong
April Lean Hogs opened unchanged and broke down to the low of the day at 85.65. This was just below the rising 13-DMA and price held support, reversing course and rallying the rest of the session to the high at 88.25. This is just below resistance at 88.325 and price dipped into the close and settled at 88.075. Cash prices …
Grain Spreads: Waiting on a Rally
Commentary In my view producers and specs and have been awaiting an overdue price recovery to increase 2023-crop corn and soybean sales. Hope and Prayer are never appropriate trading strategies. With that said however, nothing goes up and down forever. Short covering rallies in corn, beans, and meal have been limp in size in my view and have simply hasn’t …