5/31/24 The Cattle Markets were lower again today. August’24 Live Cattle were 1.32 ½ lower today and settled at 178.45. Today’s high was 179.77 ½ and the 1-month high is 182.15. Today’s low was 177.77 ½ and the 1-month low is 170.07 ½. Since 4/30 August’24 Live Cattle are 3.90 higher or just over 2%. The Feeders tripped again today. …
Cattle Markets Break Down
August Feeder Cattle opened lower, at the high of the day (259.00) and the broke down to the low at 255.80. This was in place by late morning and it drifted into the close, settling near the low at 256.40. This week saw Feeders make a new all-time high for the lead contract (highest volume) at 264.95 and then fall …
Grain Spreads: Soy Complex Pressured
Commentary Rough week for the soy complexes this week led by meal as it reversed lower. News that China exporting large quantities of soymeal probably didn’t help. Prior to this week, the strength in soymeal prices had been a surprise to some, as the assumption of a strong crush pace would result in burdensome supplies. That wasn’t the case as …
Hogs Hold The line
July Lean Hogs is now the lead contract as its volume has exceeded the volume of the June contract. It opened a tick higher and traded to the session low at 95.875. It turned higher and rallied to the high by late morning at 97.525. It drifted into the close and settled at 96.95. The initial breakdown took price near …
Pure Hedge – Livestock and Grain
5/29/24 It’s getting interesting out there… The strong surge in the US Dollar Index, and the US Stock Market breaking (as of 1:00 Central Time) is not helping the commodities, especially the Cattle Markets. Continue to sell into strength in the Cattle and Soybean Markets. Make sure to protect your downside exposure. These Markets will continue to move fast. Today, …
Grain Spreads: Wheat Worries
Commentary The two main crop scouts in Russia continue to downgrade Russia’s wheat crop. First IKAR cut its Russian wheat forecast by 2 million metric tons to reach 81.5 million metric tons. Second, Sovecon lowered the wheat crop 3.6 million metric tons to arrive at 82.1 million metric tons. Both moved their estimates based on worsening dryness with no clear …
Cattle Consolidates in Front of Cattle on Feed
August Feeder Cattle opened unchanged, broke down to the low of the day at 259.10 and then rallied into mid-session to the high at 262.05. It couldn’t sustain the rally and pulled back to settle at 260.225. The early breakdown took price to support at the rising 8-DMA, now at 259.45. The recovery bounce took price to resistance at 262.075. …
Grain Spreads: Meal Plan
Commentary It is my belief that soybean meal strength sustained the soybean market today. Cash markets remain hot in the far west as a shortage of meal supplies ignites a rally. Also, inconsistent launches of new crush plants have soybeans going in, but product is not consistently produced. Argentina’s producer remains a tight-fisted holder of soybeans, where it pays to …
Cattle Market Rallies on Strong Cash
August Feeder Cattle opened higher, made the low at 259.90 and then rallied the rest of the session to the high at 263.00. It settled near the high at 262.90. The rally took price to a new high for the recent up move, taking out resistance at 262.075 in the process. The new high puts the all-time high for the …
Grain Spreads: Moving Average Cross Coming in Beans?
Commentary China demand has resurfaced in the last few days as the trade reported Chinese purchases of “at least” two cargoes of U.S. soybeans in recent days, totaling around 130k Tonnes, for July shipment. Flood losses in Rio Grande Del Sol in Southern Brazil are still being assessed, which is offering additional support in my opinion. Slow to launch newly …