Commentary Short covering to end the month today was the feature in wheat. But it was a second straight month of losses for all three wheat complexes led by Chicago wheat. Sep Chicago wheat posted a 78-cent trading range and lost just over 46 cents. New contract lows were made in the final week of trade and now near $5 …
Pure Hedge – Livestock and Grain
7/31/24 The Cattle Markets were mixed today as the Hogs had a nice gain. The Fats headed lower today. October’24 Live Cattle were 77 ½ cents lower today and settled at 186.67 ½. Today’s high was 187.25 and the 1-month high is 189.05. Today’s low was 185.87 ½ and the 1-month low is 181.72 ½. The 52-week low is 168.50. …
Profit Taking in the Livestock Markets
October Lean Hogs opened lower at the key level at 77.80. This turned out to be the high of the day as price plummeted to the session low at 74.45. This was a limit down move and the price action came off the limit and was done by mid-morning as it drifted the rest of the session near the low …
Grain Spreads: Divergent Weather
Commentary Good to excellent conditions for corn rose 1 point his week to 68 percent good to excellent. There simply hasn’t been a weather threat for corn during the key pollination month of July in the Midwest in my view. Weather models are now diverging in the near-term forecast with the US model turning hotter and Euro cooler. Both agree …
Pure Hedge – Livestock and Grain
7/29/24 It looks like the break in the Cattle Markets could have begun today. October’24 Live Cattle were 1.75 lower today and settled at 186.80. Today’s high was 188.97 ½ and the 1-month high is 189.05. Today’s low was 186.12 ½ and the 1-month low is 181.72 ½. Since 6/28 October’24 Live Cattle are 2.50 higher or almost 1 ½%. …
Hogs Make New High and Pullback
October Lean Hogs started the session with a bang, gap opening higher and trading to the high at 78.70. It failed just below resistance at 78.80, breaking down hard to the session low at 76.65 and then grinding higher to settle right at the key level at 77.80. The cash market continued its surprising run of strength with both the …
Pure Hedge – Livestock and Grain
7/24/24 The Cattle Markets were mixed as the Hogs made new monthly highs. October‘24 Live Cattle was 15 cents higher today and settled at 186.27 ½. Today’s high was 186.60 and the 1-month high is 188.55. Today’s low was 185.25 and the 1-month low is 181.72 ½. Since 6/24 October’24 Live Cattle are 2.47 ½ higher or almost 1 ½%. …
Grain Spreads: Corn Potential
Commentary Funds continue to slowly peck away from their record short positions as funds cover another 9 to 10K contracts in corn today in my opinion. Yet the market rallies only a penny on the day. Major resistance is still holding on pushes above 4.20 December 24 corn. Patience is warranted here. FSA is going to adjust acres in the …
Grain Spreads: Xmas in July
Commentary This past weekend’s forecast and early week forecast models show a hotter drier pattern into August. Since August is key yield development time, it’s like one person screaming fire in the theater and the shorts go running for cover. I think we saw some of that market action on Monday because last Fridays close looked very bearish. Funds came …
Hogs Continue Higher
October Lean Hogs Started the week strong as it rallied all session to the high at 76.125. The low came early at 74.55 ad settlement was near the high at 75.975. Strengthening fundamentals are driving futures higher as the cash markets bounce back after their recent declines. Consumer demand has been leading the way as grocers have been aggressive in …