Soft red wheat appears to be the new golden child in grains. We’ve got Chicago 76 cents over Kansa City in the December contracts, 55 cents over in the July 2020 contract and 30 cents over in the July 2021 contract. Historically, this is unusual and we have to ask the question of whether lower protein wheat which traditionally has …
Livestock Report
The October Lean Hogs contract rallied past resistance at 67.80 to the session high at 68.00. It couldn’t sustain the rally and broke down and traded to the session low at 65.925. It settled near the low at 66.30. The October contract was the weakest contract in the Hog arena as deferred months settled higher on the day. A …
Grain Spreads: Corn Outlook
Remember when corn was 4.68? It was the high the last day of June made just after the quarterly stocks report prior to the acres release. The USDA came out and said we actually planted more acres than last year and as a result 4.68 was your seasonal top. that level represented a 20 percent move higher for the calendar …
Getting Lucky?
The most recent 6 to 10 day forecast calls for generally warmer and wetter for the Heartland. Hopefully, we get an extended growing season and allow for corn and beans to mature. Get the bushels first and then get the demand! Field reports are still promising for corn in the South and Mid South and hopefully Dorian stays East and …
Livestock Report
The October Lean Hogs contract spent the session bouncing above and below the 66.55 resistance level before settling above it at 67.125. A rally from settlement could see price test resistance at 67.80 and then 69.80. A failure from settlement could see price fall back within Tuesday’s range. The Lean Hog index continued it fall and is at 67.97 as …
Grain Spreads: Two Sided
Its been a choppy ride in the soy complex with Nov 19 Beans finding support between 860/855, while resistance comes in at 880/883. Prices cant find much conviction to crash through support or aggressively take out resistance. At least for today beans saw some friendly demand news enter into the market. Export sales of 451,766 metric tons of soybeans for …
Hot Potato
The recent 6 to 10 day forecast for the Heartland is slightly cooler and wetter than normal. Pretty luke warm! September deliveries might weigh on prices as there’s enough of everything everywhere for the next few months. Mother Nature will determine what happens with corn and bean spreads while Chicago wheat remains the special case! After first notice day we’lllook …
Grain Spreads: Bean Plan
In looking at the soybean market I think the best plan forward is to have a static long in the market using Nov 20 options while keeping a near term short position for old crop. It comes on two fronts. Optimal growing conditions in the near term could keep this market searching for bottom while a longer term bullish position …
Livestock Report
The October Lean Hogs contract opened higher and up-ticked to the high of the day 64.40. It couldn’t handle success and traded to the session low at 62.40. It bounced at the end of the day and settled at 63.225. The settlement price is below the key level at 63.325 and could dictate direction for Trade on Wednesday. Trading above …
Agreement Soon?
The recent 6 to 10 day forecast is calling for cooler and drier than normal in the Heartland. Could be a little supportive for corn and beans as we need more time to mature the crop this year. Deliveries are approaching and cash values suggest lots of corn and beans on the street while soft red wheat is the new …