Please remember that the USDA releases its first winter wheat production estimate at 11 on Friday. We’ll also get the usual international production figures and domestic and international Supply/Demand projections. Respect the USDA! The 2019/2020 crop year is starting with some underlying bullishness as winter wheat acreage is the lightest it’s been in a century and corn, oats, …
Livestock Report
June Lean Hogs opened down limit and stayed there for the entire trading session. It settled at the down limit price of 89.75. President Trump tweeted on Sunday that more tariffs and higher tariffs on goods that already have tariffs are coming. Some as soon as this Friday as he said talks are moving too slowly and his patience …
Today’s Market Day Report
Every day the Market Day Report delivers “live” coverage of agri-business news, weather, and commodity market information from across the world. Scott contributes information on the complete agriculture spectrum with a focus on the option markets. View today’s video
Weather Still Counts
China is still a consumer and it’s probable that they buy corn and beans from someone in this world. Might be US origin or might be South American. Regardless, the prices are right for usage and someone is going to make the trade! How do the funds get out of their short positions? Farmers are the long and …
Livestock Report
June Lean Hogs consolidated within Thursdays trading range creating an inside candlestick. The past two trading sessions saw price inch past the 93.50 resistance level before pulling back and settling below it. Friday’s settlement was 92.75, just above support at 92.375. June Hogs are in the middle of a wide trading range from 86.25 low to 99.825 high. With …
Grain Spreads: Buckle Up
Soybeans and Meal are clinging to support where a breach under 840.0 July Beans or under 2.95 in July Meal could potentially lead to a jailbreak to the downside technically. Downside targets could then be 812.2 for July soybeans and 269.6 in meal. Corn has shown some life lately and sits almost 20 cents from last weeks lows. It can …
Respect
Funds are short futures and options and farmers are long cash, both old and new crops! Have we discounted the bearish factors on the board? Do we feel the rest of the bearishness of decent crops in the basis when the time arrives when farmers have to give up title? Cash needs and/or storage tightness might become major factors …
Today’s Market Day Report
Every day the Market Day Report delivers “live” coverage of agri-business news, weather, and commodity market information from across the world. Scott contributes information on the complete agriculture spectrum with a focus on the option markets. View today’s video
Livestock Report
June Lean Hogs made a meek attempt at testing the 87.0625 support level, as it opened lower and dipped to 87.55 for the session low. Hogs pivoted and surged higher, going limit up for the day, settling up limit (91.225) and setting up 93.50 as the target for Thursdays’ trade. Hogs will have expanded limits for trade on Thursday (4.5 …
Grain Spreads: Showing Some Life
“Sell in May and Go Away” has been an old adage in stocks for years. Sometimes it has worked, others not so much. I’m not sure this adage has ever been applied to the grain trade as planting begins and uncertainties in the growing season are magnified. Sell after 4th of July weekend might be more apt for corn and …