Grain Spreads: Bean Surge

Sean LuskGeneral Commentary

Commentary May soybeans rallied 16 3/4 cents to $11.96, a one-month-high close, while May meal rose $2.00 to $339.20. May soy oil surged 118 points to 47.82 cents, marking the highest close since Feb. 8th. The market in my view rallied on one headline. Brazilian government supply agency CONAB, which is the Brazilian version of the USDA cut their 2023/24 …

Hogs Break down

Ben DiCostanzoGeneral Commentary

April Lean Hogs opened higher and then broke down hard to an early low. The early cutouts showed strength and price proceeded to rally, taking out the high and make the session high at 84.925. The market couldn’t handle success and it broke down the rest of the session to the low at 83.15. It settled near the low at …

Pure Hedge – Livestock and Grain

Bill AllenGeneral Commentary

3/11/24 The Livestock Markets were unchanged or lower today. April’24 Live Cattle were unchanged today and settled at 187.600. Today’s high was 188.375 and the 1-month high is 189.950. Today’s low was 186.975 and the 1-month low is 182.825. Since 2/9 April’24 Live Cattle is 0.875 higher or almost ½%. The Feeders lost a buck today. April’24 Feeder Cattle were …

Grain Spreads: Reversal in Wheat

Sean LuskGeneral Commentary

Commentary May Chicago wheat closed up 9 1/2 cents at $5.47 1/4 and near the session high. Prices hit another contract low early on hitting a new low at 5.23. KC wheat closed up 10 cents at $5.98 3/4, nearer the session high and hit a three-week high. We are currently in 3rd day of the Goldman Roll, which may …

Cattle Makes New High and Fails

Ben DiCostanzoGeneral Commentary

April Feeder Cattle opened higher and raced to the high of the day at 258.325. The rally punched through resistance at 257.925 but stalled just below trendline resistance at 258.45. It then broke down, blasting through the short-term MA’s (8 @255.675 and 13 @ 255.875) and took out Thursday’s low at 254.50 and support at 254.30 to the low at …

Grain Spreads: Short Covering in Beans

Sean LuskGeneral Commentary

ommentary Ahead of the report, corn futures were trading 2 to 3 cents lower, soybeans were mostly 2 to 6 cents lower, winter wheat markets were 5 to 7 cents higher, spring wheat was 2 to 3 cents higher. Beans finished the day up 17 cents, corn up 1.6, Chicago wheat up 9, KC up 14, Minneapolis up 8 cents. …

Cattle Markets Rally

Ben DiCostanzoGeneral Commentary

April Feeder Cattle opened lower and looked like it was going to collapse. It broke down below the short-term MA’s (8 @256.30 and 13 @ 255.725) and took out Wednesday’s low at 254.95. It wasn’t to be however, as price made the low at 254.50 which is just above support at 254.30. The market recovered and grinded higher to the …

Grain Spreads: Creamed Wheat

Sean LuskGeneral Commentary

Commentary May Chicago wheat plunged 20 cents to $5.31, ending near the session low after a move to a fresh contract low. May KC fell 13 cents to $5.56 1/4, forging a low-range close, while May Minneapolis wheat fell 10 1/4 cents to $6.45 1/4.  The break in prices especially in front month contracts comes on two fronts First, Black Sea/ …

Livestock Markets Sag to Start the Week

Ben DiCostanzoGeneral Commentary

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

Sean LuskGeneral Commentary

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 …