Commentary Soybean ratings rose for the first time since mid-August, back to 52% good/excellent, led by a six-point increase in number one producer Illinois and gains for most of the other main states as well—early harvest results are presumably coming in better than expected (usually the case). It remains the second-worst rated crop (besides the obvious 2012) this late in the …

December Lean Hogs continued on its path of lower prices, gaping lower on the open and continuing lower till late morning, making the low at 69.325. It limped into the close and settled at 69.50. The high was at 71.375. The gap is from the September 29th low at 71.775 to Monday’s high. The selling pressure continued as traders remain …

Commentary November soybeans rose 2 cents to $12.77 after marking the lowest intraday level since June 29. December meal fell $6.90 to $374.30, the lowest close since June 12, while December soy oil rallied 160 points to 57.43 cents, ending the session above the 200-day moving average. Soybeans struggled to garner much bullish momentum from the surging corn and wheat …

9/29/23 The grain stocks report came out this morning, and the soybean, corn and wheat markets all broke quickly, and never looked back. November’23 soybeans were down 25 1/2 cents and settled at 1275. November’23 soybeans traded down to a new one month low of 1272 1/2 and lost 21 1/4 cents for the week. December’23 corn was down 11 …

December Lean Hogs collapsed in the aftermath of the surprisingly bearish Quarterly Hogs and Pigs report. Thursday saw a surge in Hog prices as traders cleaned up positions in front of the report. It took price to just under resistance at 76.175 as, in my opinion, traders feared a bullish surprise in the report. That didn’t happen and the Friday …

Commentary Despite a friendly report that showed US corn stocks on September 1st coming in at 1.361 billion bushels versus an average trade expectation of 1.439 billion, corn broke 11 cents today.  Last year, September 1st stocks were 1.377 billion. On-farm stocks were 605 million bushels, well above last year’s number of 510 million. Off-farm stocks were 756 million bushels, …

Commentary Ukraine and Poland announced they are currently in negotiations to lift Poland’s grain import ban of Ukrainian grain. The flood of exports moving west out of Ukraine previously caused an oversupply situation in Poland other EU countries. This was responded to with an import ban on those imports to help stabilize other EU markets. Polish Agriculture Minister Robert Telus …

November Feeder Cattle was pounded on Tuesday, opening lower and making the high at 262.90 and falling apart to the low at 256.25. It settled near the low at 256.875. High Feeder futures finally, in my opinion led to a break down in price as the Feeder Index has stalled and traders wanted out. The breakdown took price below support …

December Lean Hogs made another new low since taking over as the lead contract. It opened lower and traded down to the low of the day at 71.625. Price rebounded sharply, trading to the session high at 73.10 and then it consolidated in the middle of the range the rest of the session. It settled at 72.525.  It was the …

Commentary Crop conditions have corn improving by two points while bean conditions lost two points. Will the decline in beans lead USDA to drop national yield below 50 bushels per acre? They could but number one producer Illinois gained 6 points in the good to excellent category while number two producer Iowa was unchanged at 47 percent. The USDA will …