The February Lean Hogs contract gap opened higher, broke out above the 70.05 trading range high and rallied to the high of the day at 71.55. This was just shy of a limit up move and is right in the middle of the 71.325 – 71.85 resistance zone. With the announcement of a phase 1 agreement with China, trader …

The oil share surged a bit today. This for two reasons. The fundamental picture remains friendly veg oils at present (IMO) and the excitement over a China trade deal. After the close it was announced that phase one has been reached in principal. Now the two leaders (respectively) need to sign the document. It seems possible some details will be …

Now that the December crop report is behind us with hardly any surprises and virtually no adjustments to US crop sizes, the market goes back to watching trade developments with China, and weather in South America. To me these are the two biggest determinants for price. Recent headlines the last 24 hours showing an unprecedented 1.2 billion bushels of corn …

The February Lean Hogs contract rallied and is back in the middle of its 65.40 – 70.05 trading range. It made its high at 68.375 and settled at 67.975. It settled above the declining 100 DMA (67.34) and right at resistance at 67.90. Comments that President Trump may delay the December 15 deadline for additional tariffs helped spark the rally …

The USDA report was fairly benign. The global carry was raised 1mmt. This represents a ample scenario at 96.4 mmt. The though I am attempting to convey is the relationship between the products could be the most important of the next six to twelve months. The oil share sits at 34.5%. The global oil stocks are tight by many accounts. …

   The February Lean Hogs contract gap opened higher and rallied early in the trading session as China claims it will waive tariffs on some pork imports from the US. Individual companies will have to apply for a waiver and the Chinese haven’t specified an amount to be exempted. The excitement over the new withered rather quickly as the test …

Grain prices firmed in the overnight session that spilled into the morning trade. This push sent corn and wheat slightly higher, while beans rallied 10 cents. However gains were again short lived as corn and wheat went negative and stayed that until going unchanged at the close. Beans finished the day up 5.4 cents and up 13 cents for the …

   The February Lean Hogs contract opened higher and made an early attempt to rally then ran into a brick wall at 69.275. It reversed course and tested the 100 DMA at 67.88 making the session low at 67.90. Hogs remain in a trading range with the high end at 69.875 and the low end at 65.40 as the trade …

Jan 2020 soybeans filled in some prior Spring gaps on the daily chart at approximately the 868 level. These have been violated and surpassed a few times since the gaps were previously made so the significance isn’t as important in my view but noted all the same. The 868 level also represents a 50 percent retracement from the highs up …

The soy complex has perhaps put in a short term low. The trade is aware that some production will remain in the fields. In addition the month of Nov did see a healthy export pace. These facts will tighten the domestic balance sheet a bit and could provide some near term support. The next developments to watch will be what …