Commentary: SOY: The soy was under pressure. There are some considerations here. The weather is important this month especially for beans. There has been some dryness, however the bean yields are currently not reflecting this. The Pro Farmer tour is indicating very positive results thus far. It is possible to continue to add to the carry if the weather finishes …
Grain Spreads
Commentary– The recent rally in grains is still intact despite todays small pullback in beans and corn. Last week’s Derecho event resulted in over 150 counties in Iowa being declared a disaster area. Crop losses along with storage and facility damage are still being debated as far as the monetary costs and loss of production. This event to me is …
Soy and Corn Market Commentary
Commentary: SOY: The soy was quiet today. The bulls have been in control for the past week based on some weather concerns. The Pro Farmer crop tour is running now. The current schedule in Indiana and parts of Nebraska have shown above average yield potential. This has the market stalled for a minute. There are areas coming up that may …
Livestock Report
Commentary October Lean Hogs was able to hold above Tuesday’s low bouncing back to retest the declining 100 DMA (52.77) making the high at 52.825. It settled nearby at 52.55. It formed an inside candlestick. Thursday morning brings the export sales report and I think this will key trade on Thursday. A strong showing in the report could see …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs opened above the 100 DMA (52.88) but couldn’t generate any enthusiasm to trade higher. It couldn’t take out yesterday’s high and fell apart. It traded past support at 51.80 to the low at 51.275 and settled nearby at 51.425. This puts support at 50 .475 in play if bears can …
Soy and Corn Market Commentary
Commentary: SOY: The beans rallied again today. The weather apparently has some concerned that the crop size could decline. The ratings did decline today by 2 points. The Pro Farmer crop tour will begin to release estimates tonight apparently. This could be important as an indication of actually how large the crops are this year. Their doing actual field surveys …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs rallied past resistance at the declining 100 DMA (53.05) to the session high at 53.90. This just above resistance at 53.825 but below the recent high made at 54.15. It settled just under resistance at 53.525. Hogs are trying to get better footing and need to stay above the 100 …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs has now retraced most of Tuesday’s loss with today’s rally. Price pierced the declining 100 DMA (53.23) again reaching a high of 53.475 before settling at 53.025. The failure to close above the 100 DMA is a negative in my opinion. A failure from here could see price revisit support …
Soy and Corn Market Commentary
Commentary: SOY: The soy complex had a fairly active day with reasonably large advances led by beans and meal. The market, as I mentioned yesterday, is pushed by recent Chinese purchases and the recent weather event. It is my belief that the recent weather while friendly corn, did not do much harm to the soy. The overall bean numbers in …
Grain Spreads: Corn Comeback
Commentary– Today’s USDA monthly supply and demand report showed the agency’s initial corn crop estimate at 15.278 billion bu., which is 104 million bu. higher than the average pre-report estimate and would be up 1.67 billion bu. from last year. USDA estimated harvested U.S. corn acres at 84.023 million, unchanged from the June estimate. USDA put the national average yield at …