Soybeans and Corn are in search of bottoms here and that’s not unusual for the latter half of August in my view. This year could be different because of the late planted crops that will likely need optimal September weather and perhaps for some acres early October acceptable weather to finish this crop. Crop tour results will be in focus …
Pattern Shift?
The NWS 6 to 10 looks very normal temperature wise and slightly wetter than normal yet the further out forecasts are shifting to cooler than normal. This might give the market a cause for pause. Crop tours are likely to be reporting into headquarters the next few days and early indications are that the crop is immature and would benefit …
Grain Spreads: Long Term Corn
In my view you probably won’t see major slippage in next years planted corn crop until they know what it is or isn’t. That won’t be until next summer following planting and early growing season.Near term the USDA seems to be bent on discounting the damage in the Midwest in the Spring /early Summer to protect the end user namely …
Livestock report
The October Lean Hogs contract broke out above Monday’s high (64.475) reaching 65.825 for the Tuesday high. It pulled back from here and settled at 64.975. The high, however, is still within Friday’s trading range. The session low was 63.375, just above support at 63.325. This is the second day of trading within Friday’s breakdown candle. It is still …
Livestock Report
The October Lean Hogs bounced nicely off of Friday’s limit down move. It traded up to 64.475 before sliding a touch to settle at 64.025. The rally, however, was just consolidation within Friday’s trading range. It formed an inside candlestick. If the recovery off the limit down move continues and it trades past resistance at 64.80, a test of …
ag thoughts
The Soy was under pressure today based on better rains received over the weekend. There is much to consider. The weather will be key. It is premature for frost concerns. The ProFarmer tour is underway. It appears they conclude the USDA is overestimating soy yields 4 bu to the acre. Perhaps. However it is early to conclude that. In addition,remember …
Livestock Report
The October Lean Hogs made an early attempt to rally, testing resistance at 66.55 as it made the high just below it at 66.525. The failure at resistance saw price turn around and make a run towards trendline support down at 65.325. The trendline briefly contained the selling (half hour), then blasted through the trendline to a new low …
Grain Spreads: China Buys US Products
Despite all the hot air and trade war rhetoric, guess who was in buying beans this morning? From the USDA:Private exporters reported to the U.S. Department of Agriculture export sales of 296,500 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year. Unknown is spelled C H I N A. This follows yesterdays sale of 10,200 …
AG Time
SOY- The beans are under pressure. The USDA report gave false hope that 755 million bu is not ample. There is a more than ample amount of beans domestically. Looking at the market from a crush perspective. The July 168 pace is a record. The margins are solid still. The oil stocks at 1.47,friendly. The global demand for oil is …
Livestock Report
The October Lean Hogs continued its consolidation within last Monday’s huge trading range. Monday’s range was 69.90 high to 61.50 low. Today’s range was 67.275 to 64.60. Settlement was 66.775. A break down from settlement could see support at 64.80 tested. A rally from settlement could see Tuesday’s high (68.50) tested. The Lean Hog index fell to 80.95 as …