Next Stop June 28

Steve BruceGeneral Commentary

                                The June figures are history and now it’s time to refocus on weather and prepare for the June 28 acreage revisions reflecting conditions as of June 1 and the stocks-in-all-positions as of June 1. It’s also first notice day on July futures as well as the end of the month and quarter! Lots of fun at month’s end!                                 …

Livestock Report

Ben DiCostanzoGeneral Commentary

The July Lean Hogs contract continues to make heads spin as a complete reversal of fortune took place on Monday. Friday’s limit down move was completely erased and then some as price took out the Friday high (85.90) and made the session high at 86.725 up 3.375 on the day. It settled at 86.20.President Trump pulling back on proposed tariffs …

Long Growing Season, We Hope!

Steve BruceGeneral Commentary

                                Someone will be surprised with the USDA crop progress and condition numbers released at 3 this afternoon.  Some of us will shrug it off as a best guess estimate of a moving target and will take into account the very subjective criteria used and the people making these decisions. It’s an art and not a science! Regardless, we’ll be …

Livestock Report

Ben DiCostanzoGeneral Commentary

 The July Lean Hogs contract sold off hard taking out the Monday low and settling limit down for the session. The settlement price was 83.35 which is right at the 83.325 support level. Continued weakness on Monday could see price make its way towards the 80.45 – 79.80 support zone. If price holds the 83.325 support level consolidation is likely …

Grain Spreads: Pre-Report Thoughts

Sean LuskGeneral Commentary

There is actually talk this year that ending stocks for soybeans and corn could end up the same at around one billion for each when its all said and done post harvest. This noise comes on decreased corn acres and reduced yields because of late plantings in the Midwest. While hard to fathom, its certainly not out of the question. …

Livestock Report

Ben DiCostanzoGeneral Commentary

The July Lean Hogs contract stayed within Monday’s trading range. It was a choppy trading session with price ending higher on the day. The rally couldn’t get above the 8 DMA (86.471) making the high at 86.40. A breakout above the 8 DMA could see price test resistance at 87.06. Resistance then comes in at 88.325. A break down from …

New Focus

Steve BruceGeneral Commentary

                                Winter wheat production as of June 1 is released by the USDA at 11:00 on Tuesday. We may be battling over the number of bushels and the quality of those bushels. Wet weather has added bushels in the month of May but wet weather in the months of June and July might  lower test weight and have a very …

Livestock Report

Ben DiCostanzoGeneral Commentary

   The July Lean Hogs contract consolidated within Monday’s trading range. It traded in a narrow range with the high at 85.5925 and the low at 84.25. A rally above the high could see price test resistance at 87.06. A break down below the low could see price test support at 83.325. Support then comes in at 81.15. The Lean …

Grain Spreads: Corn/Beans Pause

Sean LuskGeneral Commentary

Corn finished the day one cent higher while beans finished up 3 cents. After an overnight rally of 10 to 14 cents in both markets to 4.36 and 894.4 in corn and beans respectively, the market couldn’t extend and for the second consecutive session we fell back to near unchanged. the overnight rally came on two fronts in my view. …

Pondering

Steve BruceGeneral Commentary

                                For your consideration!                                 Wheat likes dry feet!                                  And we’re not receiving what the plant needs as we are harvesting or experiencing harvest delays and that’s hot and dry weather conditions.  Hard red wheat is priced to compete with corn in the interior. Look at the discount schedules and bad wheat tends to be forced into the feed …