Livestock Report

Ben DiCostanzoGeneral Commentary

   The August Lean Hogs contract continued its consolidation within Monday’s trading range. The high was 77.00 and the low 74.525. It settled at 75.475. A failure from settlement could see the 74.25 support level revisited. This is also the Tuesday low. A failure from here could see price approach the 72.80 support level.  If settlement holds then a test …

Grain spreads: Consolidation

Sean LuskGeneral Commentary

A warmer dryer outlook in the next few weeks has given some reasons for profit taking in corn. Its also month and quarter end Friday ahead of a important crop report Friday at 11 am. Lots of moving parts here with First notice day for the July contract on Friday as well. Yield loss looks sizable for corn with some …

Livestock Report

Ben DiCostanzoGeneral Commentary

The August Lean Hogs contract consolidated within Monday’s trading range. It settled right at the 76.175 resistance level.  A failure from settlement could see the 74.25 support level revisited. This is also the Tuesday low. A failure from here could see price approach the 72.80 support level.  If settlement holds then a test of resistance at 77.80 is possible. Resistance …

SOY

John WalshGeneral Commentary

The soy has alot to deal with. Looking at the macro. The acreage is a question. However a 2-3 million acre loss does little to change the global balance sheet. The beans are bearish. The Chinese remain slow to the table. Exports remain overstated. There are current sales that will most likely get rolled forward. With or without a trade …

FEEDGRAINS

John WalshGeneral Commentary

There are many concerns given the late plantings. The corn has dialed much of the weather issues in for the moment. There is still potentially more upside. However perhaps it is time to retrace and find support. Why? Assume 6-7 million acres lost. Assume a less than trend yield. This could give us a 1.1-1.3 billion bu carry. Now consider …

Hovering?

Steve BruceGeneral Commentary

                                A bull market needs to get fed every day. This year we’ve problems with planting and the lack of growing degree units and the length of our growing season is critical. But, if the NWS forecast of warmer and slightly wetter than normal conditions prevails it might be a little difficult for the market to rally. That said, there …

Livestock Report

Ben DiCostanzoGeneral Commentary

   The August Lean Hogs contract was under tremendous selling pressure on Monday. It was expanded limits day for hogs and sellers took advantage, pressing hogs and taking them down 3.95 from settlement to 73.95. It settled at 74.225. This right at the 74.25 support level. Breaking down below settlement could see price test support at 72.80.  Is settlement holds …

Prepping for Friday

Steve BruceGeneral Commentary

                                It’s getting a little tougher to feed the bull every day with cooler and/or wetter than normal weather in the Heartland.  Wheat quality is slipping quickly given the moisture but, we’re at the point where hot and dry might be what’s needed to hurt the bean and corn crops.  Normal temperatures and slightly wetter than normal conditions might not …

Livestock Report

Ben DiCostanzoGeneral Commentary

   The August Lean Hogs contract collapsed on Friday, going limit down and settling limit down for the session. Breaking down below the 80.40 – 79.80 support area and the 100 DMA at 80.47 set the market in flames and they couldn’t be put out. The low and settlement price was 77.90 which is right at the 77.80 support level. …

Grain Spreads: Unwind

Sean LuskGeneral Commentary

Trend and Index funds have flipped their massive short grain positions in the market since early May. They were record short across seven grain contracts to the tune of approximately 750 K shorts. Last week they were short just 45 K across corn, soy complex, and all wheat classes. There’s a lot of noise about delayed plantings now being priced …