Funds are short futures and options and farmers are long cash, both old and new crops! Have we discounted the bearish factors on the board? Do we feel  the rest of the bearishness of decent crops  in the basis when the time arrives when farmers have to give up title? Cash needs and/or storage tightness might become major factors …

Every day the Market Day Report delivers “live” coverage of agri-business news, weather, and commodity market information from across the world. Scott contributes information on the complete agriculture spectrum with a focus on the option markets. View today’s video

June Lean Hogs made a meek attempt at testing the 87.0625 support level, as it opened lower and dipped to 87.55 for the session low. Hogs pivoted and surged higher, going limit up for the day, settling up limit (91.225) and setting up 93.50 as the target for Thursdays’ trade. Hogs will have expanded limits for trade on Thursday (4.5 …

“Sell in May and Go Away” has been an old adage in stocks for years. Sometimes it has worked, others not so much. I’m not sure this adage has ever been applied to the grain trade as planting begins and uncertainties in the growing season are magnified. Sell after 4th of July weekend might be more apt for corn and …

                                Starting to hear talk of how things were in 1993! Saturated soil and rains through early July wiped out most of Iowa’s crops. We’re not there yet, and hope to never get there again. Rock Island, Illinois is just an inch below the record flood level set in 1993! In 1993 Iowa was only 3% planted with corn on …

June Lean Hogs made an early attempt at a rally, reaching 89.80 for the session high and then reversing course and trading down to the low at 87.70. It settled at 88.225. It is holding ever so gingerly above support at 87.065 (50% retracement). If price can open strong and trade above resistance at 90.425, it could lead to a …

                                It’s a long growing season and it appears that the speculative community believes that prices might continue sliding if normal weather conditions prevail through harvest.  Record short positions in futures and options might just be the tip of the iceberg as we don’t know what’s going on in the over the counter  and swap markets. We still sense that …

  June Lean Hogs traded to a new low for the recent down move on Monday, April 29, 2019. It slid to 87.025, just below the 50% retracement of the all-time high (133.425) to the Oct 2016 low (40.70) at 87.0625. It settled at 88.05. This is an important level in my opinion as falling below here and then taking …

                                Tonight’s USDA figures are anticipated to show the nation well behind average with corn, beans,  spring wheat, durum and oat plantings while winter wheat conditions are anyone’s guess.  Mother Nature appears to be uncooperative this year, so far, and even though farmers welcome rain it doesn’t do any good when the crop is still in the seed bag. Crusty …

While talk of weather events in much of the Midwest speak of planting delays, funds remain undeterred comfortably awaiting the supply/demand structure to change. If no demand comes in to alter balance sheets then weather events will be needed to prod funds who sit on a massive 600 K short position to begin to cover positions. Until then its been …