April Lean Hogs stalled today as it consolidated within Tuesday’s trading range. It couldn’t hold its rally above a confluence of resistance levels on Tuesday, settling below the resistance band (60.41 – 60.98) at 60.325. Today’s trade saw an attempt to trade above the lower resistance level that failed and saw the market drift lower to settle at 59.775. This …

                                There’s lots of deliverable wheat around and keeping tabs of receipts and shipments shows that we are not at a pace to have deliverable stocks dwindle to zilch any time soon. Chicago is toting 7.345 million bushels of wheat.  Mississippi River Deliverable Houses have 10.417 million bushels. Northwest Ohio locations have 10.065 million bushels. Ohio River facilities have 6.839 …

I am asking more questions than providing answers. Thats not always a great place to be . A observation regarding the soy. The market has lacked fluidity in my opinion. The market moves and retraces much of its direction. This makes it difficult to trade for a long term trend. The fundamentals to me dont match the price. The Brazilian …

 August Feeder Cattle has formed a Wolfe Wave pattern and provides an opportunity for producers needing downside price protection. It is in the fifth wave of the pattern and price reached a high at 151.875 today which is just below the fifth wave’s trendline at 151.975. A breakout above the trendline has strong resistance at 152.40 – 152.73 and then …

The only constant is the tightening of the Chicago wheat spreads.  Fear of receiving vomitoxin laden deliverable stocks, at a discount might,  be a reason for stopping the trend and allow the basis to perform the task of rationing milling quality. Things will stay interesting in wheat through March deliveries as the running moving average in both Chicago and Kansas …

Cattle futures grinded higher today with the April Live Cattle settling above the 128.10 resistance level and the March Feeder cattle settling above the 50 DMA (144.65) in a quiet trading session.  The settlement price for April Live Cattle was 128.30 and March Feeder Cattle was at 144.675. A continuation higher could see price challenge the January 31st high at …

Anticipation of higher cash prices pushed April Live Cattle higher today as it tested resistance at 128.10 (session high), before settling just under it at 127.925. A breakout above 128.10 could see price challenge the January 31st high at 129.475. Resistance is just above it at 129.825. A failure from settlement could see price revisit support at 126.625. Even with …

What report? Lacking months of data by the USDA could of meant a bigger protracted move in grains today with today’s WASDE report. It was not to be as volatility waned, as the trade realizes that US trade reps are in China early next week to potentially reach or come close to finalizing and agreement ending tariffs between both countries. …

The USDA report was a non event I guess. I am surprised that some analysts called the bean report friendly. Some of these comments have me questioning what I think I know from a historic perspective. The US carry is 910 million bushels. a 22% stu ratio. Up from 300 in 16/17. That is a 3 times number in two …

                                Grain number nerds, like me, are ready to dig into the data which the USDA presents to us tomorrow at 11:00 Chicago time. We’ve had the time to prepare for the figures and as of this writing the consensus among analysts is that the USDA might decrease final production from the November figures in corn and beans as well …