The weather is bearish, except for spring wheat, and speculators are record short. Even having the cheapest grain in the world cannot spark enough new demand to slow the slide. Finding a bottom requires a supply shock, and the potential 20 MMT loss in Black Sea production due to drought is not enough of a decline to make a difference. Today’s trading had the following milestones:
New contract lows for December corn, November soybeans, December soyoil, and September HRW.
September HRW and December soyoil both closed higher despite finding contract lows earlier in the session.
Cattle turned bearish despite having a supply shock situation.
For the week, five major contracts hit new lows. September HRS had a sma...
What You Need to Know Today: The cattle market rebounded sharply this week, with January feeder cattle futures gaining $16.98/cwt and February live cattle futures advancing $7.60/cwt since last Friday. Tyson Foods' plans to restore a second processing shift at its Amarillo, Texas, facili...
Tuesday’s CPI report from the Bureau of Labor Statistics (BLS) showed inflation roaring back stronger than expected in October. That probably locks in another rate hike – which was expected anyway – at the Federal Open Market Committee (FOMC) meeting in December. Consumer pric...
Key Takeaways: The rationale for farm programs has changed significantly from their original intentions. Farmers’ incomes have grown sharply and have surpassed non-farm incomes beginning in the 1970s. Current farm programs are complex and focus on supporting risk management, environmenta...
